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Advice You - Create a Market Position for Your Medical Practice
Carve out a market position to maximize your marketing investment
In the marketing world, positioning is a relatively new concept. Introduced in 1982 by marketing gurus, Al Ries and Jack Trout, the idea behind po
In the marketing world, positioning is a relatively new concept. Introduced in 1982 by marketing gurus, Al Ries and Jack Trout, the idea behind po
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
sitioning is to clearly define what your practice represents to the patient. Through this unique position, a level of mindshare is devoted to your practice. These positioning efforts should clearly communicate wha
; 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
your practice offers.
Prior to the 1980's, Madison Avenue advertising executives allocated as much money as they could to mass marketing and it worked pretty well. At that time, media venues included newspaper,
Prior to the 1980's, Madison Avenue advertising executives allocated as much money as they could to mass marketing and it worked pretty well. At that time, media venues included newspaper,
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
billboards, radio and three major TV channels. Whoever purchased the most ad space won the battle for the consumer's dollar. Today cable television and the Internet have fragmented the market and our attention int
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
niches, irrevocably changing the face of marketing. Marketers now had to be smarter; shouting louder than everyone else was no longer effective. Positioning was born to define a product and service to a marketpla
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
ce whose attention is increasingly more divided.
A good exercise to discern your practice's position is to draw a series of four concentric circles. On the outer circle allow room for eight to ten descriptive wor
A good exercise to discern your practice's position is to draw a series of four concentric circles. On the outer circle allow room for eight to ten descriptive wor
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 which describe your practice's unique qualities. If you are an OB/GYN practice, the words may include 4D Ultrasound, experienced physicians, multiple locations, friendly staff, limited wait time and valet servic
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
e. Within that circle, allow yourself six of those words that you deem most important to your patient base. Once this task is complete, move to the next circle allowing the three most important of the last six wor
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
s. The last circle is designated for the most relevant descriptor of the final three words that you feel is of utmost importance. This one word or "core message" will help to reveal what your position or brand pro
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
mise involves.
Unfortunately, it is not enough to build your core communications message around what you and your staff thinks. A patient survey will reveal what your patients perceive are the best assets of your
Unfortunately, it is not enough to build your core communications message around what you and your staff thinks. A patient survey will reveal what your patients perceive are the best assets of your
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
practice and may reveal areas to be improved upon. Surveys also create a great deal of good will with patients because they are appreciative of the fact that your practice cares enough to gauge their happiness.
O
O
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
ce you have the results in from at least 200 surveys and your own core message evaluation in hand, a "visioning" process can take place. Mission and vision statements are important elements to a successful marketi
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
ng plan. Too often, I hear that a mission statement was generated because, "everyone else had one!" A mission statement reveals what your practice's promise to its patients, referring physicians, employees and ven
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
ors is in a one-year period. It is common to reevaluate and modify the mission statement as your practice grows. A vision statement is exactly what it sounds like; a five-year vision of what your practice will bec
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
ome. The vision helps all your employees to "keep their eyes on the prize", enabling the practice to reach its fullest potential.
It is difficult for most practices to objectively understand how to position their
It is difficult for most practices to objectively understand how to position their
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
business. The flurry of activity in a practice on a day to day basis limits time for true introspection like I've described within this article. Marketing is really about differentiating one product or service fro
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
m another. In the medical marketplace you may have a competitor who offers almost identical services to yours. Development of a market position gives your practice a critical competitive advantage to help existing
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
and potential patients to understand the difference in the two practices.
Once you've determined your practice's core message, a positioning or tag line may be developed. This positioning statement is a succinct
Once you've determined your practice's core message, a positioning or tag line may be developed. This positioning statement is a succinct
.
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
message that captures your practices core message. A positioning statement should be memorable and relevant to the core message. This six or seven word statement should appear on everything that a patient sees, fr
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
m business cards to website to exterior signage.
A defined position is the beginning of a strong brand. It will help grease the communication wheels for maximization of your marketing impact, with less investment
A defined position is the beginning of a strong brand. It will help grease the communication wheels for maximization of your marketing impact, with less investment
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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