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Digg It - 8 Secrets to Marketing Success
The profits of a business are totally dependent on
marketing. Otherwise few, if any, sales will be generated.
But what is marketing anyway?
Marketing is doing what it takes to convince enough customers to pay the necessary price for your products and/or services to produce the desired profits for the business.
Let's discuss the 8 Secrets business owners can use to greatly im
Marketing is doing what it takes to convince enough customers to pay the necessary price for your products and/or services to produce the desired profits for the business.
Let's discuss the 8 Secrets business owners can use to greatly im
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
prove their marketing success.
Secret #1: Give marketing top priority. The primary reason any customer chooses to buy your products or services is because of effective marketing. The marketing process starts at the very beginning and continues forever! Marketing consists of four separate functions, known as the four P's:
1. Product - Develop your products and/or services to
Secret #1: Give marketing top priority. The primary reason any customer chooses to buy your products or services is because of effective marketing. The marketing process starts at the very beginning and continues forever! Marketing consists of four separate functions, known as the four P's:
1. Product - Develop your products and/or services to
; 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
ensure they fill the needs of your potential customers, so
they will want to buy from your business. You have full
control over this marketing function.
2. Pricing - Set your price structure to ensure that the business will achieve the desired profits and that customers will perceive the value of the benefits they receive to be greater than the prices they pay. You have full
2. Pricing - Set your price structure to ensure that the business will achieve the desired profits and that customers will perceive the value of the benefits they receive to be greater than the prices they pay. You have full
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
ontrol
over this marketing function.
3. Positioning - Position your products and/or services to allow potential customers easy interaction with the business to evaluate and purchase your products or services. You have full control over this marketing function.
4. Promotion - The final step is promotion, where you communicate with your potential customers (normally through a
3. Positioning - Position your products and/or services to allow potential customers easy interaction with the business to evaluate and purchase your products or services. You have full control over this marketing function.
4. Promotion - The final step is promotion, where you communicate with your potential customers (normally through a
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
ommunications medium) about the existence
and benefits of your products or services to attract them to
contact your business to learn more. You will have only
partial control over this marketing function.
Marketing is culminated in sales when your customers’ perception of the value of their benefits exceeds the price they pay for products or services. You generate successful
Marketing is culminated in sales when your customers’ perception of the value of their benefits exceeds the price they pay for products or services. You generate successful
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
sales only when you complete positive Product
Development, Price, Positioning, and Promotion. In fact, you
will want your business to be a marketing machine.
The sales process is frequently part of the promotions function, however it can incorporate all four of the marketing functions, depending upon the type of products or services offered and the make-up of your targeted cust
The sales process is frequently part of the promotions function, however it can incorporate all four of the marketing functions, depending upon the type of products or services offered and the make-up of your targeted cust
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
mers.
Secret #2: Do not confuse advertising with marketing.
Advertising is only part of the last marketing step
(Promotion) and it occurs late in the game. Many people
think advertising is all there is to marketing, and they
overlook the other three very important earlier marketing
steps. Yet, they have total control over the other three
marketing steps, which are far mor
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
e important than
advertising. Consequently, you will want to develop the
other three functions that you control first, to allow
advertising to succeed.
Secret #3: Base your marketing on customer perspectives. Owners believe their power and freedom of choice, as the boss, means that they don't have to deal with the opinions of others. "I am now my own boss" is only partly t
Secret #3: Base your marketing on customer perspectives. Owners believe their power and freedom of choice, as the boss, means that they don't have to deal with the opinions of others. "I am now my own boss" is only partly t
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
ue. You are
in virtual control of either succeeding or failing to convince -
The Customer- to buy your products or services. You want
to avoid IMPOSING your opinion on your potential
customers. Focus on fulfilling the perceived wants and
needs of your customers, from Their Perspective.
Secret #4: Research your potential customers. When you have determined who your target
Secret #4: Research your potential customers. When you have determined who your target
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
ustomers are, learn
everything about:
- What your target customers THINK they want to buy
- Why your target customers THINK they buy
- How your target customers THINK they buy
- When your target customers THINK they buy
Secret #5: Screen out undesirable customers. You have the right and obligation to determine which potential customers you will agree to serve. You should
- What your target customers THINK they want to buy
- Why your target customers THINK they buy
- How your target customers THINK they buy
- When your target customers THINK they buy
Secret #5: Screen out undesirable customers. You have the right and obligation to determine which potential customers you will agree to serve. You should
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
creen out
undesirable customers early so you can focus more
attention on customers you want to serve. Sadly, owners
often may not know how to select desirable customers from
the pool of potential customers they encounter. As a result,
they often spend too much time, money and energy trying to
deal with a handful of hard-to-please customers who
frequently demand lower prices
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
at the expense of better
customers, who go elsewhere because they were ignored.
