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Digg It - 6 Ways to Use Rebates and Incentives for Increasing Sales
Rebates and incentives are two of the most common methods used to increase your company’s sales. Unlike other advertising strategies, rebates and incentives speak for
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
themselves. Thus, as long as they’re done properly, rebates and incentives are one of the most cost-efficient marketing solutions you can use for your company.
How
How
; 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
to Make Rebates Work for Your Company
Rebates may either be offered by the manufacturer or retailer but in either case, rebates usually offer products or services at
Rebates may either be offered by the manufacturer or retailer but in either case, rebates usually offer products or services at
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
a seemingly lower rate.
Tip #1 Calculate Carefully
Don’t just lower the price of your product and offer rebates without showing any serious thought about it. Caref
Tip #1 Calculate Carefully
Don’t just lower the price of your product and offer rebates without showing any serious thought about it. Caref
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
lly calculate just how much you can afford reducing the price without getting bankrupt.
Tip #2 Women Respond Better than Men to Rebates
If you really want to make t
Tip #2 Women Respond Better than Men to Rebates
If you really want to make t
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
he rebates you’re offering work, do your best to target female customers with your advertisements. Women are more patient than men when it comes to shopping. Secondly
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
, women are more patient with keeping rebate coupons in their pockets until they finally find an opportunity to use them.
Tip #3 Keeping It Simple
Don’t give out re
Tip #3 Keeping It Simple
Don’t give out re
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
bates if you’re only intention is to deceive your customer into buying your product at its original price. If you’re offering rebates, but there’s a procedure to foll
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
w before you can claim the promised reward, make sure that the process is kept short and simple. Don’t ask them to photocopy their receipt in triplicate, sign tons of
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
paperwork, and do other things to discourage them from claiming the rebate.
How to Make Incentives Work for Your Company
Incentives take various forms but all of t
How to Make Incentives Work for Your Company
Incentives take various forms but all of t
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
hem generally work by rewarding people for taking the desired action.
Tip #1 Reward Customer Loyalty
If your company has long-time customers – those who keep coming
Tip #1 Reward Customer Loyalty
If your company has long-time customers – those who keep coming
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
back to you no matter what’s dangled in front them by your competitors – do make sure that you reward them appropriately. You can identify who your loyal customers a
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
e by giving out loyalty cards. It’s important to give them preferential treatment because this kills two birds with one stones: it encourages new customers to act in
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
the desired fashion to get similar V.I.P. treatment, and secondly, it rewards old customers and gives them reason to keep coming back.
Tip #2 Reward Customers Who Gi
Tip #2 Reward Customers Who Gi
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
ve You the Information You Want
One way of increasing sales is by building your knowledge of your target market, and there are various ways to achieve that such as g
One way of increasing sales is by building your knowledge of your target market, and there are various ways to achieve that such as g
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
iving away survey forms or encouraging customers to join your opt-in list. To ensure that they’ll continue giving you precious data about your customer base, reward t
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
e people who have kindly taken the time and effort to give you what you need.
Tip #3 Bumps and Burdens are Always Welcome
Customers always like it when they receive
Tip #3 Bumps and Burdens are Always Welcome
Customers always like it when they receive
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
something for free. When you’re using direct mail marketing, prospective customers are more likely to open and read your letter if you enclose something with it. The
.
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
bigger or more noticeable the bump, the heavier the package, the better!
The most important thing to remember is to be ethical when dealing your customers. Just as
The most important thing to remember is to be ethical when dealing your customers. Just as
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
long as you have no intentions to cheat or deceive when using rebates and incentives, they’re sure to work in the long run and ultimately cause your sales to increase
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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