Digg It - Business

We all watch the commercials on TV. We hear them on the radio. We meet someone at an event or hear them speak and we are hooked. What has happened? Their marketing efforts have made the ordinary sound extraordinary. They have been successful at essentially creating something out of nothing! This is marketing at its best!

How can we, as entrepreneurial women, market ourselves and our bu

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

sinesses most effectively? First we need to clarify what we want to gain as a result of our marketing efforts. Once we have identified those goals, then we can go back and put our plan together which will tell us HOW to market ourselves most effectively.

What we want to gain as a result of our marketing might be:

-To increase the number of potential clients who know about us.

-To increas

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

Examples of combination products may in

e the number of potential clients who not only have heard of us, but who understand why they need our products. (explain the ways that your products or services will benefit them)

-To increase the number of potential clients to take action and contact us to buy our products or services.

Some entrepreneurs still think it works exactly like that. However, they are mistaken. Yes, we want our

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

prospects to hear about us, know that we have the perfect product or solution for them which will entice them to come to us to buy. But it doesn’t necessarily happen so easily today.

The business landscape has changed due to two very specific changes in our current marketplace.

1- The number of competitor entrepreneurs is constantly rising (consumers have more choices in just about every

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

ndustry) and 2- The abundance of information (due to the internet and similar venues) bombarding people with everything they’ve always (or even never) wanted to know about tends to be overwhelming and confusing.

Because of these changes, successful businesspeople have to be aware of the newest ways to thrive, not just survive in today’s marketplace. To thrive in today’s marketplace, no ma

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

Combination pro

tter your industry, you must make every effort to position yourself and your company to be “top of mind” with as many potential AND current clients as possible. The onus is on you to ensure that when your potential or current client is ready to buy your product or service they think of YOU first. Do you see how that is a different mindset from the “old days” where the focus was on putting

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

a good product or service out there, knowing that you would essentially have clients come to you for them? Today it just doesn’t work that way.

Put simply, our potential clients are being bombarded with LOTS of information and offers. In order to secure them as clients, they need YOU to come out as the preferred vendor or the person they will choose to hire or buy from. This happens only a

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

ter you have "proven" yourself in it for the long haul. With so many choices, the average person needs time to sort through the information and decide who is “for real” and who has the best product or service. It is up to you to market and position yourself as the most credible, trustworthy expert in your industry. The responsibility for keeping your name in front of them until the time t

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

hey are ready to move forward, remains totally with you as business owner. The latest research shows that the average person will not act on something until they see or hear it a minimum of 7-9 times, even if they need or want it. How can you make sure that you are the one who the client chooses to do business with?

1- Focus on building relationships

This brings us to the next important

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

change to the way successful entrepreneurs market themselves for the purpose of securing business. We need to be focusing on the relationships we are creating with both our current and potential clients to ensure long term success. We have all heard of the importance of CRM or customer relationship marketing, right? This is where we, as business owners, focus on how we interact with each

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

customer in an effort to solidify our long term relationship with them. We know that people do business with people they like. So it behooves us to take the extra step to show that we truly care about our clients by asking them questions about themselves, their families, their businesses. And from that information send birthday and anniversary cards, surprise them by sharing an article per

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

Following aspects would a

tinent to one of their interests, touch base with them regularly via phone, notes, email, newsletter, and an in-person meeting regularly. Does this take work? You bet! But, the rewards of loyal, repeat clients will be more than worth your effort.

Relationships are forged one opportunity at a time. They can be solidified in person most effectively, but certainly can also be done via note

dd to the challenges in developing combination products:

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

s, emails, and phone calls when your clients are across the continent or around the globe. Get out and meet new people on a regular basis. Get to know them by showing genuine interest in them and ask questions. Then proudly and confidently share with them what you do (your solution). Then follow up with them and thank them for their time. Send them your newsletter each month. Spend tim

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

e nurturing your relationships.

2- Focus on a niche

DIFFERENTIATING yourself is key in this area! Most business owners think that the more products or services, they offer, the higher their chances of being successful, when actually the opposite is true. Those who specialize in a niche market-- zeroing in on the needs of a certain niche in the marketplace end up being most successful.

Th

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

goal is to find your niche (identify a group of people whom share similar characteristics that you would like to serve with your products or services), narrow it down as far as possible and then hit it with all you’ve got. The narrower your market the broader your chances of success in this hypercompetitive, over-communicated to society. In short, specialization or niche marketing implies

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

superiority. Niche marketing is the wave of the future! The greater the competition, the greater the need for specialists. What will YOUR specialization or niche be? Where are they? Make sure you show up there. What do they read? Be sure to write an article for that publication. Become so entrenched in serving your niche, that you are clearly seen as the expert and thus, the person yo

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

Professional from academic institutions, pharmaceutical industries, health care indust

ur prospects trust and do business with.

3- Become an expert!

Consumers (whether businesses or personal) want to minimize any mistakes. So they will trust and eventually do business with those professionals who are seen as the expert in their chosen field. You should make it your main purpose to position yourself and be an expert. You do this by reading, researching and investigating var

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

ous aspects of your industry. This work will give you the valuable information you need to take your new found expert status to the next level. Once you have enough foundational information related to your product or service, you need to be writing articles, speaking at events attended by your niche, and continually getting your name out there in the marketplace as an expert. Ask yourself

.

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

, “What free report(s) could I create and make available to my prospects?” “What information related to your product or service are your prospects wondering about?” “What could you research and provide to them that they would appreciate?” Share your industry knowledge and expertise with others. It is probably one of the most successful ways to be seen as an expert and inevitably be the on

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

Companies that provide selfless information through particip

e chosen to do business with.

Can all of this be done overnight? Certainly not. However, taking small steps on a daily basis will get you closer to your marketing yourself to a thriving business full of clients who are all too happy to tell others about you.

You can do it!

If you would like help moving your business to thriving, contact Janice to schedule your complimentary consultation

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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Customer Service doesn't have to be difficult to implement. People often need just a little bit of help. It is amazing how just a few words or extra gesture can mean a great deal to an individual. This article is the perfect example of side effects--postive publicity for your company.

Lean Manufacturing is a strategy followed by various industries to ensure a low cost manufacturing system to generate the maximum output. The strategy was first implemented by Henry ford, the owner of the Ford Motor Company, which made a huge impact on the American Manufacturing Industry. Since its implementation the focus of the industrialists have been on optimizing the quality and the profit levels minimizing the production costs.

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