Advice You - Business

In a day and age where nearly two-thirds of enterprise value is originating from intangible assets alone, the future value of businesses, especially those which are knowledge driven, will largely tend to be concentrated in the ways in which firms manage and acknowledge these value creating assets. Branding in a knowledge driven business li

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

ke real estate consulting is a fairly new concept. In this article, I discuss why real estate consulting firms should adopt the practice of brand-building and how this in turn can enhance their long term value and future growth in a market like India.

After the slump in the mid-90s’, real estate firms are back in action into what can be

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

called as the biggest housing and commercial real estate booms in the history. This time the bubble seems to be growing consistently and until it pops, the business may just keep looking better. While some investors may insist that the growth is too much too soon, there are many who believe that the growing real estate sector is not due to any irr

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

tional exuberance but a vote of confidence in resurgent India. The demand for real estate is at a all time high. The Ernst & Young report recently pegged the Indian Real Estate market at $12billion and estimated a consistent growth of over 30 percent a year in the next 5 years. In addition to this, the government’s move in opening up the real esta

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

te sector allowing 100 percent foreign direct investment in the construction and development has already spurred huge investments.

As ‘expansion’ becomes the latest buzzword within corporate India, one can hardly predict how long will this trend continue. With the growing number of high net worth individuals, the booming spend-thrift middle class

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

population and the massive inflow of multinational corporations, the demand for real estate is sky-rocketing. This growth can largely be attributed to five key catalysts of change: Favourable economic environment; increasing purchasing power; increasing financing options; favourable reforms initiated by the government and growing professionalism.

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

Given the chaos and action in the realty sector, there is no doubt that real estate consulting firms will play a major role in meeting the growing demands.

As demand pushes up, so will the number of competing players in the market. Not to forget that these will be in addition to the already established thousands of realtors in this market. So one

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

can only imagine what it’s going to take for a new firm to make it big and to make is fast. The challenges are emerging from different quarters, namely big firms such as Tamwell Crow Meghraj and Colliers International which are looking at becoming one stop shops, individual experts who have vast experience of the realty business, online experts s

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

uch as 99acres.com, management consulting firms such as PWC, financial service companies such as IndiaBulls, ICICI, HDFC etc. As more and more players foray into this business, what will ultimately happen is a shake-out where the industry will get rid of the quacks. Only those that are able to build a strong credibility in the market will survive.

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

To many marketers, branding a real estate consulting business may sound too farcical. This is because most believe that branding benefits only those who deal in tangible goods. And since the business of consulting is not product driven, brand-building at best may accrue to word-of-mouth marketing. But aren’t we missing out something here? If know

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

ledge driven businesses such as Infosys, Intebrand and Mckinsey & Co. can all invest huge sums on money on brand building initiatives, then why can’t a real estate consulting business do the same? If knowledge like tangible goods is transferable from one party to another, the why question the former under the pretext of intangibility?

Real Estate

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

consulting firms in India have long engaged in head-to-head competition in search of sustained, profitable growth. They have fought for competitive advantage, battled over market share, and struggled for differentiation. Yet in today’s overcrowded real estate market, competing head-on results in nothing but a bloody “red ocean” of rivals fighting

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

over a shrinking profit pool. The only key to success and survival in this market is not to out-perform the competition, but to create a new uncontested market space, thereby making the competition irrelevant. Hence, the three building blocks of branded differentiation that real estate consulting firms must adapt are: value innovation, tipping poi

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

nt leadership and robust delivery process.

As intangible assets (especially brands) contribute over two-thirds of the enterprise value for any business operating in the service sector, shouldn’t it be given top most priority in corporate boardrooms? Well, for most companies, branding is still not a strategic priority. It is a part of marketing an

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

d is often seen from a profit and loss perspective. Real estate consulting firms must understand that with internationalisation of the market and the tightening of competition, customers now have a lot of choices available. Today’s mantra is not about being the ‘first choice’ of a customer but rather the ‘only choice’. In other words, a successful

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

real estate consulting brand would be one that becomes the only source of reference for customers as far as buying, selling or leasing a property is concerned. But this is easier said than done.

Realty firms must build for long-term and aim for developing a strong brand equity (reputational value), rather than just a brand image. Only then will i

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

t be able to create an uncontested market space and compete effectively and profitably even at times of market downturns. Firms must remember that building a brand generally takes a long time and requires a strong commitment from the senior management. A brand may easily be destroyed if the firm is not acting according to its brand promises. All p

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

eople, processes and key activities must be aligned with the brand promise. Real estate firms must realise that brand is not worth building up for mere pleasure, but it must bring benefit, for example increased customer base or higher returns on investment. The best brands – whether consumables, real estates or services – are always desired. They

.

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

ay also be exported around the world. A good brand will reclaim the promise, keep the customers satisfied and get them to repurchase your brand over and over again.

A final word of advice:

Building strong brands has nothing to do with being recognized widely on mass media. It has everything to do with dedicating your entire org

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

anization to excellence in every little transaction you conduct, internally or externally. However big or small you are today, the future will belong to only those who create a strong reputational value. So my proposition to all you realtors out there is to set global standards in everything you do and make way for your brand to lead your business

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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