Digg It - Business

There are broadly two kinds of businesses. B2C, businesses that sell to individual customers, and B2B, businesses that sell to other businesses. B2C and B2B are two very different kinds of businesses. They look different, talk different and wa

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

lk different. So they have always promoted their products and services differently. B2C businesses have mostly a PUSH and PULL culture. B2B businesses typically have just a Selling culture, a PUSH culture.

B2C businessses have been branding th

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

Examples of combination products may in

ir products and services for over a century. The have an established Branding culture. But until recently, most B2B businesses have thought of themselves very differently. B2B businesses have typically avoided the entire branding/marketing etho

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

in favor of selling. Most B2B businesses are still stuck in the outmoded selling culture. So they have been missing the critical PULL dynamic in their business building efforts.

The two biggest single differences between B2C businesses and B2B

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

businesses are that the latter typically address a much smaller group of prospects and customers, and that their products or services are typically much more expensive. These differences impose significant differences in how the two kinds of bus

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

Combination pro

nesses sell their wares.

Because the products or services of B2B businesses are typically more expensive, they involve a more rational and longer decision-making process. And because B2B are addressing far fewer prospects and customers, they use

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

media in a much more focused way. These are very obvious differences between B2C and B2B businesses, and so the latter have mostly conducted the processes involved in generating awareness, interest, preference, purchase and satisfaction different

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

ly from most B2C businesses.

This has resulted in a great deal of waste in the business-building investments of B2B businesses. They mistakenly interpreted the key differences between B2C and B2B businesses to mean that the fundamentals of their

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

businesses are different from those of B2C businesses. So they have been neglecting the crucial PULL dynamic in the business building process.

The fundamentals of business are the most important, and they are few. These are the factors that de

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

ermine whether the business makes revenue or not. And these fundamentals are the same for both B2C and B2B businesses. They are all PULL dynamics. What are these PULL fundamentals? Just about half a dozen:

1. Focus your business building inv

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

stments on your core target group, the core 20% your target group who are most likely to account for about 80% of your revenues.

2. Identify your core competition, i.e., those businesses that are currently patronized by your core target group.

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

Following aspects would a

3. Identify the most powerful pre-existing motivations in the core target group's minds and hearts that can be addressed by your product or service. Make this your strategic positioning.

4. Communicate your product/service's ability to fulfill

dd to the challenges in developing combination products:

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

this strategic motivation in a way that conveys greater value than they are getting from your competitors. Make this your strategic dramatization.

5. Ensure that all your communications convey the strategic motivation and competitive dramatizati

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

n in a way that is seamlessly consistent, but in a way that is kept perpetually refreshed to maintain attention and interest.

6. Ensure that all the other experiences that the core target group might associate with your brand name, such as the

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

clients' experiences of your product/service, the behavior of your people, both in person and over the telephone, and the appearance of the buildings and vehicles that bear your brand name or logo, are likewise seamlessly consistent with the strat

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

gic communications.

Of course, PUSH is important. But it is not enough. The above six fundamentals are all about generating PULL, i.e., generating a vacuum in the hearts and minds of customers that suck in your product or service. But most B2B

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

Professional from academic institutions, pharmaceutical industries, health care indust

businesses neglect these business fundamentals, even though they are common to all business, simply because they mistakenly assume their differences to B2C businesses to be fundamental, and Selling to be enough. As we have they are not. All busi

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

nesses need both the PUSH and PULL dynamic. And they need PUSH and PULL culture to make sure they both happen as well as they can.

If you are responsible for ensuring the growth of a B2B business, you need to adopt these fundamentals immediately

.

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

if only because NOT to do so would sacrifice the PULL dynamic and inevitably weaken your business building program. You would merely be neglecting the most powerful dynamic available for building your business and fulfilling your responsibilitie

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

Companies that provide selfless information through particip

. You need not only Selling, but Branding as well.

Instead of staying in the PUSH culture that most B2B businesses are trapped in, you can focus on the fundamentals of your business, and evolve to the higher and more powerful PUSH & PULL culture

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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What is GAAP? GAAP, or Generally Accepted Accounting Principles, refers to rules and parameters set by the Accounting Practices Board of the American Institute of Certified Public Accountants. GAAP also includes certain established ways of accounting, which may or may not have been set by any authority.

You can sell your own business, but you need to understand each of the components that will make your effort a success. How to package your business, how to price it, how to find buyers and close the deal are the main components. Intertwined with these steps are the roles played by a good business attorney and CPA.

There was a time when balloons were nothing more than kid’s toys but now they are used for so many different things. One of the most popular uses of balloons is for advertising. Advertising balloons are popular for so many reasons but the most important one is that people notice them.

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Digg It - A Push Culture Or A Push & Pull Culture - For B2b Companies

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