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Digg It - Putting a Method to the Marketing Madness
The new year is here and its time to get your marketing plan of attack into gear. Market planning has a lot in common with financial planning. You must first decide what your goals are, who your target market is, how you will reach your targets and set up a long-term plan to reach your target markets.
What are your goals an
What are your goals an
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 who is your target?
Before you can begin a marketing campaign, you need to know what your goals are and who your ideal client is. How many ideal prospects would you like to add to your client base?
Let’s say that you want to add 35 new clients to your roster this year. You have decided that the ideal client has a yearly
Let’s say that you want to add 35 new clients to your roster this year. You have decided that the ideal client has a yearly
; 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
income of $100,000 and $500,000 in investable assets. This is a broad look at the type of client you want to attract. What other traits can be added to help decide who your ideal prospect is. Do you want a prospect who you will have to spend a great deal of time educating on benefits of financial planning? Do you want a clie
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
nt who wants full details of their financials on a quarterly basis, or someone who just wants to know if they are on target to meet their financial goals?
At this point you have decided that your ideal client is someone who has a household income of $100,000 per year. The client has investable assets of at least $500,000, m
At this point you have decided that your ideal client is someone who has a household income of $100,000 per year. The client has investable assets of at least $500,000, m
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
arried, planning for college education of two or three kids, also planning for retirement for both partners. They have an understanding of the need for financial planning, implementing the plan and needs to be kept informed but not educated. They also do not need a detailed report on their finances, but an overview of how th
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
ir finances are being invested and whether or not they are on target to reach their goals.
Deciding where your market is and how to reach your market: You know that the type of clients you are prospecting for lives in affluent neighborhoods, children attend prestigious private schools and belong to certain country clubs an
Deciding where your market is and how to reach your market: You know that the type of clients you are prospecting for lives in affluent neighborhoods, children attend prestigious private schools and belong to certain country clubs an
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
d civic organizations. You quickly decide that cold calling will not reach this group of prospects. You think about the marketing activities you would like to do and are most likely to do.
Through careful thought and research, you have decided to use a combination of networking, referral partners, writing articles, brochur
Through careful thought and research, you have decided to use a combination of networking, referral partners, writing articles, brochur
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
es, writing reports, seminars, speeches, newsletters, postcards, company website, and community involvement.
Now that you have decided what kinds of marketing activities you want to pursue. You decide to do a breakdown of how often you will do each activity for the year. Your breakdown looks something like this:
Networking
Now that you have decided what kinds of marketing activities you want to pursue. You decide to do a breakdown of how often you will do each activity for the year. Your breakdown looks something like this:
Networking
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
events: Attend one per a week
Cultivating Referral Partners: Host a breakfast or lunch meeting twice a month
Writing Articles: Write and publish an article once per month
Brochures: Create brochures once a year
Writing Reports: Write an in-depth report once per month
Seminars: Host a seminar at leas
Cultivating Referral Partners: Host a breakfast or lunch meeting twice a month
Writing Articles: Write and publish an article once per month
Brochures: Create brochures once a year
Writing Reports: Write an in-depth report once per month
Seminars: Host a seminar at leas
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 eight times a year
Speeches: Give at least six speeches a year
Newsletter: Create a monthly newsletter
Postcards: Send out postcards every three weeks
Company Website: Update your website with articles, reports, white papers or case studies twice a month
Community Involvement: Become a sponsor in t
Speeches: Give at least six speeches a year
Newsletter: Create a monthly newsletter
Postcards: Send out postcards every three weeks
Company Website: Update your website with articles, reports, white papers or case studies twice a month
Community Involvement: Become a sponsor in t
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
o large events per year
Press Releases: Sending press releases to tell of news concerning my business or a free booklet that is being offered.
Creating your long-term plan to reach your market:
You have figured out who your market is, how you will try to reach your market. Now that you have a plan on ways to reach you
Creating your long-term plan to reach your market:
You have figured out who your market is, how you will try to reach your market. Now that you have a plan on ways to reach 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
r market, you have to decide on a schedule to implement the plan. You start by creating a spreadsheet with each month listed. You then break the month down by weeks. You start placing events into each month, trying to place at least four events in each month.
For Example:
January
Weeks 1 through 4 - Develop compan
For Example:
January
Weeks 1 through 4 - Develop compan
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
y brochures
Week 1- Send newsletter to current email list
Week 2 - Send Press release offering a free booklet geared toward my ideal prospects.
Week 3 - Write article for publication
Week 4 - Go to a networking event
Week 5 - Host a seminar on a topic of interest to your ideal prospects, give away a
Week 1- Send newsletter to current email list
Week 2 - Send Press release offering a free booklet geared toward my ideal prospects.
Week 3 - Write article for publication
Week 4 - Go to a networking event
Week 5 - Host a seminar on a topic of interest to your ideal prospects, give away a
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
copy of my free booklet to attendees.
February
Week 1 - Send newsletter to current email list, follow up with seminar attendees.
Week 2 - Host a lunch to cultivate
Week 3 - Send out a postcard to prospects reminding them of a service that I offer that would be especially helpful to them and referring them to
February
Week 1 - Send newsletter to current email list, follow up with seminar attendees.
Week 2 - Host a lunch to cultivate
Week 3 - Send out a postcard to prospects reminding them of a service that I offer that would be especially helpful to them and referring them to
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
my website.
Week 4 - Give a speech at a local civic group
Then you continue to create your plans for the rest of the year. You can also add much you feel you may need to budget for the activities. Your plan should be flexible, it is a guideline. It will help you know what you should be doing at any given time. Don't h
Week 4 - Give a speech at a local civic group
Then you continue to create your plans for the rest of the year. You can also add much you feel you may need to budget for the activities. Your plan should be flexible, it is a guideline. It will help you know what you should be doing at any given time. Don't h
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
sitate to change it when it needs to be changed, but don’t change things to quickly. Make sure you have an idea of how the activity is really working before you change things.
Tracking results and hitting your goals:
It is also important to track your results. If you do a press release and offer a booklet, track how ma
Tracking results and hitting your goals:
It is also important to track your results. If you do a press release and offer a booklet, track how ma
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
ny people call and request the booklet, find out how they found out you were offering the booklet.Track how many invites you send for your seminars, how many people sign-up and how many people actually attend. Track how many prospects that you contact throughout the year that actually becomes a client. How long did you have
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
to contact the prospect before they became a client? What was the deciding factor that made them decide to become a client? Track how many people visit your website. How many people downloaded your reports, signed up for your newsletter. Constantly tracking your results will let you know what activities are bringing you busi
.
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
ness and what activities are a waste of your time. When it comes time to do next’s years marketing plan, you will know what activities to continue and discontinue.
Marketing is a cycle. You must first understand what you marketing activities need to do for you. Are you trying to increase your prospect base, follow up with p
Marketing is a cycle. You must first understand what you marketing activities need to do for you. Are you trying to increase your prospect base, follow up with p
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
rospects, get a meeting, close a sale? Gear your activities to what you are trying to do and focus on those things. When you increase your prospect base, move onto following up, then move on to getting the meeting,
then move onto closing the sale, then start all over. NEVER stop marketing, if you want to keep doing business
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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