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Advice You - Maximizing Profits Before and After Selling
You are now running an online business; your website is receiving orders and delivering the orders as promised. And you’re making a decent profit from the transactions. But should everything stop here? The answer is of cour
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
se no, because you should do more to maximise your profits.
Extra profits before your visitor leaves your website
You have gained a person’s trust when he starts to buy things from you. This is also the perfect oppor
Extra profits before your visitor leaves your website
You have gained a person’s trust when he starts to buy things from you. This is also the perfect oppor
; 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
unity to sell more quality products or service to him.
Picture the typical scenario when you order the food at McDonalds:
“Two burgers, two apple pies, one ice cream, one Chicken McNuggets and two Coca Cola.”
“Is that all,
Picture the typical scenario when you order the food at McDonalds:
“Two burgers, two apple pies, one ice cream, one Chicken McNuggets and two Coca Cola.”
“Is that all,
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
sir?” the salesperson asks.
“Yes,” you reply
“Do you want fries with it?”
“Sure.”
This technique of asking if we wanted fries with our order is called an up-sell.
This up-sell technique is practised to perfection by McDon
“Yes,” you reply
“Do you want fries with it?”
“Sure.”
This technique of asking if we wanted fries with our order is called an up-sell.
This up-sell technique is practised to perfection by McDon
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
lds. Before a payment is made, McDonalds suggest something more. As you can see, the suggestion does not require any additional promotion, money or much effort. They just need to ask. (Incidentally, McDonalds make hundreds
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
of millions by asking this simple question!)
You can apply this up-sell concept to your online business. A customer is interested in buying slimming tablets from your website which specializes in weight loss. The product cos
You can apply this up-sell concept to your online business. A customer is interested in buying slimming tablets from your website which specializes in weight loss. The product cos
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
s RM100. Before the customer fills in his/her credit card details, there is a note:
This slimming tablet is best taken with our special Slimming Tea. A box of Slimming Tea is only $20. Would you like to try it?
“Hmm, why n
This slimming tablet is best taken with our special Slimming Tea. A box of Slimming Tea is only $20. Would you like to try it?
“Hmm, why n
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
ot, it’s only $20.”
So here you have managed to sell an extra item to your customer. Remember that you did this without any additional costs. All you did was add a note and you sold an extra item of a different product!
P
So here you have managed to sell an extra item to your customer. Remember that you did this without any additional costs. All you did was add a note and you sold an extra item of a different product!
P
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
ofits after visitors leave your website
In the example above, the customer has left your website after making a purchase of $120. An extra $20 gained from the initial deal. That is good. But do you think you should stop
In the example above, the customer has left your website after making a purchase of $120. An extra $20 gained from the initial deal. That is good. But do you think you should stop
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
here? Of course not!
As mentioned earlier, when a customer buys a product or service from you, he has already built a trust in you. When he discover that the slimming tablets and the slimming tea both brought the desired re
As mentioned earlier, when a customer buys a product or service from you, he has already built a trust in you. When he discover that the slimming tablets and the slimming tea both brought the desired re
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
ults, he is very likely to use more of your other products and services in the future. However, you should encourage him to do so by making the next step.
A few days after the purchase, you may want to send the customer an e
A few days after the purchase, you may want to send the customer an e
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
-mail (which can be done automatically by auto-responder) asking him how he is getting along with the slimming tablets and the slimming tea. Here, you could also ask him if he has any inquiries on your products and services.
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
In your e-mail, you could also mention about your other products or services. This process is known as the back-end product. However, the product or service that you offer must be related to the initial purchase. In this exa
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
mple, the products could be a beauty cream that you offer at $50 and a softening hair shampoo at $30.
In the buying and selling process, an existing customer is more comfortable to buy a product from you than from any new sel
In the buying and selling process, an existing customer is more comfortable to buy a product from you than from any new sel
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
ers. So you should not waste this opportunity. Eventually your customer will purchase both additional products at $80.
So here you have increased your sales by 100%! Even though you promoted a product at $100 on your websi
So here you have increased your sales by 100%! Even though you promoted a product at $100 on your websi
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
te, you have actually made sales at $200. That is excellent marketing!
What you need to do now is to think of a back-end product or service that you can sell to your existing customers because you could make extra profits wit
What you need to do now is to think of a back-end product or service that you can sell to your existing customers because you could make extra profits wit
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
minimum effort, cost and promotion. Other than making more profit, the cost of selling a product to an existing customer is also much lower than selling to a new customer. To sell a product to a new customer is more costly t
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
han to sell one to an existing customer.
But what if you have only one product and don’t have a back-end product or service to sell? Don’t worry; you can get a back-end product by being an affiliate partner to another Interne
But what if you have only one product and don’t have a back-end product or service to sell? Don’t worry; you can get a back-end product by being an affiliate partner to another Interne
.
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
business that is related to your product.
For example, one of my businesses is selling a service at US$150. However, by using this up-sell technique, I can make sales of US$500 just by offering some back-end products to my
For example, one of my businesses is selling a service at US$150. However, by using this up-sell technique, I can make sales of US$500 just by offering some back-end products to my
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
existing customers.
But remember that whatever products or service you sell, offer the ones with the best quality. Once a customer finds out that your product is not to his expectation, it could ruin your business reputation
But remember that whatever products or service you sell, offer the ones with the best quality. Once a customer finds out that your product is not to his expectation, it could ruin your business reputation
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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