Determine the key criteria to decide which potential customers are desirable. You will want to encourage undesirable customers to visit your competitors, so they will expend their time, money and energy instead of you.
Secret #6: Give existing customers full attention. Owners frequently become so
Determine the key criteria to decide which potential customers are desirable. You will want to encourage undesirable customers to visit your competitors, so they will expend their time, money and energy instead of you.
Secret #6: Give existing customers full attention. Owners frequently become so
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
focused on getting new customers
that they ignore their existing repeat customers. Your
business will probably not survive without repeat business.
Repeat customers present a wealth of opportunities to you.
- They frequently provide you excellent feedback
- They provide an excellent reference and referral service (read free advertising)
- They are the least expensive to ser
- They frequently provide you excellent feedback
- They provide an excellent reference and referral service (read free advertising)
- They are the least expensive to ser
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
ice
- They provide the most likely source of additional business
- Their unnecessary departure causes substantial damage (upset customers will complain to 5 to 9 other people)
Stay close to your existing customers and learn as much as you can from them.
Secret #7: Create a positive identity that is distinct from your competitors. Most customers compare. They need good
- They provide the most likely source of additional business
- Their unnecessary departure causes substantial damage (upset customers will complain to 5 to 9 other people)
Stay close to your existing customers and learn as much as you can from them.
Secret #7: Create a positive identity that is distinct from your competitors. Most customers compare. They need good
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
reasons to choose your product or service over others. You
complete more sales when you understand your
competitors extremely well and position your products or
services for positive customer comparison.
Secret #8: Consider the overwhelming power emotion has on the buying process. Human emotions govern the buying process (some say over 80% of the entire process is emotion
Secret #8: Consider the overwhelming power emotion has on the buying process. Human emotions govern the buying process (some say over 80% of the entire process is emotion
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
l). Yet owners frequently focus their energies on
price and avoid the real emotional reasons customers will
buy. You will want to know and feel the emotional
connection your potential customers will connect to your
business, your products and/or services, and the way
customers interact with your business. Design your
marketing program to address the emotional issues to
att
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
act and keep the right customers.
The normal human thinking process of deciding to buy almost always starts with an emotional need. The emotional need causes the customer to consider buying something to fill it. The search and evaluation of the possible choices of products and or services is also frequently emotional, and additional emotional forces are often added. The pri
The normal human thinking process of deciding to buy almost always starts with an emotional need. The emotional need causes the customer to consider buying something to fill it. The search and evaluation of the possible choices of products and or services is also frequently emotional, and additional emotional forces are often added. The pri
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
e issue usually comes in near the
end. Normally, customers ask about prices to help justify
the emotional decisions they have already made. In fact, the
request for the price from normal customers is a very strong
buying signal (does the cost allow them to buy what they
want and is it fair for what they decided to get?).
Encourage customers to enjoy their emotional buying cho
Encourage customers to enjoy their emotional buying cho
.
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
ces
Once the purchase is made, far too many businesses can't wait to shuffle the customers off and almost treat the customers like they have some disease. This frequently causes customers to experience buyer’s remorse. Yet, this is the time to finalize the sale once and for all and begin the process of future sales. Congratulate your customers on their buying choices and enc
Once the purchase is made, far too many businesses can't wait to shuffle the customers off and almost treat the customers like they have some disease. This frequently causes customers to experience buyer’s remorse. Yet, this is the time to finalize the sale once and for all and begin the process of future sales. Congratulate your customers on their buying choices and enc
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
urage them to enjoy the
emotional benefits they sought from the purchase.
Business owners succeed when they know how to deal with this emotional process and permit the customer to complete this process through final payment.
What a wonderful opportunity! You can take charge of your entire marketing effort and attract the customers you desire with much less effort and less cost
Business owners succeed when they know how to deal with this emotional process and permit the customer to complete this process through final payment.
What a wonderful opportunity! You can take charge of your entire marketing effort and attract the customers you desire with much less effort and less cost
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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