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Digg It - Pull in More Business with the Power of Coupons
Don’t you just love a good deal? Well, so do your customers! One of the most effective ways to offer customers a great deal is by offeri
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
ng coupons. In fact, Advertising Age (an authority in the advertising business) reports that 87% of all shoppers use coupons. A.C. Niels
; 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
on Co., another famous marketing research firm, says that 95% of all shoppers like coupons, and 60% actively seek out coupons before mak
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
ing purchases.
Those are pretty high numbers! The effectiveness of coupons has already been proven, so it may be time to consider addin
Those are pretty high numbers! The effectiveness of coupons has already been proven, so it may be time to consider addin
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
g a coupon strategy to your marketing activities.
Why consider offering coupons?
Why consider offering coupons?
- Consumers will break their
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
regular shopping routines to take advantage of good coupon offers.
Coupons re-engage your old customers. It gives them a goo
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 reason to start buying from you again rather than your competitors.
Coupons provide you with an opportunity to sell additio
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
al products. Often, customers will use the coupon and then purchase additional items at full price, including impulse purchases.
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
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
ng customer feedback can also help you improve future offers to get even better results.
Do What Works
Do What Works
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
Not all coupon offers are created equal. Some obviously work better than others, so here are some pointers on making your coupon campaig
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
n successful:
- Dollars-Off deals work the best because they are tangible. Customers know exactly how much money they will save
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
.
Percentage discounts are more effective when they are higher percentages (at least 25%).
People love to get some
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
thing for free. Buy-one, get-one-free offers are very attractive to customers. You can also be creative with your bonus offers, like “Fr
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
e Marker Set with the Purchase of Any White Board” or “Buy 5 light bulbs and get the 6th one Free.”
Be specific in your headl
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
ine – let customers know up-front what the offer is. For example, “Save $20 on any ceiling fan this month only”.
Use pictures
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
on your coupons whenever possible. It helps customers understand the offer and makes it more compelling.
Don’t forget to put your log
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
o on your coupon, as well as your contact information.
During your coupon campaign, make sure to capture your customers’ cont
.
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
act information so you can include them on your mailing lists.
After the sale, be sure to follow-up with your customers an
After the sale, be sure to follow-up with your customers an
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
d provide them with a steady program of sales flyers, preferred customer discounts, new product information, and of course, MORE COUPONS
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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