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Subjects - Why Smart People Don't Know How to Market
As an educated professional, your success is based on what you know, your education, your intelligence, and your creativity. Even if you’re just starting out, you’ve achieved success just to get your many degrees and pass those licensing exams! Your clients return and refer because you apply your expertise and insight to guide them
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
to appropriate answers for their unique situations.
But who’s growing your business while you’re busy tending to your clients’ needs? What are you doing to attract and maintain a steady stream of qualified, motivated prospects? How do you find and keep interesting clients who pay you what you’re worth? Like most professionals, you
But who’s growing your business while you’re busy tending to your clients’ needs? What are you doing to attract and maintain a steady stream of qualified, motivated prospects? How do you find and keep interesting clients who pay you what you’re worth? Like most professionals, you
; 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
may not be able to answer those questions because the answer involves marketing.
Sure, referrals can be a decent source of new clients, but they’re only one approach in a system of balanced strategies for guaranteeing you’ll have many desirable clients for as long as you wish. It doesn’t matter how many referrals you get, if you do
Sure, referrals can be a decent source of new clients, but they’re only one approach in a system of balanced strategies for guaranteeing you’ll have many desirable clients for as long as you wish. It doesn’t matter how many referrals you get, if you do
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
n’t know how to build and extend the potential relationship that each referral represents.
As a Smart Person, you have lots of options at your disposal for attracting more clients to your firm. And they don’t have to include the expensive things that spring to mind when you say "marketing," such as slick brochures, advertising, or
As a Smart Person, you have lots of options at your disposal for attracting more clients to your firm. And they don’t have to include the expensive things that spring to mind when you say "marketing," such as slick brochures, advertising, or
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
irect mail.
However, your professional expertise alone will not differentiate you in a crowded marketplace…nor will it bring clients to you. You’ve got to let them know you exist and help them understand why you’re different – why you are uniquely qualified to address their needs. This is called positioning. It takes some thoughtfu
However, your professional expertise alone will not differentiate you in a crowded marketplace…nor will it bring clients to you. You’ve got to let them know you exist and help them understand why you’re different – why you are uniquely qualified to address their needs. This is called positioning. It takes some thoughtfu
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
l, creative work to nail this first, most important step in attracting more clients.
Once you’ve determined your positioning, you have four more major steps that will bring clients to you and your firm: packaging, promotion, persuasion, and performance. Each step requires that you are able to communicate with your target client aud
Once you’ve determined your positioning, you have four more major steps that will bring clients to you and your firm: packaging, promotion, persuasion, and performance. Each step requires that you are able to communicate with your target client aud
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
ience in a variety of ways that they can understand – in their need-based language, not your expert language.
In a nutshell, here are some of your strategies for each major step to attract more clients:
Positioning: niche, specialty, specialness, reputation, unique competitive advantage, client-centered worldview, saying no, commi
In a nutshell, here are some of your strategies for each major step to attract more clients:
Positioning: niche, specialty, specialness, reputation, unique competitive advantage, client-centered worldview, saying no, commi
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
ment, no Plan B, congruence, self knowledge, re-niche
Packaging: knowledge-sharing, articles, reports, surveys, web sites, slide decks, CDs/cassettes, videos, books, mini-books
Promotion: knowledge-sharing, speaking, writing, networking, referrals, newsletters, e-newsletters, letters, postcards, calls, teleclasses
Persuasion: lis
Packaging: knowledge-sharing, articles, reports, surveys, web sites, slide decks, CDs/cassettes, videos, books, mini-books
Promotion: knowledge-sharing, speaking, writing, networking, referrals, newsletters, e-newsletters, letters, postcards, calls, teleclasses
Persuasion: lis
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
tening, diagnosis, openness, curiosity, visioning, education, presentations, asking, recommending, assuring, sharing
Performance: competence, solutions, results, keep promises, manage expectations, intelligence, creativity, guarantees, thank you’s, commitment, walking the talk, innovation, persistence, integrity, generosity, alignm
Performance: competence, solutions, results, keep promises, manage expectations, intelligence, creativity, guarantees, thank you’s, commitment, walking the talk, innovation, persistence, integrity, generosity, alignm
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
ent inside firm, staying in touch, management competence
Chances are, you’re on a learning curve in one or more of these major steps. Even if you’ve been in business for years and have built a successful firm, taking your practice to the next level means setting new metrics, ensuring your niche hasn’t grown stale, and learning new
Chances are, you’re on a learning curve in one or more of these major steps. Even if you’ve been in business for years and have built a successful firm, taking your practice to the next level means setting new metrics, ensuring your niche hasn’t grown stale, and learning new
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
ays to reach that next stage in your firm’s growth or maturity.
