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Digg It - Sage Advice from a Marketing Expert!
An international hair-cutting chain opened a new store directly across the street from the small town’s only barbershop owned and operated by a man affectionately known to the locals as ‘ol’Joe’.
Joe and his barbershop were fixtures on Main Street for over twenty-eight years where he had en
Joe and his barbershop were fixtures on Main Street for over twenty-eight years where he had en
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
joyed the privilege of trimming the hair on every man and boy in the community. Life was good for ol’Joe back then, but the new ‘Haircuts-R-Us’ across the street was intent on changing all that.
The new store had music, big comfy chairs, fancy sinks, bright colors, wall-to-wall mirrors and
The new store had music, big comfy chairs, fancy sinks, bright colors, wall-to-wall mirrors and
; 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
hey had something else - a proven marketing strategy designed to put little guys like ol’Joe out of business.
Their strategy? Simply undercut [no pun intended] the competition!
Most folks were nervous for Joe as the word quickly got around about the competitions’ Grand-Opening price of onl
Their strategy? Simply undercut [no pun intended] the competition!
Most folks were nervous for Joe as the word quickly got around about the competitions’ Grand-Opening price of onl
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
$3.00 per cut. Ol’Joe didn’t seem too nervous though, in spite of the fact he was used to charging $8.00.
Joe knew he couldn’t compete with all the fancy things his new competitor had and he also knew his marketing budget was no match for their new neon sign – the one that read, “Haircuts
Joe knew he couldn’t compete with all the fancy things his new competitor had and he also knew his marketing budget was no match for their new neon sign – the one that read, “Haircuts
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
Only $3.00!” So he decided to compete the only way he knew how.
On opening day, amid the music, balloons and hoopla, townsfolk were lured to the new store with the fancy sign only to see ol’Joe had put up a new little sign of his own. Across the street from the new store, was a small 10” X
On opening day, amid the music, balloons and hoopla, townsfolk were lured to the new store with the fancy sign only to see ol’Joe had put up a new little sign of his own. Across the street from the new store, was a small 10” X
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
2” piece of white cardboard in ol’Joe’s front window that simply said, WE FIX $3.00 HAIRCUTS!
In the end, ol’Joe prevailed.
This story is purported to be true but not new. Its telling serves to underscore the importance of understanding a few fundamental business facts:
• Having the Cheap
In the end, ol’Joe prevailed.
This story is purported to be true but not new. Its telling serves to underscore the importance of understanding a few fundamental business facts:
• Having the Cheap
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
st Price does not ensure success.
• Bigger and Newer… is not always best… and/or most profitable.
• Huge marketing budgets do not always crush the competition.
• Successful companies – however basic – are “Strategic!”
The computer reseller industry is a perfect example of this as both la
• Bigger and Newer… is not always best… and/or most profitable.
• Huge marketing budgets do not always crush the competition.
• Successful companies – however basic – are “Strategic!”
The computer reseller industry is a perfect example of this as both la
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
rge and small ‘IT-Providers’ wrestle with new challenges introduced by the evolutionary changes in technology and the business landscape as a whole.
• Do resellers need the latest and greatest machineries/technologies to compete against the larger more formidable competitors?
• Where is th
• Do resellers need the latest and greatest machineries/technologies to compete against the larger more formidable competitors?
• Where is th
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
threshold between what resellers really need versus what they can afford / sustain - and still remain profitable?
• Where is the IT industry going to be in five years and do resellers understand how their company fits in– if at all?
All legitimate questions, to say the least. If it helps,
• Where is the IT industry going to be in five years and do resellers understand how their company fits in– if at all?
All legitimate questions, to say the least. If it helps,
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
resellers can take comfort in the fact, these same questions are being asked by entrepreneurs in just about every industry today.
Nonetheless, the question still remains, Are there any answers?
Successful ‘profitable’ resellers may not have all the answers, but they do have a strategy.
1-
Nonetheless, the question still remains, Are there any answers?
