Digg It - Business

To begin with, we need to get something straight. Word-of-mouth advertising is a misnomer. The dictionary definition of “advertis

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

ing,” according to Webster is:

“The action of drawing something to the public’s attention with a paid announcement, o

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

Examples of combination products may in

ften through a printed notice or a broadcast.”

Therefore, WOM is NOT advertising. It is neither bought nor controllable, to any

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

large extent. Spreading WOM advertising is more akin to allowing the wind to control a kite. Sometimes it goes up and often times eventu

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, comes down. When a consumer uses your product or service, your job is done. Then the person has a variety of choices. They can (a)

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

Combination pro

tell a friend or relative how great the experience was, (b) tell them how awful it was, or (c) tell nobody at all.

It depends on the re

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

sult. More often than not, if your business has simply met their expectations, they will likely do nothing. If you produced a superior p

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

oduct or service, they may tell a few people. Ah, but if you have done a lousy job, watch out. They’ll tell the world about the aw

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

ful item or event. Therefore, WOM has a 66% chance of not working in your favor. It works exactly like the news. A terrible situation wi

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

th a tragic outcome has a far better chance of making the news than a warm and fuzzy, feel-good piece. It’s human nature. People a

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

e fascinated by horrible traffic accidents and will gawk for minutes or hours. They still discuss Princess Di, John F. Kennedy, Jr, and

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

Following aspects would a

John Lennon’s death, even decades later. But, do they celebrate the living with the same enthusiasm?

Knowing all that, why would

dd to the challenges in developing combination products:

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

any business continue to ignore traditional advertising channels and rely solely on WOM? At least with the media, they can structure the

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

ir own program, target their market, and track the results. It’s not just a matter of money. Sure, advertising costs money, but it

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

rsquo;s an investment in the company. WOM is free promotion, but is it positive? From what I’ve just written, you tell me.

I sold

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

Yellow Page advertising for almost 25 years, and during that time, I rarely had an advertiser call me up when the directory delivered t

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

Professional from academic institutions, pharmaceutical industries, health care indust

o thank me for the wonderful ad. But, if there was even the tiniest mistake with the ad, guess how long it took for them to make that ca

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

l? Can you say “nanosecond?” So become proactive and get that marketing program underway and control your destiny. It’

.

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

s foolish to think that all your customers will take it upon themselves to do your promotion for you, unless you enjoy negative publicit

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

Companies that provide selfless information through particip

y. I know if I had a disastrous experience in your store, you and all my other readers, would be seeing it here in my next article. Oops

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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Are you thinking about joining a network marketing team? Have you joined a network marketing team and you're not having success? Did you know that 97% of people who join network marketing will quit having made little or no money? If you want answers to these questions I have them for you.

If a company doesn't have a realization of its exact business status through various financial and accounting statements, managers and directors would be incapable of chalking out strategies to strengthen the company’s position in the industry. In such a situation the advent of a good number of business accounting software have made it easier for the companies to maintain their balance sheets.

So often small business owners will attempt to tell the public and reader of a publication, yellow pages or Internet portal site, how great their company is, when they should be telling the company what they can do for them.

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Digg It - Advertising Your Business by Word of Mouth

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