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Have you ever gone to a fast food restaurant and ordered a “value meal” a fixed price combo that usually includes a sandwich, fries, and a beverage? Chances are, you have. What you may not have realized, however, is that your

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

lunch was an example of one of the most powerful marketing tools your business has: strategic packaging.

Most business owners don’t appreciated or understand how easy and powerful packaging can be in their business and mark

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

Examples of combination products may in

ting activities, regardless of the type of business they’re in. Strategic packaging is simply the combining of products and services to make what you offer to your marketplace so irresistible, so incomparable, so compelling t

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

at it becomes almost impossible for your prospects and customers to say “no.”

The essence of packaging is to give such a high perceived value, people cannot help but want to buy. This not only attracts new customers, but als

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

helps you sell more to existing ones.

How do you get such a good value? First you have to identify what I call “the cycle of business life.” This is simply the logical progression of buying activities that people will norma

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

Combination pro

ly engage in prior to, during, and after they buy your product or service.

Think about your typical customer. Write down everything they’re likely to buy prior to calling, visiting your business, or Web site. Next, determine

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

what they buy and how much they usually spend. Write this all down. Write down or input into your database everything they’re likely to buy afterward, both products and services.

Now ask yourself, how can I combine my produc

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

or service with the item that normally coincides with or follows mine. For example, suppose you sell sporting goods. It’s winter, so skis are probably going to be a big seller. What else is the consumer likely to buy right b

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

fore, during, or after purchasing a pair of skis? How about a pair of ski boots or a ski jacket? They might be thinking about buying a ski hat or a pair of gloves. A little further down the line, they might be interested in l

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

ft tickets at nearby ski resorts

Any of these items or follow-up services could be used in a packaging or add-on strategy. For example, you could offer a free pair of top-of-the-line goggles with every pair of skis you sell.

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

Or, you could include a set of poles with any ski purchase over a certain dollar amount. You could also offer discounted lift tickets or lodging at popular ski resorts. Combine the ski sale with a waxing service and adjustmen

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

Following aspects would a

s the following season, a great way to get them back in your store a year from now.

No matter what type of business you’re in, you could put together a package that will give you a competitive edge. For example, mechanics co

dd to the challenges in developing combination products:

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

ld include an oil change with every comprehensive break job or car wash coupons with every tune-up. You could also offer products along with your service: a dentist could offer a new toothbrush with every cleaning; a hair sal

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

n could offer shampoo and conditioner samples with every haircut. The possibilities are endless.

Your challenge and goal in your business is to identify and focus on all the different products or services you can package tog

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

ther to make a more appealing, exciting, value-oriented purchasing proposition.

Strategic packaging gives you four competitive advantages:

* It makes your product unique, different, more appealing. While everyone else is of

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

ering a generic commodity, you’re offering a unique proprietary package. You’re offering a different configuration, a different look, a different combination. More value for the customer’s dollar.

* It makes decision-making

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

Professional from academic institutions, pharmaceutical industries, health care indust

asy. Your customer doesn’t have to wonder where to go for his or her next purchase. It creates a turnkey operation.

* It’s guarantees the consumer that he or she can trust all the elements of the package. Remember, always gu

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

rantee the package you’re offering.

* It gives the customer, greater value. Instead of having to cut your profit margin on your product or service, you can get full profit on your product when you throw in two or three other

.

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

products or services that you reduce your profit margin on.

When you offer strategic packaging your customers get a very high perceived value, because they feel they’re getting savings across the board on all the products th

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

Companies that provide selfless information through particip

y’re getting in the package. It’s a win-win situation. Your prospects and customers get the value they want and you improve your bottom line.

Copyright©2006 by Joe Love and JLM & Associates, Inc. All rights reserved worldwid

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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There are various strategy models applied by companies to define their strategy of development.

You cannot expect business success unless you do forecasts and pro forma statements for three to five years. By estimating future income and expenses, you set perameters for your business. Preparing pro forma statements is less difficult than you may think.

In the past issues we have discussed how passive income streams can help you make full time salary, without having to work full time. However, for your passive income streams strategy to be successful, you need one element to make that happen. This element is marketing.

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