Successful ‘profitable’ resellers may not have all the answers, but they do have a strategy.
1-
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
They have stopped trying to be all things to all people.
Successful resellers distinguish themselves by becoming specialists in one or maybe two areas. Simply put, we do not go to the foot doctor if our head hurts.
2- Their investment in technology follows two proven criteria:
a) Technolo
Successful resellers distinguish themselves by becoming specialists in one or maybe two areas. Simply put, we do not go to the foot doctor if our head hurts.
2- Their investment in technology follows two proven criteria:
a) Technolo
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
gy need only be current / not always leading edge…. Unless
b) The newer technology serves to clearly define their unquestioned expertise or “Unique Value-Add” to the marketplace. That is to say, to be different, one must differentiate. Sometimes – but not always – technology is the quintess
b) The newer technology serves to clearly define their unquestioned expertise or “Unique Value-Add” to the marketplace. That is to say, to be different, one must differentiate. Sometimes – but not always – technology is the quintess
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
ntial differentiator.
3- They offer a wider array of potential solutions to customers in spite of the fact, they specialize in only one or two areas. Their strategy? Strategic Alliances.
Successful resellers address customers’ primary need to ‘Keep it simple!’ by presenting a One-Stop-Shop
3- They offer a wider array of potential solutions to customers in spite of the fact, they specialize in only one or two areas. Their strategy? Strategic Alliances.
Successful resellers address customers’ primary need to ‘Keep it simple!’ by presenting a One-Stop-Shop
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
solution - but they don’t go out of business providing it. Strategic alliances with other IT specialists ensure greater long term control and customer satisfaction by offering a “Solution-Sell” approach for all IT needs.
There is no question that in partnered solutions, some profit will be
There is no question that in partnered solutions, some profit will be
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
shared, however, some profit is always better than none at all. It is inarguably a small price to pay for the privilege of maintaining a close and mutually rewarding relationship with a good customer.
4- Successful resellers know that it takes, on average, five to eight times more time, mon
4- Successful resellers know that it takes, on average, five to eight times more time, mon
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
y and effort to get a new customer [and/or employee for that matter] than it does to keep the ones they already have. A one-stop solution program designed to keep control of the customer, is integral, especially for building lasting and mutually rewarding relationships.
5- Successful resell
5- Successful resell
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
rs are proactive. They understand we live in a commodity-driven marketplace and the days are long gone when we could simply hang out our shingle and expect customers to beat a path to our door.
Whether it’s mail drops, web-marketing, door-to-door canvassing or a blend of all three, a clear,
Whether it’s mail drops, web-marketing, door-to-door canvassing or a blend of all three, a clear,
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
long-term marketing strategy – emphasizing an unmistakable expertise – is essential to the success of any reseller in today’s more competitive marketplace.
Few can argue the cunning in ol’Joe’s strategy when faced with his formidable competition and there just might be a lesson or two rese
Few can argue the cunning in ol’Joe’s strategy when faced with his formidable competition and there just might be a lesson or two rese
.
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
lers that could glean from ol’Joe’s elemental approach.
I’m sure if ol’Joe were to pass along to resellers, a little sage advice, it may go something like this:
“Don’t ever let yourself get too excited about the competition.”
“You don’t always need the biggest, the best, the newest or the
I’m sure if ol’Joe were to pass along to resellers, a little sage advice, it may go something like this:
“Don’t ever let yourself get too excited about the competition.”
“You don’t always need the biggest, the best, the newest or the
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
cheapest, to compete.”
“Work hard / work honest."
“Get a reputation for ‘Standing-Out’ by doing good work at what you do.”
“Make friends with people in your industry for the times you need a partner.”
“Treat people like they’re special!… They like that… and that’ll keep bringin’ em back!
“Work hard / work honest."
“Get a reputation for ‘Standing-Out’ by doing good work at what you do.”
“Make friends with people in your industry for the times you need a partner.”
“Treat people like they’re special!… They like that… and that’ll keep bringin’ em back!
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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