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Digg It - Small Business Marketing - Understanding the 7 Step Sales and Marketing Cycle
One of the biggest myths as it relates to business comes from one of my favorite movies of all time, 'Field of Dreams'. In the movie, Ray Kinsella, is inspired by a mysterious voice telling him to follow his dreams. The voice says, 'If you build it, they will come'. True to Hollywood storytelling, Ray does build 'it' and 'they' do indeed come.
Unfortunately, it doesn't work the same i
Unfortunately, it doesn't work the same i
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
n business. Many business owners have the false idea that if they have the very best product or service, they are guaranteed instant success. In essence, 'if [they] build 'it', 'they' will come.
An incredible, 'knock your socks off' product or service does not guarantee success.
If you're like most small business owners, you've doing everything you know how to do, but you're s
An incredible, 'knock your socks off' product or service does not guarantee success.
If you're like most small business owners, you've doing everything you know how to do, but you're s
; 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
ill not attracting enough new customers. You've tweaked your website. You've increased the size of your yellow pages ad. You've even sent out direct mail pieces designed to generate some quick holiday business, but none of it seems to be working.
What most small business owners fail to realize is that there is a very specific process for creating demand for your 'it' so that in turn '
What most small business owners fail to realize is that there is a very specific process for creating demand for your 'it' so that in turn '
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
hey' will come. Just as they miraculously did for Ray Kinsella. This process is called the Sales and Marketing Cycle.
By understanding each step in the Sales and Marketing Cycle, you will have the knowledge necessary to create a marketing 'system' that will allow you to build your very own 'Field of Dreams'.
Step 1. Create a Marketing Plan
This step is undoubtedly the most im
By understanding each step in the Sales and Marketing Cycle, you will have the knowledge necessary to create a marketing 'system' that will allow you to build your very own 'Field of Dreams'.
Step 1. Create a Marketing Plan
This step is undoubtedly the most im
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
portant step in the cycle. You must clearly define where you want to go and how you plan to get there. As Steven Covey says, 'begin with the end in mind.'
To create a clear vision of what you want to accomplish, you must define your target market, determine your Unique Selling Proposition (USP), write out your goals, and finally establish a marketing budget. Without each of these ingr
To create a clear vision of what you want to accomplish, you must define your target market, determine your Unique Selling Proposition (USP), write out your goals, and finally establish a marketing budget. Without each of these ingr
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
dients clearly defined, your vision will be murky and you won't know when it's time to make course corrections.
Step 2. Get the Attention of Your Target Market
If you've done your homework in Step 1, you're well on your way to capturing your prospects attention because you already know who your ideal customers are and what problems they're trying to solve. Now it's just a matt
Step 2. Get the Attention of Your Target Market
If you've done your homework in Step 1, you're well on your way to capturing your prospects attention because you already know who your ideal customers are and what problems they're trying to solve. Now it's just a matt
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
r of finding the proper medium to convey these benefits to your target prospects.
If you're an offline business, a sequence of mailings to a targested list, lead generation advertising, television or radio spots, joint ventures, and even leaving flyers on car windows are ways to let your target prospects know that you have the answer they seek. For online businesses there is 'Pay Per
If you're an offline business, a sequence of mailings to a targested list, lead generation advertising, television or radio spots, joint ventures, and even leaving flyers on car windows are ways to let your target prospects know that you have the answer they seek. For online businesses there is 'Pay Per
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
Click' advertising such as Google AdWords, ezine advertising, joint ventures, or writing and submitting articles to online publishers.
One key to keep in mind, no matter the medium selected to convey your message, you always want to stress the BENEFITS. Sell the sizzle, not the steak.
Step 3. Educate Your Prospect about Your Product or Service
This step is more often than not
One key to keep in mind, no matter the medium selected to convey your message, you always want to stress the BENEFITS. Sell the sizzle, not the steak.
Step 3. Educate Your Prospect about Your Product or Service
This step is more often than not
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
the most OVERLOOKED step in the cycle. This step is where you begin to actually convert your prospects into paying customers.
Each day consumers are bombarded with hundreds, if not thousands of advertisements and offers for competing products and services. Often times the consumer is unsure of how to differentiate between competing solutions. By educating your customer about the benef
Each day consumers are bombarded with hundreds, if not thousands of advertisements and offers for competing products and services. Often times the consumer is unsure of how to differentiate between competing solutions. By educating your customer about the benef
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
ts offered by your solution, you set yourself apart from your competition and it will go a long way towards gaining their trust and ultimately their business.
Some of the ways that you can educate your prospects include free reports via recorded messages, snail mail, or delivered via email spread out over several days. Tele-seminars are also popular these days and are an excellent way
Some of the ways that you can educate your prospects include free reports via recorded messages, snail mail, or delivered via email spread out over several days. Tele-seminars are also popular these days and are an excellent way
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
to educate your prospects about the benefits of using your product or service.
