Subjects - Business

Stuart from Colorado had talked to a number of marketing firms and gotten estimates for designing and printing his marketing materials and building a web site for his business producing promotional cds. One firm quoted $100,000 to buil

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

d his web site alone. He sensed something was missing or wrong, but couldn't put his finger on it, so he called me.

I asked Stuart how the various marketing pieces and activities were going to work together to help him generate leads.

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

Examples of combination products may in

I asked him what his marketing strategy was. He drew a blank. The marketing firms he had talked to had provided detailed information on what they were going to produce for him, but none had discussed a coordinated plan to generate leads

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

and sales.

Marketing without an integrated strategy is like playing poker, tennis or football without knowing the rules, keeping score or having a game plan. You could put in a lot of time, energy, and capital, and still end up losing

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

the game. Has this happened to you?

Winning at business is the same as any other game, whether your objective is to beat the competition or just to be the best in your industry. To be successful, you need to know the rules of the game,

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

Combination pro

have a clear strategy and track your progress.

The Rules for Winning at Marketing and Sales Here are some of the most essential rules to follow to succeed at marketing your business.

1. Written goals are motivating and can help you

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

succeed. Define your objectives for revenue, lead generation and conversion rates for the year and then break those down for each quarter. Commit them to writing. Next list the weekly and daily tasks you and/or your employees need to 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

ccomplish in order to reach your goals.

2. The more qualified prospects you can attract, the more clients you'll have. A clearly defined lead generation strategy will bring in the new prospects you need to be profitable.

3. It's easie

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

to convert prospects to clients when they are looking to solve a problem. It's much harder to convert people who don't have a current need or concern, even if they are members of your target market. Instead of seeking prospects, promp

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

t prospects to look for you.

4. You'll get a better response from marketing messages that are focused on client problems and concerns, not on your credentials or descriptions of products and processes. If you're not getting the respons

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

you'd like from your mailings, ads or web site, take a second look at your marketing message. A few changes in your marketing copy can increase response by factors of ten or more.

5. Integrate your tactics and message across your mar

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

Following aspects would a

keting materials, ads, and web site to prompt people to seek you out and contact you. Trying to generate leads without an integrated strategy is like playing football without a set of plays for the quarterback to use with the team. He'd

dd to the challenges in developing combination products:

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

end up throwing the ball only to find the receiver had gone the other direction or go for a field goal on the first down.

6. The purpose of having a web site is to generate leads. Once you have a lead you can use it to generate sales

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

Once you get prospects to your web site or reading your marketing materials, make sure you prompt them to contact you.

7. Most sales are the result of a relationship based on your credibility and the value of your products or services

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

. Developing these relationships can take weeks or months to build. Your marketing strategy should facilitate this process of building relationships over time, with multiple opportunities for contacting prospects.

8. The easiest peopl

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

to sell to are past customers. Prompt first time clients to buy from you again and again.

Keeping Score In order to know if your marketing is working you need ways of keeping score. Which marketing results are you tracking? Which ad

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

Professional from academic institutions, pharmaceutical industries, health care indust

ditional ones should you define each month and quarter to track?

Keep track of these important 'scores' to evaluate your marketing:

1. How many prospects seek your firm out each month? Is this number growing each month by five to ten

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

percent?

2. What percentage of people who are exposed to your ads, your web site and other marketing materials give you their contact information so you can stay in touch with them?

3. How many people are on your house list of qualif

.

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

ed prospects? How fast is this list growing each month?

4. How many people buy from you each week? What is the dollar volume of each sale?

5. How many sales come from repeat customers?

Whether we're talking poker, tennis, or marketin

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

Companies that provide selfless information through particip

g your small business, the objective is to improve your performance and succeed more often. When you have a game plan, know the rules and track your scores, you can continually find ways to improve your marketing and be more successful

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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Databases and technology are tools that we can use in our businesses. There has been a lot of emphasis on Customer Relationship Management recently which is very much about using this technology. But what has this got to do with customer service? Absolutely nothing. Not unless the people running that business are motivated and passionate enough to use that information in the right way

The main job of a leader is not only to create the vision and make sure it becomes tangible. Through the process he/she has to encourage and motivate the workers. This is an ongoing process even after the product is complete. However, does the leader loyalty shifts to their clients in order to show appreciation for their monetary contribution and to ensure their return. Or does this loyalty have to be divided equally between employees and clients?

Small Business Computer consulting businesses need to spend their marketing dollars wisely. Start your marketing efforts on a small scale and test the results before implementing huge marketing campaigns with your practice of small business computer consulting.

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