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Advice You - How to Create Your Marketing Funnel Online
I've been working with several clients recently on the notion of creating a marketing funnel, also called a sales funnel, sales pipeline, or marketing platform, depending on what business you're in. If you imagine a funnel, wide end at the bottom, and gradually narrowing as you go to the top,
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
this is the sales pipeline through which potential, current and former clients travel in their business relationship with you. The idea is to get prospective clients in your target market to enter the funnel and become repeat customers by purchasing various goods and services from you at in
; 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
creasing price points.
What I see quite often (a marketing blunder for which I am also guilty) is that most service professionals have one item in their marketing funnel -- their 1:1 service, whether that's coaching, virtual assistance, web design, copy editing/writing, pest control, landsca
What I see quite often (a marketing blunder for which I am also guilty) is that most service professionals have one item in their marketing funnel -- their 1:1 service, whether that's coaching, virtual assistance, web design, copy editing/writing, pest control, landsca
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
ping, professional organizing, financial planning, etc. They offer absolutely no other way for someone in their target market to sample or benefit from their expertise.
My clients typically get stuck in one of the following marketing scenarios:
1. They've hit the 1:1 service ceiling in so
My clients typically get stuck in one of the following marketing scenarios:
1. They've hit the 1:1 service ceiling in so
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
me way. They either have a full schedule and can't take on additional clients without expanding hours or hiring help, or they don't want to work as many hours in providing individual client assistance (i.e. they're tired of trading time for money)
2. No one is buying the pricey 1:1 service
2. No one is buying the pricey 1:1 service
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
.
So, then, what's an independent service professional to do? Map out your marketing funnel.
Your marketing funnel should have 9 layers, as outlined below. Please note that these price points aren't fixed but are merely established as a guideline for you to establish your own price points
So, then, what's an independent service professional to do? Map out your marketing funnel.
Your marketing funnel should have 9 layers, as outlined below. Please note that these price points aren't fixed but are merely established as a guideline for you to establish your own price points
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
with your target market based on what your target market can afford to pay or will pay for your type of service. The price points refer to your total customer purchase. For example, if you sell an ebook/audio package for $399, the total purchase price is $399. If you have a monthly subs
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
cription service, like for a monthly consulting retainer that runs $700/month and your client has agreed to pay for one year, your total customer purchase is $8400.
1. Target market layer: As much as I had to disappoint you, your target market isn't "everyone", even though I'm sure you pro
1. Target market layer: As much as I had to disappoint you, your target market isn't "everyone", even though I'm sure you pro
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
vide a wonderful service of which "everyone" should take advantage. Going for this shotgun approach rather than a laser marketing approach will make your marketing very difficult and permit the wrong people to enter your marketing funnel. So, you need to put a screen on your marketing funne
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
l and ensure that only your target market enters.
2. Entry layer (free): This is your free offering that you provide on your web site in exchange for a prospect's contact information -- a free newsletter, ebook, special report, ecourse. etc. This freebie serves as your introduction to pro
2. Entry layer (free): This is your free offering that you provide on your web site in exchange for a prospect's contact information -- a free newsletter, ebook, special report, ecourse. etc. This freebie serves as your introduction to pro
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
spective clients so that they can begin to get to know, like and respect you, which are the progressive steps necessary before they'll decide to buy something from you.
3. Introductory layer ($5 - $150): This is your lowest price point at which someone can purchase your expertise. You can
3. Introductory layer ($5 - $150): This is your lowest price point at which someone can purchase your expertise. You can
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
offer ebooks, special reports, subscription ecourses, audio products, teleseminars, etc. Most of your offerings at this level should be information products that require little, if any, of your individual time.
4. "Not Quite Newbie" layer ($150 - $450): This is a higher level price point
4. "Not Quite Newbie" layer ($150 - $450): This is a higher level price point
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
at which you can sell more in-depth versions of the types of information products listed above that showcase your expertise. You may provide some of your time in your offerings at this point, but only in a group setting, like a teleseminar series, discussion forum of a membership subscripti
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
on web site, or group coaching/consulting.
5. "Experienced Newbie" layer ($450-$1000): At this level you may be providing a bit more of your time in group settings, or offer items like home study courses or special packages that bundle several of your products together.
6. New Expert lay
5. "Experienced Newbie" layer ($450-$1000): At this level you may be providing a bit more of your time in group settings, or offer items like home study courses or special packages that bundle several of your products together.
6. New Expert lay
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
er ($1000 - $3000): You'll begin to offer your 1:1 time again at this level. whether it's to offer some open office consulting hours each month as an addition to some type of action group you're leading, or to create a short-term service retainer.
7. Expert layer ($3000 - $5000): Clients
7. Expert layer ($3000 - $5000): Clients
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
at this level will buy exclusive group time with you not readily available to the public, like a bootcamp conference on a particular topic or a year-long service retainer.
8. Master Expert layer ($5000 and greater): This is the level at which a client is paying handsomely for some type of
8. Master Expert layer ($5000 and greater): This is the level at which a client is paying handsomely for some type of
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
1:1 time with you, whether that's a year-long commitment of coaching, consulting, mentoring, advising, etc. Only a few clients going through your marketing funnel will buy at this level.
9. Well-educated client outcome layer: After traveling through your marketing funnel, you should now h
9. Well-educated client outcome layer: After traveling through your marketing funnel, you should now h
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
ave a bevy of loyal, dedicated customers who return again and again and make referrals to you because of the value and results they received from participating in your marketing funnel. You'll need to continue to add and update your product offerings, as this well-educated client may travel
.
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
up and down the funnel again as his needs change.
What do you offer in your business at each of these layers? Take out a piece of paper and jot down these price points and fill in the blanks from your current offerings. Where are the holes? How can you plug the holes? Creating a marketin
What do you offer in your business at each of these layers? Take out a piece of paper and jot down these price points and fill in the blanks from your current offerings. Where are the holes? How can you plug the holes? Creating a marketin
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
g funnel in which members of your target market can buy your expertise at several different price points will increase your exposure to larger numbers of your target market, ultimately bringing you more clients willing to go through the marketing funnel experience.
Copyright 2006 Donna Gunte
Copyright 2006 Donna Gunte
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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