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You are here: Home > Business > Marketing > Small Business Marketing Secret #5: How a Fruit Tree Can Show You a 20% Increase in Your Business |
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Digg It - Small Business Marketing Secret #5: How a Fruit Tree Can Show You a 20% Increase in Your Business
You're probably ready to hear this one. Your business is doing well, but it sure could use a 20% bonus this month. You're not alone. Most busin 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 esses could benefit from an additional 20% in revenue. If you don't need it, just pass this article on to someone who does, and then wait read an ; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug. Examples of combination products may in other article. To all those who are still reading, congratulations. We're about to reveal a secret that can revolutionize the results your adve lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together. rtising delivers. We've tested many strategies to come up with this one – pink Gorilla on the road side, free massages with purchase, hotdogs on here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe Saturdays, buy one get 10 free, enter to win a trip to Mars, etc. – but no method has been proven to be so surefire while at the same time so ine d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations. Combination pro pensive. It's the low-hanging fruit, of course…the people who have already shopped or bought from you, the people whom you've worked for before. 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 Our experience shows that marketing to your existing customer base can pay big dividends. Think about it – when you advertise to strangers, you 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 have to go through a lot of steps before they buy. Through massive frequency, a well-defined message will eventually start to cause your prospe nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically ct to see/hear your ad, then read/listen to your ad, then remember reading/hearing it before, then to actually have some basic level of understan 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 ding of what you said, then after about a dozen times they'll start finally getting your point. You have to pay for all of that frequency. Peopl ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi who have done business with you before have already gone through all of those steps. You don't have to start at the beginning with most of them. ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it. Following aspects would a But the existing customer base is the most neglected target audience out there. We wouldn't be surprised to see a special interest group repres dd to the challenges in developing combination products: Which markets to tap where the combination products can do fairly well? Which combination prod enting this maltreated segment pop up in Washington some time soon. Stop neglecting the low-hanging fruit. Start talking to your existing custom cts are meaningful and rational? Which therapeutic categories to select? Which Combinations can address unmet needs of the patients? Do combin ers and you too can enjoy the fabulous results enjoyed by the few and fearless smart marketers in the world. SPECIAL BONUS: Would you lik tions increase the patient compliance? What would be the developing cost? How to tackle the risks encountered during combination product developmen e to know how to market to your existing customers for FREE?!?!? Think email. Start collecting email addresses today. If you’re not collecting e 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 ail addresses from every person who walks through your doors, you’re washing valuable future advertising opportunities down the drain. Even if y ping new procedures for reviewing their safety, efficacy and quality. Professional from academic institutions, pharmaceutical industries, health care indust ou don’t have a system in place to deal with those email addresses right now, collect them and save them. You will one day regret not doing it. y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products A word of caution: email is a powerful sales tool, but there are strict laws that govern how you can use it, and an even stricter code of ethics . 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 required if you intend to benefit from it. If you would like information regarding these laws and ethics we will be glad to guide you to them. J elopment. They need to be wiser in analyzing the market trends and the regulatory requirements. Companies that provide selfless information through particip im and Travis' small business marketing secret #6 will discuss a few ways to control and harness the most powerful form of advertising – for free 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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