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Subjects - 4 Key Marketing Do's and Don'ts
Want to increase Sales? Then here are 4 Key Marketing Do’s and Don’ts ...
Not happy with your Marketing Plans? Spending a lot and getting little in return? Well, first off – you’re not alone. Many of the company owners I talk to express frustration with Marketing. They feel it’s a waste
Not happy with your Marketing Plans? Spending a lot and getting little in return? Well, first off – you’re not alone. Many of the company owners I talk to express frustration with Marketing. They feel it’s a waste
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
of money – echoing the famous quote “I know that 50% of the money I spend on Marketing is wasted – and if I knew which 50%, I’d cut it out”. Here are 4 things you can do to cut the waste and get better results.
First, don’t confuse Marketing and Selling. Selling is, in fact, only a metho
First, don’t confuse Marketing and Selling. Selling is, in fact, only a metho
; 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
of promoting your products and services. Sales people have to be told which products to sell, how the products will benefit their prospects and customers and how much to sell the products for. (Have you ever tried letting sales people set selling prices? It’s one of the faster ways to go
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
out of business.) Marketing is deciding which products your customers will want and how much they will pay for them and then launching your products on time. Sales people have to be given “qualified leads” - they’re too costly to use for generating and qualifying their own leads - so it’s
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
more cost effective to use the promotional techniques to do that. Marketing is figuring out which combination of the promotional techniques is needed to produce enough leads for the Company to achieve its sales targets.
Second, don’t confuse Marketing with Promotion. Using advertising (p
Second, don’t confuse Marketing with Promotion. Using advertising (p
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
int, radio, T.V., billboards etc.), public relations, direct mail, web sites, email, or telemarketing are ways of promoting your business. Promotion is only one of 4 Marketing tools, and, before we leave it behind for a moment, here are a couple of “don’ts” regarding promotion. Don’t:
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
ockquote>o Expect an advertisement to bring you results the first (or even the second or third) time you use it. Consistency of use is one of requirements for advertising to work.
o Be surprised if the response to your direct mail (or email) campaigns is “low”. A
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
2 or 3% response rate may be all that you should be expecting.
o Look for a flood of visitors to come to your web site and buy your products – unless you spend time and money “optimizing” your site for search engines.
o Forget that you’ll get better results by using several of the promo
o Look for a flood of visitors to come to your web site and buy your products – unless you spend time and money “optimizing” your site for search engines.
o Forget that you’ll get better results by using several of the promo
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
ional techniques in an integrated campaign, for example follow up a direct mail or email piece with telemarketing.
Third, remember that you have 4 Marketing tools at your disposal. We’ve talked about 3 of them already – product, price and promotion. The fourth is your distri
Third, remember that you have 4 Marketing tools at your disposal. We’ve talked about 3 of them already – product, price and promotion. The fourth is your distri
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
ution channels – how you get your products to the end user. A couple of points to remember:
o Products – have a “life”. Some will remain in demand longer than others but none go on forever (notice how hybrid engines are beginning to appear in cars and trucks, slowly replacing
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
the gasoline engine which has been around “forever”). Develop and launch new products before your competitors do.
o Price – follow either a high quality/high price or low quality/low price strategy. Don’t get trapped in the middle (it’s slower than letting sales people set prices but you
o Price – follow either a high quality/high price or low quality/low price strategy. Don’t get trapped in the middle (it’s slower than letting sales people set prices but you
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
’ll still go out of business).
o Promotion – budget to spend a percentage of your sales on promotion at the beginning of each year. Keep your promotional program going all year – don’t wait until your reps. get short of leads or sales fall off.
o Place/Distribution Channels – should be
o Promotion – budget to spend a percentage of your sales on promotion at the beginning of each year. Keep your promotional program going all year – don’t wait until your reps. get short of leads or sales fall off.
o Place/Distribution Channels – should be
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
hanged either at different points in a product’s life (how easy is it, these days, to find a small, independent retail store selling only computer hardware) or in the face of new technology (you can buy many of the same products from a Future Shop store or from their web site).
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
te>The 4 Marketing tools are like the promotional techniques in one way – you get the best results if you figure out the combination of all 4 that gets the best reaction from your market.
Four, check regularly that you are still focused only on that part of the total market that needs yo
Four, check regularly that you are still focused only on that part of the total market that needs yo
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
r products and can pay for them. Focus your resources on a well defined group of people or companies who share similar characteristics – including a need for your products. It’s likely to be much more profitable than chasing everyone who might, one day, have a need for your services. You
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
an perform a reality check by thinking about what your best customer looks like. Make sure that you are only dealing with (and looking for) more people or companies like them. But remember, there needs to be enough of them, each generating enough demand, to allow you to make a profit.
If
If
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
you’re doing all 4 of the things we’ve talked about you have an effective Marketing Strategy. Clearly identifying a “target” market and then applying the most effective combination or “mix” of the 4 marketing tools to it are the 2 ingredients for developing a great marketing strategy. To
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
ake it come to life – because after all it’s all about execution – insist your marketing team (in-house or outsourced) expresses all of the things that they have to do to execute the product, price and channel management strategies and their promotional program as SMART goals.
Not sure w
Not sure 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
at a SMART goal is? Send me an email at jimstewart@profitpath.ca or call me at 416-258-9610 and I’ll be happy to tell you. To share your experiences, to take issue with anything I’ve said or to get some insight in how to execute, contact me in the same way.
One final tip - a couple of mo
One final tip - a couple of mo
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
ths ago we ran an article which gave 3 tips on how to make your Marketing programs more effective. It was called “Juice up the results of your Marketing programs” and you can read it at www.profitpath.ca/articles-detail-261
© Copyright ProfitPATH, a division of JDS & Associates Inc., 200
© Copyright ProfitPATH, a division of JDS & Associates Inc., 200
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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