For larger firms, maybe now it’s time to pay attention to how your firm delivers on your brand promise – do principals, management, and staff really "walk the talk" of what you promise in the marketplace? Or are you, like many professional service firms, a cobbler whos
For larger firms, maybe now it’s time to pay attention to how your firm delivers on your brand promise – do principals, management, and staff really "walk the talk" of what you promise in the marketplace? Or are you, like many professional service firms, a cobbler whos
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
e children have no shoes?
Or perhaps you serve "internal clients" inside of a very large organization, and need support or buy-in for the services your department offers. You can put these principles and strategies to work for your work to get noticed, get invited, attract positive attention, and get buy-in.
So what’s a Smart Pers
Or perhaps you serve "internal clients" inside of a very large organization, and need support or buy-in for the services your department offers. You can put these principles and strategies to work for your work to get noticed, get invited, attract positive attention, and get buy-in.
So what’s a Smart Pers
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
on to do to attract more clients? Here are some suggestions:
Raise the role of strategic marketing in your practice to a conscious level. Get it on the agenda and apply your smarts to it, just like you do with any other crucial aspect of your business.
Create a niche for your practice – you cannot be all things to all people. Howe
Raise the role of strategic marketing in your practice to a conscious level. Get it on the agenda and apply your smarts to it, just like you do with any other crucial aspect of your business.
Create a niche for your practice – you cannot be all things to all people. Howe
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
ver just because you enjoy working with a particular market or prefer a special approach, it doesn’t mean your target clients will. You need to understand the difference between a good niche and a bad niche, and strategize accordingly. Lynda Falkenstein’s NicheCraft is an excellent source of ideas.
Position yourself to others throu
Position yourself to others throu
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
h their worldview, not yours. Instead of saying, "I’m a strategy consultant," start with "I help (Fortune 500) companies (increase market share)." Obviously you’d tailor the statement to fit who you help and what problem you address, but you get the idea. For tons of information on how to get this right, Robert Middleton of Action P
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
lan Marketing is the guru on what he calls creating an "audiologo."
Develop a system of marketing strategies that both attracts new clients and helps you retain the ones you have. Start with the metrics of what you want to change or improve in your practice and tie the system to driving those metrics.
Develop an action plan that t
Develop a system of marketing strategies that both attracts new clients and helps you retain the ones you have. Start with the metrics of what you want to change or improve in your practice and tie the system to driving those metrics.
Develop an action plan that t
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
ranslates your marketing system into specific tasks, with real assignments, deliverables, and deadlines.
Commit to and put a system in place to keep you on track and motivated as you work through your plan. Build non-billable time into your business model dedicated to marketing. A rule of thumb is at least 20% of your firm’s time s
Commit to and put a system in place to keep you on track and motivated as you work through your plan. Build non-billable time into your business model dedicated to marketing. A rule of thumb is at least 20% of your firm’s time s
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
ould be allocated to marketing.
Get expert help and resources for any of these suggestions, including implementation. For many professional service firms, this requires getting away for a day or two of focused thinking and discussion among key people. When you consider that stakes, it’s well worth the time and effort.
There are ac
Get expert help and resources for any of these suggestions, including implementation. For many professional service firms, this requires getting away for a day or two of focused thinking and discussion among key people. When you consider that stakes, it’s well worth the time and effort.
There are ac
.
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
tually two more "p’s" in marketing. Intelligent, effective marketing requires a great deal of patience…and the ability to see this not as a series of transactions completed in a few weeks or even months, but as a relationship-building process with your current and future clients over time.
Marketing really is a life-skill and somet
Marketing really is a life-skill and somet
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
hing to learn as one of your core competencies as an educated professional. Now that’s being smart!
References
Argyris, C. "Teaching Smart People How to Learn," Harvard Business Review, May-June 1991.
Falkenstein, L. NicheCraft. New York: HarperCollins. 1996.
Middleton, R. "InfoGuru Marketing Manual." Action Plan Marketing. 2002
References
Argyris, C. "Teaching Smart People How to Learn," Harvard Business Review, May-June 1991.
Falkenstein, L. NicheCraft. New York: HarperCollins. 1996.
Middleton, R. "InfoGuru Marketing Manual." Action Plan Marketing. 2002
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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