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Digg It - The 10 Cornerstone Principles of Marketing
There are four parts to a marketing system and they rest on ten cornerstones.
Marketing results are only as powerful as your marketing systems. To build your marketing system you need to be able to do four thing
Marketing results are only as powerful as your marketing systems. To build your marketing system you need to be able to do four thing
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
s: attract, convert, leverage and retain. With these four accomplishments and the practice of the 10 Cornerstone Principles of Marketing, success will come. Here are the 10 Cornerstone Principles to Marketing Succe
; 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
s
1. The Principle of Packaging. The way you package your product or service is a deal breaker. If you sell a product, it has everything to do with the packaging, the colors, the box, the container -- everythi
1. The Principle of Packaging. The way you package your product or service is a deal breaker. If you sell a product, it has everything to do with the packaging, the colors, the box, the container -- everythi
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
g. If you sell a service and offer just one service, there still needs to be packaging. Just a different time. Packaging for a service provider resides in their offer. If you offer one solution which most indep
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
endent professionals do, like an hourly or day rate, then you don't have a package. A package is a combination of items that create an offer that support the client in accomplishing their goal.
2. The Principle
2. The Principle
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
of Differentiation. You want to be the red crayon in the box of white crayons. You must know how you are different from your competitors and you must be able to convey that in all your messages in a way that your
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
rospects pick it up simply. If you think you don't have any competitors, you do. If you know you are different and don't convey it, you lose. You must leverage your differences.
3. The Principle of Repeat Bus
3. The Principle of Repeat Bus
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
iness. One-time buying is short-term revenue and requires ten times more work to find new clients. Keeping multiple, a lifelong paying client is your objective. If you offer a one-time event, you do not have a ma
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
keting process -- you have a single sale. A marketing process sells to clients over and over again.
4. The Principle of Frequency. The number two reason businesses fail is because they don't stay in touch wit
4. The Principle of Frequency. The number two reason businesses fail is because they don't stay in touch wit
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
previous clients. Frequency builds trust and trust is a requirement for a sale.
5. The Principle of Multiple Streams. Having many ways for people to buy from you always provides the desired revenue results. Th
5. The Principle of Multiple Streams. Having many ways for people to buy from you always provides the desired revenue results. Th
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
s requires a combination of active sales (where you participate) and passive sales (that sells without your presence).
6. The Principle of Reciprocity. This principle, also considered an exchange, is about rela
6. The Principle of Reciprocity. This principle, also considered an exchange, is about rela
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
tionships and networks. If you want to be alone, then your battle is gong to be long, hard, and it will fail. Build your vendor team, your Research & Development team, your administrative team, your strategic allian
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
es, your bartering team, and your attraction will multiple. This works on the principle: "you scratch my back and I will scratch yours." It is not just about relationships, it is about the value of those relationsh
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
ps.
7. The Principle of Likeability. If people don't know you, how can they like you? They need to like you before they will trust you and they must trust you before they buy from you.
8. The Principle of
7. The Principle of Likeability. If people don't know you, how can they like you? They need to like you before they will trust you and they must trust you before they buy from you.
8. The Principle of
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
Communication. This is the most valuable asset you have. Communication is like your bank account: when you communicate correctly, you have a deposit, when you fail to communicate you will have a withdrawal. If, on
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
balance they get "insufficient funds," that client is gone. Always ask, "Am I providing value that creates a deposit?"
9. The Principle of Perception. Your client’s perception creates the sale. So many busin
9. The Principle of Perception. Your client’s perception creates the sale. So many busin
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
ss owners think their service or product is absolutely great and they cannot understand why it is not selling. It is because they developed their product or service according to their perceptions and not their pros
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
pects' needs. Perception begins with what your employees think of their job, so start with their job responsibilities and titles. If your receptionist is the main point of contact for your company, change her perc
.
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
ption of her position and your client's impression will alter. Call her the "Director of First Impressions."
10. The Principle of Emotion. Eighty-five percent of the buying decision is made from emotions and t
10. The Principle of Emotion. Eighty-five percent of the buying decision is made from emotions and t
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
en justified with logic. This means you must first connect with their emotions and then give them the logic to justify what they bought. You cannot do one without the other.
Copyright 2003-2004, Catherine Franz
Copyright 2003-2004, Catherine Franz
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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