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The mortgage industry has faced up to some pretty demanding challenges over the last few years and only now does it appear to be settling down to something like normality.

So as the market moves onwards and upwards,I think there is a lot t

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

he lending industry can gain by taking a look at marketing techniques which have been adopted by other industries.

Take another financial market, credit cards, as an example. It shares many similar characteristics with the mortgage market:

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

Examples of combination products may in

it's a financial service, highly competitive, and a saturated market in which the challenge is to win market share from competitors because there is little room for genuine growth. Sound familiar?

The credit card market has employed some

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

ery sophisticated and aggressive marketing tactics to win new business - you may well have been on the receiving end of them. They have analysed and segmented their customer base in great detail; they know precisely the profile of people they would

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

like to own their credit cards. The marketing tactics being used by the card companies are equally as sophisticated. Interest-free balance transfers and 0 per cent interest for six months is an enticing proposition, as are loyalty points for frequ

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

Combination pro

nt users and long-lasting customers.

Could these techniques be used in the mortgage industry - quite possibly? Churning has been, and continues to be, a problem for lenders and attracting and retaining customers is a key issue the industr

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

y has to face up to. Perhaps rewarding loyalty is one issue we need to address with more vigour than we have done previously?

One market where customer loyalty is taken very seriously is the grocery sector - supermarkets such as Tesco have

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

pioneered many of the marketing techniques which are now taken for granted. The whole concept of customer loyalty cards and the payment of bonus points was first introduced by Tesco and supermarkets are now analysing customer transaction data to l

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

ok at how they can tailor marketing campaigns for the future.

It stands to reason that if a customer is buying nappies, Rice Crispies and cherry-flavoured lemonade on a regular basis, they are probably proud parents of a young family. Send

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

ing them special offers on children's clothes and promoting computers for schools is highly likely to reach a receptive audience. Lenders know precisely what sort of houses their borrowers live in, how much they earn and what their payment record i

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

like, all of which is valuable marketing information. But how effectively do we use this data to help target future marketing campaigns? Have we identified the first-time buyers of five years ago as the potential family house buyers of tomorrow? I

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

Following aspects would a

'm sure there are isolated examples of this happening but most marketing is reasonably unsophisticated product promotion on TV, in the press and at point of sale.

Interestingly, the big supermarkets such as Tesco are now entering the mortg

dd to the challenges in developing combination products:

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

age market. It will be interesting to keep a watchful eye on them and to note the marketing techniques they deploy in order to build market share. With the power of a brand such as Tesco to play with, it must be good fun being the head of mortgage

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

arketing and plotting a few new campaigns.

Low excitement levels

One of the problems all mortgage marketers face is that, for the average person, purchasing a mortgage is not as exciting as say buying a new car. It's a necessity an

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

d an intangible one to boot. How do you win over the hearts and minds of a target market which would rather clean the car than go and talk to someone about getting a mortgage?

Perhaps we should look to the world of politics for a few clues

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

Historically, most people have displayed a similar lack of interest in politics as they do in mortgages and politicians know only too well that they need to engage their audience as they enter an election period. Well, we've just seen the mother o

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

Professional from academic institutions, pharmaceutical industries, health care indust

f all elections in America, where Bush and Kerry managed to generate the highest turnout of voters in American history. They may have split the country down the middle, but they also managed to make many millions of people sit up and contemplate is

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

sues which were hitherto deemed to be boring and irrelevant.

I'm not suggesting that we all start holding glitzy showpiece rallies but we do need to consider how we can get borrowers to take financial matters more seriously and consider th

.

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

m as a priority which should rank above playing the lottery. I don't have the magic solution but I do think there are lessons to be learnt by looking at the ways in which others have successfully addressed 'dry' subjects.

There is a great

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

Companies that provide selfless information through particip

danger in thinking that all the answers to the marketing challenges facing the mortgage market will come from within the market itself. I have no doubt that those who are willing to study the successes of other market sectors will reap rich rewards

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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