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Digg It - Marketing to the Affluent - with Wine
With its association to an affluent, sophisticated lifestyle, wine can make a good accompaniment when marketing to an affluent audience. However, I am not talking here about order
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
ing expensive wine at a client diner. Wine can be used more creatively and productively to connect to this target audience.
For example, wine proved to be a powerful marketing el
For example, wine proved to be a powerful marketing el
; 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
ment for a startup magazine targeting an audience that is personally affluent and controls an enormous amount of money.
BuySide magazine is a publication for institutional invest
BuySide magazine is a publication for institutional invest
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
rs and money managers. When it was first conceived, it had to overcome what seemed to be a big drawback. Its founder, Gordon Holmes, lived in Sonoma, California, and insisted that
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
the magazine be based near his home, far away from both the financial and media centers in New York.
In discussions with Holmes, I discovered that Holmes’ insistence on basing h
In discussions with Holmes, I discovered that Holmes’ insistence on basing h
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
s operations in Sonoma was not just a whim or a wish to have a short commute to work. It turns out that five generations of his family had been involved in California agriculture
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
and he was passionate about California wine and wine-growing.
I made a decision to turn BuySide’s remoteness from financial and media centers of action into a positive. His loca
I made a decision to turn BuySide’s remoteness from financial and media centers of action into a positive. His loca
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
ion in California's wine country would become part of the magazine’s positioning.
The first step was to create a private label BuySide Wine. In a deal with local wineries, we wer
The first step was to create a private label BuySide Wine. In a deal with local wineries, we wer
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
able to source a sufficient amount of BuySide Merlot and Chardonnay. A special wine bottle label was designed to reflect the unique story of this boutique wine.
Next, a direct m
Next, a direct m
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
il campaign was developed using wine as a theme and Buyside wine as a premium. The campaign was aimed at advertisers and companies that wanted to reach the magazine’s audience of
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
institutional investors.
The chief element of the direct mail campaign was a brochure. The reader was immediately confronted with a stark, bold headline on the front of the broch
The chief element of the direct mail campaign was a brochure. The reader was immediately confronted with a stark, bold headline on the front of the broch
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
ure:
"WHERE DO YOU GO TO TALK TO INVESTORS WITH $TRILLIONS TO INVEST? When the brochure was opened, the inside headline provided the answer: "TO THE WINE COUNTRY”
On the le
"WHERE DO YOU GO TO TALK TO INVESTORS WITH $TRILLIONS TO INVEST? When the brochure was opened, the inside headline provided the answer: "TO THE WINE COUNTRY”
On the le
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
t side of the inside page, we developed a fanciful photo that conveyed the message we wanted: In the photo, Holmes was wearing a suit and holding a cellphone, sitting at a desk wh
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
ch had a computer on top of it, in the middle of a winery. Next to the desk was a street sign that said “Wall Street.” The other side of the page told the story of Buyside and ho
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
it reached this affluent, influential audience of institutional investors. The copy also directed readers to an offer in the back.
As part of the offer, companies that responded
As part of the offer, companies that responded
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
to the mailing would receive a free bottle of BuySide wine—white or red.
The mailing and promotion powered the magazine to success far ahead of schedule. But wine proved to be mo
The mailing and promotion powered the magazine to success far ahead of schedule. But wine proved to be mo
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
re than a launching pad in a direct mail campaign. It became part of the magazine’s positioning, separating it from the competition. The wine angle proved powerful for years to co
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
e. At money management conferences, where wine was given out at BuySide’s booth, people would come into the conference and ask ‘Where are the wine guys?” Everyone knew what they
.
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
eant.
While developing a private label wine may not be for everyone, there are other ways to use wine creatively in affluent marketing. Wine tastings, and food and wine get-toget
While developing a private label wine may not be for everyone, there are other ways to use wine creatively in affluent marketing. Wine tastings, and food and wine get-toget
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
ers have been used successfully by professionals seeking to market their services to an affluent audience. But like wine itself, it takes taste and sophistication to make it work
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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