Tags |
|
|
Links |
|
|
Advice You - On Business - Branding and Backyard Fences Part II
Access Part I of the article by visiting my Small Business Branding Blog.
Although Jane was nodding in agreement during my entire rant, I sensed she still needed more convincing to fully understand what to do after your brand is developed.
Let me share some
Although Jane was nodding in agreement during my entire rant, I sensed she still needed more convincing to fully understand what to do after your brand is developed.
Let me share some
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
background...
After going through my brand design process, we determined Jane's market position as a 'Life Coach' was much too vague and didn't speak to her true passion of helping
After going through my brand design process, we determined Jane's market position as a 'Life Coach' was much too vague and didn't speak to her true passion of helping
; 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
eople let go of their past in order to embrace their future.
In a few short weeks of assessments, soul searching and refocusing, we repositioned her practice to emphasize her process, which serves as a conduit between the anchor of your past, and the door to your f
In a few short weeks of assessments, soul searching and refocusing, we repositioned her practice to emphasize her process, which serves as a conduit between the anchor of your past, and the door to your f
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
ture.
Although Jane had begun to fill her calendar with appointments, and recently created her first wait list, she wasn't enjoying the process of growing her practice. The time and freedom she expected as a small business owner didn't exist.
Instead, she was in h
Although Jane had begun to fill her calendar with appointments, and recently created her first wait list, she wasn't enjoying the process of growing her practice. The time and freedom she expected as a small business owner didn't exist.
Instead, she was in h
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
r office five days a week, working with clients six to eight hours each day (with all her admin work being completed after hours) and by weeks end, is completely exhausted.
Caffeinated Coaching
Our private coaching day started with a cup of java delivered t
Caffeinated Coaching
Our private coaching day started with a cup of java delivered t
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
us at my offsite training facility, where I began my rant about designing a relational business model to meet the need for a sense of community that exists in today's economy.
You see although Jane had no problem paying the bills, with some money tucked aside for
You see although Jane had no problem paying the bills, with some money tucked aside for
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
rainy day, she was operating her business with an outdated model. The trading time for money blueprint, which is not an uncommon model in the coaching and consulting business.
When I said, "Jane, imagine capturing your brand essence in your business even wh
When I said, "Jane, imagine capturing your brand essence in your business even wh
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
n you're not around," she looked at me blankly. I continued, "as you look at the design and structure of your business, consider all the ways you could communicate the heart of your brand before anyone ever talks with you personally?"
Jane liked the concept but was
Jane liked the concept but was
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
still puzzled. She has a solo practice, no support whatsoever meaning if she doesn't pick up the phone it doesn't get answered. If she doesn't respond to email, they go unattended...you get the picture.
During the brand design process, we identified her brand objec
During the brand design process, we identified her brand objec
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
ives, compelling offer, market position and touched on her brand marketing strategy. More was needed to design a business that couples strategy with Jane's spirit at every touchpoint.
It was sheer irony that we dug into Jane's past to uncover the future model for h
It was sheer irony that we dug into Jane's past to uncover the future model for h
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
r business but as they say, sometimes you have to go back a few paces in order to move forward.
Connecting the Dots...the SMART Way
We began our coaching session establishing the foundation for our day together with Jane expressing her business objectives f
Connecting the Dots...the SMART Way
We began our coaching session establishing the foundation for our day together with Jane expressing her business objectives f
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
llowed by a review of her brand objectives. Here's a snapshot of the SMART formula I shared with Jane and how it worked for her:
1. Specific - Clearly specifying what you want to achieve in your business is essential but the key is tying spe
1. Specific - Clearly specifying what you want to achieve in your business is essential but the key is tying spe
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
ific goals for each objective.
Increase profitability by 10% compared to previous year.
2. Measurable - You must be able to measure whether you are meeting those objectives or risk spinning your wheels!
Develop report to track forecasted mont
Increase profitability by 10% compared to previous year.
2. Measurable - You must be able to measure whether you are meeting those objectives or risk spinning your wheels!
Develop report to track forecasted mont
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
ly sales versus actual sales and review quarterly. Adjust where necessary.
3. Achievable - Are the objectives you set achievable and attainable AND do they honor your brand values?
This objective is attainable for Jane BUT requires her to a) increase
3. Achievable - Are the objectives you set achievable and attainable AND do they honor your brand values?
This objective is attainable for Jane BUT requires her to a) increase
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
in fee structure, b) additional client bookings each month or c) re-define target market.
Jane's brand and brand offerings are currently targeted towards a market with low earning power making it difficult to increase her fees. She could continue to book additiona
Jane's brand and brand offerings are currently targeted towards a market with low earning power making it difficult to increase her fees. She could continue to book additiona
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
clients but won't meet her objective of making more money by working less this way.
In order to increase her profitability by 10% compared to last year, Jane will need to position her brand to a new audience. Because one of Jane's brand values is inclusion, this
In order to increase her profitability by 10% compared to last year, Jane will need to position her brand to a new audience. Because one of Jane's brand values is inclusion, this
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
oses a challenge.
4. Realistic - Can you realistically achieve the objectives with the resources you have today? Do they make 'brand sense' in the short term and long term?
Jane does not want to shun her current client base but sees the value in mar
4. Realistic - Can you realistically achieve the objectives with the resources you have today? Do they make 'brand sense' in the short term and long term?
Jane does not want to shun her current client base but sees the value in mar
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
eting to a more lucrative market. Her new model is multi-tiered offering programs and services in multiple mediums, for myriad of income levels. This enables her to leverage her time, honor her brand and her business objectives.
5. Time - When do you w
5. Time - When do you w
.
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
nt to achieve the set objectives?
We set a new model implementation target date of December 31, 2007 with a roll out of Jane's model in phases.
Now the fun begins!
Stay tuned for next weeks article where I share how we made minor adjustments to Jane's c
We set a new model implementation target date of December 31, 2007 with a roll out of Jane's model in phases.
Now the fun begins!
Stay tuned for next weeks article where I share how we made minor adjustments to Jane's c
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
mpelling offer and market position to support her new direction. You'll be amazed at how just a few simple changes make a world of difference! In the meantime, how are you applying the SMART formula in your business?
©2007, Liz Pabon. All rights reserve
©2007, Liz Pabon. All rights reserve
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
HTTP = HTML link (for blogs, profiles,phorums):
<a href="http://www.adviceyou.org.ua/article/7449/adviceyou-On-Business--Branding-and-Backyard-Fences-Part-II.html">On Business - Branding and Backyard Fences Part II</a>
BB link (for phorums):
[url=http://www.adviceyou.org.ua/article/7449/adviceyou-On-Business--Branding-and-Backyard-Fences-Part-II.html]On Business - Branding and Backyard Fences Part II[/url]
Related Articles:
Business Cards - How Do You Communicate?
Who is a Customs Carrier in Russia
Bookmark it:
|