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Advice You - 10 Essentials Of Starting And Operating A Successful Online Retail Business - Part I
1) Don’t over-analyze your competition. This is in contrast to a lot of advice you’ll read. However, in my experience, looking at your competition too much can be overwhelming. Obviously, you need a general idea of what
According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product
they’re doing – but remember not to compare your business to theirs and don’t let them intimidate you. A business is a journey – your competitors will usually be on a different stage of the journey. You need not have the
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
best store, the best product or the best price to succeed.
2) Choose a very specific product at first. Choosing a specific product has many benefits. It’s usually easier to gain higher search engine positions, you won’t
2) Choose a very specific product at first. Choosing a specific product has many benefits. It’s usually easier to gain higher search engine positions, you won’t
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
need to stock as many products and you’ll be able to focus on something you like. Also, choose a product you enjoy – something you’ll enjoy working with every day.
3) Does the business have a good name? Look for a domai
3) Does the business have a good name? Look for a domai
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
n name that includes your product name – this helps with search engines and name recognition. It doesn’t need to be fancy – but try to find a name easy to remember and easy to type. For example, although my store’s name is Pyle Mountain
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
olsters – I chose a domain name - holsterss.com – easy to remember and contains the word ‘holster’ – then I added a slogan to help it make more sense – HOLSTER Super Store (i.e. holsterss).
4) SEO or Search Engine Optimization
4) SEO or Search Engine Optimization
ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc
trong> should be the foundation of your marketing strategy. At present - Pyle Mountain Holsters receives 99% of its business from search engines. Don’t let SEO scare you – if you’re willing to read a little and apply what you learn – you
easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi
’ll do fine. A great place to find helpful SEO information is at SEO Chat You’ll find numerous free tools and articles. SEO is another good reason to choose a very specific product. For example – my online retail business – Pyle Mounta
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
n Holsters - sells only handgun holsters like shoulder holsters, etc.).
5) Do you have a professional looking store? Heard about first impressions? The look and feel of your website is your businesses first impression t
5) Do you have a professional looking store? Heard about first impressions? The look and feel of your website is your businesses first impression t
and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ
potential customers – it must be good or they won’t buy your products – it’s that simple.
6) Is your business fun? You need to be doing something you enjoy – otherwise you won’t invest the effort needed to push your bu
6) Is your business fun? You need to be doing something you enjoy – otherwise you won’t invest the effort needed to push your bu
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
iness through the down days (there will be down days). Obviously successful business requires work – but if you’re going to put time, effort and money into your store – you need to design it in a way that will be fun to run.
7)
7)
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
Customer service – don’t underestimate its importance. In all honesty, I would rather have a lower profit margin – with satisfied customers than a higher profit margin with unsatisfied customers. The reason is simple – in my exp
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
rience – providing good customer service keeps me going emotionally – makes me feel good – gives me that feeling of accomplishment and energizes me on a day to day basis. Just the opposite – unhappy customers drain me – cause a distracti
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
n and keep my business from being fun. Think of providing good customer service as an investment or business expense – don’t quibble over little things – they’re rarely worth it.
8) Do you offer straight-forward, fair shipping p
8) Do you offer straight-forward, fair shipping p
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
rices and policies? Please don’t play games with shipping costs – you’ll lose many customers. Think about it – how many times have you filled your online shopping cart with some item you spent hours seeking – only to press the c
t?
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
eckout button and realize shipping will cost more than the item? At Pyle Mountain Holsters – we offer free shipping. We aren’t suggesting you do the same – but at least be fair about your shipping costs and practices – it will help your
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
usiness.
9) Research, analyze, persist and repeat. As the internet continues to evolve and take new directions – you’ve got to keep up. There are a number of resources with interesting news on the net – one I use is
9) Research, analyze, persist and repeat. As the internet continues to evolve and take new directions – you’ve got to keep up. There are a number of resources with interesting news on the net – one I use is
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
target="_new"href="http://www.digg.com/">Digg Stay informed - keep your eyes open for new developments. Analyze your results – look for ways to improve your store’s performance. Then do it again and again.
10) Expectations –
10) Expectations –
.
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
what are yours? Online retail isn’t usually a “get rich quick” business – if it were I wouldn’t have any fun. The money is nice but I really do enjoy the process of molding something into success. Keep your expectations in line
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
ith reality. Expect to succeed, expect to make money and expect to sell products, but also expect to work hard, expect to have challenging days and expect to spend time molding your store into success.
To be continued….
E Lawrence Welc
To be continued….
E Lawrence Welc
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
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