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Digg It - What Distinguishes You From Your Competitors?
In marketing, U.S.P. is the acronym for unique selling
proposition. The USP process answers the distinct question: "What distinguishes your product or service from similar products or services, even businesses as a whole?" After continually battling my wits using other recommended USP models, I developed my own -- a list
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
of 50 questions -- that gave me the same results, but faster. [For simplicity,
allow the word product to mean service as well.]
First, select an equal, or as closely matched as possible, playing competitor. Even if you sell apples, be careful in choosing your comparison. A Granny Smith apple is different from a Wines
First, select an equal, or as closely matched as possible, playing competitor. Even if you sell apples, be careful in choosing your comparison. A Granny Smith apple is different from a Wines
; 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
ap. Even though both are a snack, each taste different and cook different. If you think there aren't any equals, be mindfully open, somewhere there is a close match -- guaranteed.
Second, gather whatever product information is available -- print or electronic. Lay the material out in singles for easy viewing. I like to
Second, gather whatever product information is available -- print or electronic. Lay the material out in singles for easy viewing. I like to
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
color code, using highlighters,
each set of USP characteristics. For instance, yellow for
features, blue for the benefits. Later, when I'm ready to
compare the apples, I use the abbreviations S and D for
similar or different to mine. Poorly written material will
produce limited results in your analysis. If this occ
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
urs,
record their limitations and choose another player. Later,
use this error list as a checklist against your own created
material.
If you are a new player, select a player with fewer than two years in business or with the same number of selling products, otherwise, you will be working under "measurement stress."
If you are a new player, select a player with fewer than two years in business or with the same number of selling products, otherwise, you will be working under "measurement stress."
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
Measurement stress pleases the inner critic but will challenge your focus, energy, and your commitment.
Third, answer the following questions to create a list of their unique selling points:
1. How long have they been in business?
2. Where is the product on the maturity line? Is it a new product, old, or somewh
Third, answer the following questions to create a list of their unique selling points:
1. How long have they been in business?
2. Where is the product on the maturity line? Is it a new product, old, or somewh
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
ere in-between?
3. Are there any business stories they tell? What type of story is it and how do they use it?
4. What is the size of their business? What are the advantages or disadvantages to their size?
5. Highlight all the product’s benefits.
6. What product stories do they use? How and wh
3. Are there any business stories they tell? What type of story is it and how do they use it?
4. What is the size of their business? What are the advantages or disadvantages to their size?
5. Highlight all the product’s benefits.
6. What product stories do they use? How and wh
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
en do they use them?
7. Identify and list the features the product offers.
8. What features are least important to the buyer?
9. What features may be assumed to be there but are not stated?
10. How is each feature used by the buyer?
11. Why would buyers see the feature as desirable? Examine
7. Identify and list the features the product offers.
8. What features are least important to the buyer?
9. What features may be assumed to be there but are not stated?
10. How is each feature used by the buyer?
11. Why would buyers see the feature as desirable? Examine
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
one by one.
12. What is their price?
13. Where is this price in line with other similar products in the marketplace?
14. What emotional needs/desires does the product meet?
15. What customer physical needs or desires does their product meet? Even services meet some needs and desires.
16. Do
12. What is their price?
13. Where is this price in line with other similar products in the marketplace?
14. What emotional needs/desires does the product meet?
15. What customer physical needs or desires does their product meet? Even services meet some needs and desires.
16. Do
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
es the product sell better at different times of the
year? If so, when, where, and why?
17. Does the competitor have an office? Any advantages to that location? How about their website location or domain name advantages? Disadvantages?
18. Where are they advertising the product? Find and keep copies on fil
17. Does the competitor have an office? Any advantages to that location? How about their website location or domain name advantages? Disadvantages?
18. Where are they advertising the product? Find and keep copies on fil
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
e.
19. Do they have a media kit? Obtain a copy.
20. What are the product’s demographics?
21. What type of customer care services do they offer?
22. Do they offer any special type of advice?
23. What is the guarantee or warranty for the product?
24. How does the product get into their cust
19. Do they have a media kit? Obtain a copy.
20. What are the product’s demographics?
21. What type of customer care services do they offer?
22. Do they offer any special type of advice?
23. What is the guarantee or warranty for the product?
24. How does the product get into their cust
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
omers hands?
