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Digg It - What is a Marketing Plan Anyway?
Building a business that grows steadily in size and profits is like building your dream house. First, you identify what kind of home you want, then you and your architect plan and create bluepr
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
ints for your house, then you'd build it, move in and enjoy it.
Now imagine that you didn't have the time to plan your home but went ahead and hired a builder to get started. How would he know
Now imagine that you didn't have the time to plan your home but went ahead and hired a builder to get started. How would he know
; 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
hat to build? Without a plan, the result would be unlikely to meet your needs and you'd have wasted a lot of time and money.
Everyday I get calls from frustrated owners of small businesses. Th
Everyday I get calls from frustrated owners of small businesses. Th
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
eir marketing isn't helping them generate a steady stream of new clients or bring in the revenue that they think they should be making.
My conversation with Ken, from Toronto, was typical. I as
My conversation with Ken, from Toronto, was typical. I as
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
ed Ken to describe his business and his business goals. I asked him to tell me about his target market and what he is doing to market his business.
He easily described his technological and des
He easily described his technological and des
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
gn expertise, his Web services and the ads and mailings he was using to promote his business. Then I asked the question that stumps almost everyone who calls me for advice: I asked Ken if he ha
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 a marketing plan and what it was. He didn't have one.
Do you?
You know what your goals are and where you want to take your business. You also know that marketing involves activities such as
Do you?
You know what your goals are and where you want to take your business. You also know that marketing involves activities such as
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
uilding a web site, mailings, advertising and phone calls to prospects. But without a plan tying these efforts together, these activities by themselves may do little to help you achieve your goa
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
s.
You need a well thought out blueprint for your marketing, just as you would for your dream home.
Here's how to start putting your marketing plan together.
1. Identify Your Marketing Goals
You need a well thought out blueprint for your marketing, just as you would for your dream home.
Here's how to start putting your marketing plan together.
1. Identify Your Marketing Goals
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
What specifically does your marketing need to achieve for your business to grow? You can state this in terms of the number of qualified leads generated each week, the percentage of leads conver
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
ed to s.ales, total revenue, and profit.
What are your marketing goals?
2. Define Your Marketing Strategy
This is your overall approach and positioning relative to your goals and your competi
What are your marketing goals?
2. Define Your Marketing Strategy
This is your overall approach and positioning relative to your goals and your competi
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
ion. My marketing strategy is an educational one. It is based on giving people ideas and information they can use as a means of getting their attention and demonstrating the value I provide.
Wh
Wh
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
at is your marketing strategy?
3. Set Up Your Marketing System
Develop a plan of action. To increase sales, your marketing activities and the media you use need to reflect your marketing strat
3. Set Up Your Marketing System
Develop a plan of action. To increase sales, your marketing activities and the media you use need to reflect your marketing strat
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
gy and work together as one.
I use articles and pay-per-click ads to get people to my web site, a free marketing guide to generate contacts, forms to generate leads, and follow up with autoresp
I use articles and pay-per-click ads to get people to my web site, a free marketing guide to generate contacts, forms to generate leads, and follow up with autoresp
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
nders, my ezine and phone calls. Each individual activity supports and works in harmony with the others to bring me a lot of business.
What is your marketing system?
4. Map Out Your Marketing
What is your marketing system?
4. Map Out Your Marketing
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
Activities
Now flesh out the details. You've decided what your marketing activities will be; now for each marketing activity you’ll need to determine who will create and implement it and when.
Now flesh out the details. You've decided what your marketing activities will be; now for each marketing activity you’ll need to determine who will create and implement it and when.
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
Who will be responsible for developing, implementing and maintaining your marketing?
5. Sharpen Your Marketing Tools
Each marketing activity involves using one or more marketing tools. These
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
nclude everything from your web site to your phone scripts to your marketing messages. To cut through the information clutter and get your prospect's attention you'll want finely honed tools.
C
C
.
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
ould you sharpen your marketing tools?
Plan your marketing like you would your dream home. The time you spend developing a marketing plan - your blueprints - based on your business goals, a cle
Plan your marketing like you would your dream home. The time you spend developing a marketing plan - your blueprints - based on your business goals, a cle
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
r strategy, and a coordinated system will pay off.
Use your marketing plan in conjunction with a set of sharp marketing tools. You'll be building your client base and profits in no time at all
Use your marketing plan in conjunction with a set of sharp marketing tools. You'll be building your client base and profits in no time at all
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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