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Digg It - Applying Positioning Strategies to Boost Profits
As human beings we tend to label things, to generalize things, to
simplify, so that we can assimilate the tons and tons of information that
are being dumped our way every single wakin
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
g hour. We become so good at
it that it becomes a subconscious activity. To demonstrate:
You won’t notice your breathing pattern (until I mentioned it), the weight of your body on yo
You won’t notice your breathing pattern (until I mentioned it), the weight of your body on yo
; 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
ur bum that is being supported by the chair
(until I mentioned it), even your urge to blink right now. You just blinked
didn’t you?
Ok, Ok, so what has that got to do with increasing
Ok, Ok, so what has that got to do with increasing
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
profits? Simple! We
tend to shut out things that are ‘common occurrence’, ‘the norm’, and
‘the standard’ in favor of paying attention to things that stand out and
are different. Kn
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
wing that, you can easily and very consciously set up
your business/service/product/offer to be different than what is on the
market. And when you do that, you will be guaranteed a hu
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
ge jump in
profits!
Just think about it.
There are hundreds and hundreds of Internet entrepreneurs who are promoting themselves as gurus. Only a handful are extremely successful. An
Just think about it.
There are hundreds and hundreds of Internet entrepreneurs who are promoting themselves as gurus. Only a handful are extremely successful. An
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
d
those are the ones who have differentiated themselves and created a
powerful positioning for themselves.
For example, they positioned themselves as the product creation expert, t
For example, they positioned themselves as the product creation expert, t
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
he web copywriting expert, the teleseminar expert, the super
affiliate, the Adsense specialist, blogging specialist, etc.
Each of them have their own story to tell. By creating a stron
Each of them have their own story to tell. By creating a stron
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
differentiation and positioning, they stand out and attract attention. YOUR
attention. They are no longer “another one of those”. Do they profit more
than “another one of those”? A
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
bsolutely!
Here’s an interesting case study: Many years back, the beauty industry in Singapore was inundated with so many beauty salons that were all promoting very similar things. I
Here’s an interesting case study: Many years back, the beauty industry in Singapore was inundated with so many beauty salons that were all promoting very similar things. I
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
f the trend is facial whitening, you can
expect all of them to advertise about that service. If the trend is on
getting rid of cellulite, then everyone is a specialist on how they can
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
help you get rid of it. (Putting the words ‘everyone’ and ‘specialist’
is ironical don’t you think? If everyone is a specialist, then maybe
they have not specialized enough.)
But
But
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
ince then, I suspect that the salons started to realize the
importance of positioning themselves and being focused in a category. Now as
you flip the newspaper and see their huge half
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
-page ads, you will
realize that most of them are positioning themselves better.
You can find:
- BottomSlim: Specialize in slimming lower parts of the body (by the way, which parts
You can find:
- BottomSlim: Specialize in slimming lower parts of the body (by the way, which parts
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
do you think are the problem areas of most people? Very
smart move!)
- Jean Yip: Beauty through haircare (even though they have slimming services, they are known as the experts in ha
- Jean Yip: Beauty through haircare (even though they have slimming services, they are known as the experts in ha
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
ir treatments).
- Hair Away: Specialist in removal of unwanted hair.
- Strip: Brazilian waxing. I was told that their most popular request is ‘the strip’. If you don’t know what that
- Hair Away: Specialist in removal of unwanted hair.
- Strip: Brazilian waxing. I was told that their most popular request is ‘the strip’. If you don’t know what that
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
s… you need to get out
more!
- Marie France Bodyline: Well-known as the premier slimming and beauty specialist.
- SlimFit: Natural breast enhancements.
- And many others!
As you c
- Marie France Bodyline: Well-known as the premier slimming and beauty specialist.
- SlimFit: Natural breast enhancements.
- And many others!
As you c
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
an see, all of them appeal to the different categories within
the same industry—Beauty. Of course many of them are still caught up in
‘me too’ strategy. They try to jump on the bandwa
.
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
gon of the new trends
and competing on price. And that is not a good place to be.
So start positioning your business. Focus on a niche and specialize in it. Think about what’s availa
So start positioning your business. Focus on a niche and specialize in it. Think about what’s availa
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
ble in the market place and how you can
create a differentiation. Remember, you can apply the same positioning
strategy to an individual (yourself). You will be hugely rewarded for it
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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