Step 4. The Sales Transaction Occurs
If you've been able to successfully educate your prospect and have shown how your solution can fill their 'need', a sales transaction should be the likely result. Keep in mind however, that this is not always the case. When possible, you want to try to find out w
Step 4. The Sales Transaction Occurs
If you've been able to successfully educate your prospect and have shown how your solution can fill their 'need', a sales transaction should be the likely result. Keep in mind however, that this is not always the case. When possible, you want to try to find out w
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
hat it was that kept your prospect from becoming a customer. Some of these reasons may include price, skepticism, they no longer have a need, or they weren't fully educated about the benefits your solution offered.
Once you're able to determine WHY they chose not to purchase and if you've seen a pattern with other customers, you should then work to improve your Step 3 in order to bett
Once you're able to determine WHY they chose not to purchase and if you've seen a pattern with other customers, you should then work to improve your Step 3 in order to bett
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
r educate them as to why you offer the ONLY possible solution to their problem.
Step 5. Deliver Exceptional Customer Service
I don't know if you've noticed this or not, but the meaning of the phrase 'Customer Service' has changed considerably over the years. No longer do you see 'Full Service' gas stations. Receptionists have been replaced by automated phone systems. Airlines
Step 5. Deliver Exceptional Customer Service
I don't know if you've noticed this or not, but the meaning of the phrase 'Customer Service' has changed considerably over the years. No longer do you see 'Full Service' gas stations. Receptionists have been replaced by automated phone systems. Airlines
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
o longer offer complimentary meals on flights. This decline gives you a significant opportunity to stand out from the crowd and create immediate loyalty by going above and beyond expectations.
'Thank You' notes, gift baskets, courtesy calls, or special discounts are a few examples of ways to provide service that goes 'above and beyond.'
Step 6. Encourage Your Customers to 'Spread
'Thank You' notes, gift baskets, courtesy calls, or special discounts are a few examples of ways to provide service that goes 'above and beyond.'
Step 6. Encourage Your Customers to 'Spread
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
the Word'
While Step 3 might be the most overlooked step in the cycle, this step is undoubtedly the most powerful step if done properly. If your customer has had a positive experience with your solution, it is possible to enlist this customer into your very own unpaid sales force.
There are many ways to create this army of marketers for you and here are two that I use quite frequ
While Step 3 might be the most overlooked step in the cycle, this step is undoubtedly the most powerful step if done properly. If your customer has had a positive experience with your solution, it is possible to enlist this customer into your very own unpaid sales force.
There are many ways to create this army of marketers for you and here are two that I use quite frequ
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
ntly. The first is to simply ASK for referrals. If you don't ask, they may never know that you expect them to spread the word.
The second way is to ask for and use testimonials. A short, but concise testimonial from a satisfied customer is a very powerful tool for removing skepticism in other prospects considering your solution.
Step 7. Repeat Steps 3-6 with Your Existing Customer
The second way is to ask for and use testimonials. A short, but concise testimonial from a satisfied customer is a very powerful tool for removing skepticism in other prospects considering your solution.
Step 7. Repeat Steps 3-6 with Your Existing Customer
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
Base
After going through the effort and expense of identifying, educating, and ultimately selling to your customer, does that mean the relationship must end? Absolutely not! A sad but true fact is that the asset most often overlooked by businesses today is their existing customer base.
Once you have a customer that has purchased products or services from you, simply begin steps 3
After going through the effort and expense of identifying, educating, and ultimately selling to your customer, does that mean the relationship must end? Absolutely not! A sad but true fact is that the asset most often overlooked by businesses today is their existing customer base.
Once you have a customer that has purchased products or services from you, simply begin steps 3
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
-6 again with bigger and better products. Marketing to your existing customer base is the cheapest marketing you can do and it has the potential for delivering the greatest returns.
What do you do if you don't have additional products or services to offer your existing customers? In two words, FIND SOME. Create an information product. Assemble smaller, related products into a 'package
What do you do if you don't have additional products or services to offer your existing customers? In two words, FIND SOME. Create an information product. Assemble smaller, related products into a 'package
.
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
deal'. Become an affiliate or licensee of someone else's product or service. Whatever it takes, you MUST find more opportunities to sell more 'stuff' on a more frequent basis to your existing customers.
Understand These 7 Steps and You Will Be Able to 'Go The Distance'
As a small business owner, it's imperative that you understand this 7 step Sales and Marketing Cycle and how
Understand These 7 Steps and You Will Be Able to 'Go The Distance'
As a small business owner, it's imperative that you understand this 7 step Sales and Marketing Cycle and how
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
t relates to growing your business. Once you do, you will no longer wonder why even though you've built 'it', 'they' aren't coming. You will instead know the exact steps needed to not only fulfill the first prompting Ray Kinsella received, but you will also have the knowledge and understanding needed to fulfill the next prompting the mysterious voice whispered to Ray: 'Go the Distance.
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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