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Digg It - Experiential Marketing Turns Traditional Marketing on Its Head
We’ve all felt bombarded by advertising at every turn. On the floor of the grocery store, the side of buildings, overflowing our email boxes, and every place in between. People are even selling body space these days. The average U.
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
S. citizen receives an unbelievable 3,000 marketing messages a day.
The barrage of messages is greatly reducing the effectiveness of traditional marketing. People have had it with the disruptions and are beginning to ignore all ad
The barrage of messages is greatly reducing the effectiveness of traditional marketing. People have had it with the disruptions and are beginning to ignore all ad
; 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
ertising, even for products they care about. The Do Not Call list, SPAM blockers, pop-up blockers, digital video recorders and satellite radio are just some of the ways consumers try to escape.
So what is a marketer to do? Well, s
So what is a marketer to do? Well, s
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
art brushing up on a new strategy: Experiential Marketing. Don’t just talk to your customer, interact with them!
According to Marketing Week, 71 percent of senior executives in the U.S. and U.K. agree that customer experience is th
According to Marketing Week, 71 percent of senior executives in the U.S. and U.K. agree that customer experience is th
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
next big battleground. What is Experiential Marketing? Quite simply, it means creating a live, interactive experience between the consumer and the product or brand instead of just telling them about it. It’s a new way of thinking
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
about marketing.
What’s the benefit? The customer connects in a much deeper way; the company builds a unique connection with customers, gains valuable information about them, and provides more personalized communications. As an add
What’s the benefit? The customer connects in a much deeper way; the company builds a unique connection with customers, gains valuable information about them, and provides more personalized communications. As an add
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
ed bonus, the customer shares the experience with friends, providing viral marketing for the company.
Let’s look at the services of one company in this space, Picture Marketing, Inc. Quite simply, they provide Experiential Marketi
Let’s look at the services of one company in this space, Picture Marketing, Inc. Quite simply, they provide Experiential Marketi
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
g applications and services to leading brands across a variety of industries.
Imagine this. You’re at a car show and walk by the Lexus display. There it is, the car you’ve been wanting. Lo and behold, you can get your picture tak
Imagine this. You’re at a car show and walk by the Lexus display. There it is, the car you’ve been wanting. Lo and behold, you can get your picture tak
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
n with the car and be seen on the cover of Car & Driver magazine. You wait in line, get your picture taken, go home, fill out an online survey and, there it is, your first magazine cover! You forward the cover with your picture to
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
our friends. And all around your picture is messaging from the car company. A few days later you receive a direct mail piece with your cover, directions to your nearest Lexus dealer and information on the car that caught your attent
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
on.
What’s the benefit for the car company? You’ve connected in a much more personal way with the product via a memorable experience. Lexus had you around that car for several minutes as you waited and finally got your picture tak
What’s the benefit for the car company? You’ve connected in a much more personal way with the product via a memorable experience. Lexus had you around that car for several minutes as you waited and finally got your picture tak
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
en. The experience continued for days as you got your picture and forwarded it to friends. You felt a much stronger connection to the brand and the car. And Lexus got valuable information through the survey--a lead. This lets them
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
market to you with personalized communications that relate to your interests. Ultimately they generate a much greater return on investment for their marketing dollars. Everyone wins!
Research supports the success of these efforts.
Research supports the success of these efforts.
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
ccording to a survey by Jack Morton Worldwide, 53 percent of consumers said Experiential Marketing enhances their brand perception; 90 percent said it makes them more receptive to other advertising; and a high percentage say it driv
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
s a quicker purchase.
Explains Art Michalek, director of marketing at Yokohama Tire Corp, a user of Picture Marketing: “We’ve planted a seed in their minds for the next time they consider tires and furthered our relationship with t
Explains Art Michalek, director of marketing at Yokohama Tire Corp, a user of Picture Marketing: “We’ve planted a seed in their minds for the next time they consider tires and furthered our relationship with t
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
em. We’ve given the consumer a valuable keepsake, and they’ve given us permission to follow up with them with future offers and information. In the end, long after we’ve dismantled the booth and gone back to our offices, the Pictu
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
re Marketing program helps us continue to be top-of-mind.”
This is just one type of solution with one industry. There are many others. Big company or small, tradeshow or festival, expensive car or inexpensive soft drink, Experienti
This is just one type of solution with one industry. There are many others. Big company or small, tradeshow or festival, expensive car or inexpensive soft drink, Experienti
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
l Marketing is working. Consumers say that these types of interactions with the brands make them more likely to purchase the product. Experiential marketing begins an ongoing dialogue with the brand. And it cuts through the clutter.
.
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
Actions to Do Now
Ask yourselves these questions:
Does your company participate in events, tradeshows or festivals? Do you have other direct contact with consumers?
Are you maximizing the interaction with the consumer?
How do y
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
u measure the return on your marketing dollars for these activities? Are you satisfied with the quantity and quality of leads you’re generating?
If you feel there’s an opportunity to improve, learn more about Experiential Marketing
If you feel there’s an opportunity to improve, learn more about Experiential Marketing
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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