25. How fast do they fulfill their orders?
26. What type of questions and answers do they offer to consumers about the product?
27. How long does it take for them to answer "contact us" type of questions? Submit a few to find out.
28. What are their payment options? Is there room for
25. How fast do they fulfill their orders?
26. What type of questions and answers do they offer to consumers about the product?
27. How long does it take for them to answer "contact us" type of questions? Submit a few to find out.
28. What are their payment options? Is there room for
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
expansion?
29. What is their customer service policy?
30. List the number of ways their customers can contact them? Test and track each one.
31. What are their "available" (contact/support) hours? Their time zone?
32. Do they offer product discounts? What must a buyer do to earn them?
33. H
29. What is their customer service policy?
30. List the number of ways their customers can contact them? Test and track each one.
31. What are their "available" (contact/support) hours? Their time zone?
32. Do they offer product discounts? What must a buyer do to earn them?
33. H
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
ow do they ship? What are the advantages and
disadvantages of each method?
34. Do they offer any value-added incentives seen from the customers point of view (freebies, documentation, support, newsletters, ebooks, or other items)?
35. Do they offer purchasing gifts? Are they one-of-a-kind type or generic?
34. Do they offer any value-added incentives seen from the customers point of view (freebies, documentation, support, newsletters, ebooks, or other items)?
35. Do they offer purchasing gifts? Are they one-of-a-kind type or generic?
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
What needs to occur to receive one? How
often do they change and why?
36. Brainstorm a list of unique, customer-valued gifts, that they don't offer.
37. What special qualities do their employees contribute to the product?
38. Do they offer any type of training?
39. What would make you excited abou
36. Brainstorm a list of unique, customer-valued gifts, that they don't offer.
37. What special qualities do their employees contribute to the product?
38. Do they offer any type of training?
39. What would make you excited abou
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
t selling their
product?
40. What do their customers say about the uniqueness of that product?
41. What statistics do they have on the product that shows, not tells, its uniqueness?
42. Do they have any celebrity endorsements?
43. In what ways does the product change buyers life style or shift the
40. What do their customers say about the uniqueness of that product?
41. What statistics do they have on the product that shows, not tells, its uniqueness?
42. Do they have any celebrity endorsements?
43. In what ways does the product change buyers life style or shift the
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
ir mindset?
44. How long does their product last with consumer use? 45. Where is the product in the economic trend line? Is it at the beginning or end?
46. How frequent does the company change a feature on the product and remarket it as an update? Examine the product’s history and look for patterns.
47.
44. How long does their product last with consumer use? 45. Where is the product in the economic trend line? Is it at the beginning or end?
46. How frequent does the company change a feature on the product and remarket it as an update? Examine the product’s history and look for patterns.
47.
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
How fast can consumers obtain the product?
48. Were they the first to develop this product? When was it developed and first marketed?
49. What are the advantages and disadvantages the product holds in the marketplace now? How is that different then when it first appeared?
50. Where are the product distr
48. Were they the first to develop this product? When was it developed and first marketed?
49. What are the advantages and disadvantages the product holds in the marketplace now? How is that different then when it first appeared?
50. Where are the product distr
.
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
ibution locations? What are
the advantages and disadvantages for each?
Always remember, people are attracted to restaurants with full parking lots. The perception is...if lots of people are eating there, it must be good. This is why all restaurant employees are encouraged to park out front. A good USP process will p
Always remember, people are attracted to restaurants with full parking lots. The perception is...if lots of people are eating there, it must be good. This is why all restaurant employees are encouraged to park out front. A good USP process will p
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
rovide the support you need to gather the information needed to fill your parking lot.
***************
SPECIAL NOTE: Side Bar available at:
http://www.abundancecenter.com/articles/USP.htm. Contact author for text copy.
For copy of FAB form:
http://www.abundancecenter.com/Forms/Subscribe.htm
**************
***************
SPECIAL NOTE: Side Bar available at:
http://www.abundancecenter.com/articles/USP.htm. Contact author for text copy.
For copy of FAB form:
http://www.abundancecenter.com/Forms/Subscribe.htm
**************
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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