Digg It - Business

Hello again

Today we want to talk about your product. This is the second crucial part of your business if you want to make big money as a direct marketer. Again, if you don’t get this right, your business simply won’t suc

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

ceed.

Your product
Last time we talked about your target market. This is your most important decision. Having decided on your target market, deciding what products you want to offer them is a bit eas

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

Examples of combination products may in

ier. :-)

Finding products depends entirely on your market. If your target market is people who love Agatha Christy, then you need products about Agatha Christy.

Here are some things you can think about selling to

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

your target market:

Books by Agatha Christy
Books about Agatha Christy
Copies of reviews of her books
Subscriptions to your Agatha Christy newsletter
Paid subscriptions to the ‘Members Only’

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

section of your Agatha Christy website

Ebooks about her written by you

Reprints of newspaper and magazine articles about her

Copies of interviews with her (Keep in mind that all the people I know who make i

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

Combination pro

t big in this business work to the highest standards of openness, honesty and ethical practices. Never, ever pirate, steal or plagiarise the work of others. When we talk about copies or reprints, we are talking about material you

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

re authorized or licenced to sell.)

You can probably think of a few more

If your target market is people interested in the direct marketing of information products, here are some things you can think about o

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

ffering them:

Books, ebooks, CDs, DVDs, video tapes and audio tapes with reprint licenses
Domain names and websites for resale
Seminars and workshops
Personal coaching and mentoring
Software

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

for automating management of their lists, autoresponders, mail management systems, visitor tracking and website design

Turnkey business packages

Paid subscriptions to your newsletter

Paid subscriptions to

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

he ‘Members Only’ section of your website

You can probably think of a few more

You should have the idea by now. Think about your target market and ask yourself what they would be interested in buying from yo

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

u (now you can probably see the importance of being very focussed about your particular market).

The next big question is where you can find products. Again, it depends on your market, but basically there are three source

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

Following aspects would a

s. You can:

Create them yourself
Buy them
Pay somebody to create them for you

Creating products yourself can be rewarding. If you have a talent for writing articles, designing software, organi

dd to the challenges in developing combination products:

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

ing and running seminars, creating ‘how-to’ DVDs or managing discussion groups, this is a good starting point.

There are bags of public domain (not copyright – free to be reproduced) information on the Internet that you c

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

an paste into books or articles you are writing. Others in the business who are interested in making their names known are often prepared to write articles for you, sometimes for free (assuming you give them proper credit). A trol

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

l of the Internet will give you lots of ideas.

Whatever your market, there are products you can buy to resell. Again, a troll of the Internet, particularly ebay and people with websites offering products of interest to yo

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

are likely sources.

Finally, you can pay somebody to create products for you. This is one probably best left until you have a little experience in the business. The upside is that when you pay somebody to create a unique

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

Professional from academic institutions, pharmaceutical industries, health care indust

product for you, you own it and it can make you a pile of money. :-)

The downside is that a good product will probably cost you more money than you can afford right now. It’s not unusual for somebody to pay ?10,000 for,

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

say, a software package, that over time will earn them ?2,000,000 or more. Not bad!

So, your assignment for today is to sit down, once again, with your A4 pad and make a long, long list of possible products for your marke

.

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

. Now it’s starting to be fun. I shall have a great deal more to say about products in later articles.

That’s all for this time. See you soon.

Next time we shall talk about the next most important things you must

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

Companies that provide selfless information through particip

do first to build a profitable direct marketing business. This is your list.

Thanks for listening :-)

William Rice-Johnston

Copyright © 2006 Mary Rice-Johnston & Golden Goose Direct. All rights reserved

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

HTTP = HTML link (for blogs, profiles,phorums):
<a href="http://www.diggit.org.ua/article/30748/diggit-Notes-for-Newbies--Part-Two--Your-Product.html">Notes for Newbies - Part Two - Your Product</a>

BB link (for phorums):
[url=http://www.diggit.org.ua/article/30748/diggit-Notes-for-Newbies--Part-Two--Your-Product.html]Notes for Newbies - Part Two - Your Product[/url]

A mentor can mean the difference between attaining middle management or rising to the top of a company. If you're self-employed, it can mean setting and reaching your goals, quicker, with more success. Now that you know you need one, how do you find a mentor? Read on and find out...

Remember that the selling process is more about your clients and less about you.

Let's say the business of your dreams allows you a comfortable income, enough money for contributions, more than enough for retirement purposes and a little bit of fun along the way. However, your clients get in the way.

Tags

Links

Digg It - Notes for Newbies - Part Two - Your Product

Related Articles: