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Digg It - Which Marketing Solution is Right for You?
If you're running a small business, then at some point you may be faced with the problem that you want to gear up your marketing in order to grow the business, but at the same time you're afraid of getting it wrong and losing whatever you invest in it.
Whilst large businesses can afford to throw large amounts of
Whilst large businesses can afford to throw large amounts of
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
money at campaigns, and absorb the losses if their marketing doesn't work, small businesses need a return on every pound they spend. They need some level of certainty that the money and effort they invest is going to produce good results. Otherwise, what can happen is that they keep doing what they're already doin
; 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
(which probably isn't working that well), or they blow a load of money on advertising or marketing solutions that don't work, and then lose faith in outside help or marketing altogether.
If you want to avoid wasting money on marketing and advertising, or getting burnt by marketing consultants then you'll want to
If you want to avoid wasting money on marketing and advertising, or getting burnt by marketing consultants then you'll want to
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
minimise your risks and invest your money in solutions that work for you.
As you read this article you'll discover 5 options for learning how to do your own marketing or recruiting outside help, and the advantages and disadvantages of each option.
5 Options for Learning Marketing Skills or Getting Help with Mar
As you read this article you'll discover 5 options for learning how to do your own marketing or recruiting outside help, and the advantages and disadvantages of each option.
5 Options for Learning Marketing Skills or Getting Help with Mar
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
eting
1) Learn how to do it yourself through reading books, attending workshops, using audio programmes etc.
The obvious advantage of this is that it's the cheapest option, plus as you learn to do things for yourself, you retain control of your marketing programme. However, the major drawbacks are that the learn
1) Learn how to do it yourself through reading books, attending workshops, using audio programmes etc.
The obvious advantage of this is that it's the cheapest option, plus as you learn to do things for yourself, you retain control of your marketing programme. However, the major drawbacks are that the learn
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
ing curve is very steep and it may take a long time to learn what works, plus you may end up learning a lot of generic information that doesn't directly apply to your business or that doesn't give you an actual step by step plan. You may learn what to do, but not how to do it or the exact steps you need to take to
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
implement what you've learnt.
2) Use a marketing consultant/agency
The advantage of this is that you effectively hand over the problem to someone else who deals with it on your behalf, leaving you to get on with what you do best. The disadvantages of this option are that you don't learn what works for your busin
2) Use a marketing consultant/agency
The advantage of this is that you effectively hand over the problem to someone else who deals with it on your behalf, leaving you to get on with what you do best. The disadvantages of this option are that you don't learn what works for your busin
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
ess and you are no longer fully in control of your marketing function - so you won't know why some things work and others don't.
Also, this is probably the most expensive option, and some marketing consultants have got a tendency to prescribe their pet solution, before even diagnosing the actual problem and the s
Also, this is probably the most expensive option, and some marketing consultants have got a tendency to prescribe their pet solution, before even diagnosing the actual problem and the s
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
tuation. Not only that, but if your problem is, for example, lack of sales, and you decide the solution is PR, and then hire a PR consultant, they will work to your brief. In other words, you've diagnosed the problem and precribed the solution. However, PR may not be the best solution to your problem, and a proper
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
analysis of your target market and your current activities, budget and opportunities is required before forming the conclusion that a PR consultant is the answer.
3) Group coaching/training programmes
The advantage of this is the lower cost plus regular classes and fieldwork that keep you on track. Some people
3) Group coaching/training programmes
The advantage of this is the lower cost plus regular classes and fieldwork that keep you on track. Some people
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
ill benefit from working in a group, especially as they learn from the experiences of others, and particularly if there is a "buddying" system in place.
The disadvantage is the lack of personal coaching/consulting or significant input from the expert in examining your particular situation. Not only that, but you'
The disadvantage is the lack of personal coaching/consulting or significant input from the expert in examining your particular situation. Not only that, 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 be going at a pace as dictated by the course outline, when you might want to move considerably faster or even slower. Also, most programmes go through a range of strategies as decided by the programme creator, some (or many) of which are not applicable to your particular situation. This is especially true if th
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
programme is designed for the generic "small business" - what works for a dry cleaning business may not work for a consultant, coach or professional.
The result is that you may be learning 10 or 12 strategies at a rather superficial level, rather than homing in on the 2 or 3 strategies that are really going to d
The result is that you may be learning 10 or 12 strategies at a rather superficial level, rather than homing in on the 2 or 3 strategies that are really going to d
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
eliver results into your business, and which are manageable.
4) One to one business/marketing coaching
The advantage of this is the personal attention, and the ability to address your specific issues. This works out a little more expensive than a group training programme, but less expensive than hiring a consult
4) One to one business/marketing coaching
The advantage of this is the personal attention, and the ability to address your specific issues. This works out a little more expensive than a group training programme, but less expensive than hiring a consult
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
nt.
How this works varies widely and a lot depends on whether the coach is using a coaching model (i.e. they guide you in working out your own solutions) or a marketing model (they take on a role more similar to a consultant than a coach, and tell you what will work for your situation). Most do not seem to offer
How this works varies widely and a lot depends on whether the coach is using a coaching model (i.e. they guide you in working out your own solutions) or a marketing model (they take on a role more similar to a consultant than a coach, and tell you what will work for your situation). Most do not seem to offer
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
any structure, specific outcomes, or programme of activities so it can be hard to tell what you're getting for your money.
5) A Structured Programme of consulting, training and mentoring delivered one to one
In this scenario the consultant uses a structured series of exercises to analyse the client's situation,
5) A Structured Programme of consulting, training and mentoring delivered one to one
In this scenario the consultant uses a structured series of exercises to analyse the client's situation,
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
elp them build their marketing foundation, overcome problems and obstacles standing in their way and works with them to create a series of marketing actions that will work best for them.
This typically costs about the same as marketing coaching, but has more tangible outcomes and the consultant will also be doing
This typically costs about the same as marketing coaching, but has more tangible outcomes and the consultant will also be doing
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
things on the client's behalf in between sessions. The advantages are that the client is fully in control of their own situation and is being guided and taught how to do things for themselves. The consultant will also use their expertise to steer the client towards solutions that will work for their situation, th
.
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
ir market and their type of business, and filter out approaches that are irrelevant or less likely to produce good results.
The disadvantages are that you still have to do the work yourself (unless you pay for help with implementation), and if the consultant is helping you to craft your message and build your fou
The disadvantages are that you still have to do the work yourself (unless you pay for help with implementation), and if the consultant is helping you to craft your message and build your fou
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
ndation, then there may be a delay before any strategies get fully implemented. This is really the approach that is analogous to building your house on rock rather than on sand - it takes a little longer to lay the foundations, but it's a sturdier, stronger solution in the end.
© 2006 Jane Hendry, Attractioneerin
© 2006 Jane Hendry, Attractioneerin
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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