Digg It - Business

35 Ideas to Spark Your Creativity:

There are 3 ways to grow any business. Just 3:

- Get more customers

- Get more from each sale

- Sell to each customer more frequently

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

.

That’s it - everything else boils down to some variation of these 3 activities.

Most owners and managers want to grow their business. Most of them concentrate exclusiv

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

Examples of combination products may in

ely on getting more new customers.

Odd really.

There is lots of marketing research that is pretty consistent in pointing out that it costs somewhere between six and twelve

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

times as much to get a new customer as it does to sell to an existing customer.

And once you have a customer it is generally pretty straightforward to get them to buy from

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

you more often.

What’s that?

Your business is different. You sell a one-off product. There’s no way to get customers to buy more often.

Maybe so.

But I don’t think so.

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

Combination pro

Here are 35 ideas for you to stick in your brainstorming pot, stir for a while, and then see what comes out at the other end.

Customer focus

1. Actively market to your ex

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

isting customers

2. Listen to your customers - deliver what they want

3. Keep Customers Informed

4. Start A newsletter

5. Superior Customer Service

6. Target Profitable

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

Customers

7. Over deliver On your Promise

8. Priority hot line for most profitable

9. Active Customer Relationship Management

Business Model

10. Target a Specific Niche

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

11. Look for niches within niches

12. Use Service Contracts

13. Back-End Selling

14. Pre-Sell After First Sale

15. Joint venture marketing

Reward Customers

16. Estab

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

ish A Frequent Buyers Club And Card

17. Find Out Everything You Can About Customer

18. Competitions

19. Previews

20. New Offers Every Week, Month

21. Personal letters

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

22. Reminder Schedule

23. Outgoing Calls

24. Private Unveilings

25. Master the Art Of Saying Thank You

26. Sell the Experience As Much As The Product

Promotions

27. St

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

Following aspects would a

atement Stuffers

28. Bag stuffers

29. Discount vouchers

30. Bring A Friend Free

31. Surprise Offers

32. Appeal to the emotions

33. Make Your Customers Feel Guilty

34.

dd to the challenges in developing combination products:

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

Direct Mail

35. Target advertisements for existing customers

Now I hope you have found something in this list to get your creative juices flowing. But I regularly come ac

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

ross businesses that claim to have one shot products. Most recently I had a high class kitchen design and build company telling me that none of these things applied to them

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

They build solid wood kitchen units, equipped them with the best possible kitchen equipment and expected the kitchen to last 20 years or more.

Now I don’t know what the f

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

igures are like in the rest of the World but in the UK people move home, on average, every 4.7 years. Keep in touch. They just might buy from you again.

And what do you k

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

Professional from academic institutions, pharmaceutical industries, health care indust

ow about your customer. Top of the list is that they want to improve their homes and they will pay good money to get top service. They probably are willing to spend money

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

to improve the rest of their home.

Could you do some joint venture marketing with another, non-competing, home improvement company?

Look around. You will find plenty of o

.

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

her companies that would love to be able to market directly to your customers.

Sure, you are not marketing your own service - but does that matter? If you work a deal with

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

Companies that provide selfless information through particip

another home improvement company they are certain to pay a commission for each of your customers that buy from them.

Still not convinced?

Contact us - we like a challenge

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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All businesses make investments in both plant and equipment, and also in their employees. Depending on the type of enterprise, some businesses will have more invested capital than others. No matter the type of business, the primary question remains the same. The question is - what is the purpose (or goal) of any business investment? The answer - the purpose of any investment is to increase the net worth of that investment. The question then becomes--how to finance it?

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