Advice Pool - Business

1. Create an irresistible offer. You have to give McDonalds credit for the “supersize me” offer. It may only generate another 40p or 50p per sale, but because it's such an irresistible offer, more than 30% of

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

customers will say yes. And that 40p or 50p is almost all profit, as the company's fixed costs have already been absorbed in the price of the smaller item. The scale of the offer must be relative to the purcha

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

Examples of combination products may in

e, but once you have acquired the customer you can start to create lifetime value.

2. Add point of sale purchases. Those associated purchases or impulse buys that the supermarkets put by the checkouts aren’t

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

n accident. Small low-price items that are perfectly positioned will face the least resistance from a buyer who’s already decided to make a purchase from you.

3. Get them hooked with a free sample. Prospects

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

hat test your product or service risk-free will hopefully recognize its value and continue purchasing what you offer. Or even better, your prospect will get "hooked" on your product or service and won't be abl

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

Combination pro

to live without it. And the fact that it was given away free will compel them to return the favour by continuing to purchase from you. This principle is called the "Law of Reciprocity". Simply stated, people

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

naturally feel an obligation to return favours as a way of expressing their thanks.

4. Educate them if they could use the product differently; benefit more from using associated products in conjunction; buy 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

is much, get this one free, etc. Remember the famous story of the shampoo company who doubled their sales with the simple phrase “rinse and repeat”.

5. “Other customers who bought XYZ also bought…” This cleve

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

approach is used by many online retailers to position more of their product lines in front of customers who might be interested. Where key components like batteries aren’t included, make sure you offer them.

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

6. Communicate with customers more often about your full offering as part of your sales process. This could take the form of newsletters, emails, mailshots, letters, advertising and PR, events, brochures and l

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

terature.

7. Consider what else your customers buy that you could sell. The more you know about your customers, the more back-end products and services you can provide. This means that their main purchase sim

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

Following aspects would a

ply becomes a foot-in-the-door, and now you can increase the frequency of purchase and average spend

8. Offer incentives and discounts. By understanding the lifetime value of customers, i.e. the total value o

dd to the challenges in developing combination products:

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

their spend during their time as a customer, you can decide how much you are prepared to discount to get them back through the door

9. Position yourself as an expert to gain their trust and confidence. Throu

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

h your PR, direct communications and website, you can provide information, reviews, reports, and details on your specialist area. Customers often don’t know the right questions to ask, so help them out

10. Re

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

iew your ordering process to see if you are making it difficult for people to buy from you. Look at your website cart abandonment rate or try a mystery shopper service

11. Are you focusing on the benefits? Cu

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

tomers only care what you can do for them. Benefits build rapport by demonstrating that you understand their point of view. If you don’t know what they are, ask your customers. You can never know too much abou

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

Professional from academic institutions, pharmaceutical industries, health care indust

t why people buy from you.

12. Are your staff selling? By testing, measuring and analysing all your marketing and sales processes, you can see where the majority of initial sales and back-end sales take place

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

Are your best people in place to exploit those opportunities?

13. Do you have enough stages in your sales process? Constantly chasing prospects after they've shown an interest can be soul-destroying and bord

.

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

r on pushy salesmanship. But by having a longer sales process, prospects are moved from one stage to the next over a period of time, constantly informed and educated, and reminded of your services. Just becaus

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

Companies that provide selfless information through particip

they didn’t buy doesn’t mean they’re not interested in what you sell, so ensure you have at least seven stages in your sales process, including emails, mailshots, brochures, PR, web downloads, and phone calls

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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Now that you have your startup business up and running, you may have to advertise it as extensively as you can. And you can start by having your very own customized business check.

Today’s constant bombardment of marketing messages means your materials must grab your prospects attention in the first few seconds, or your efforts are wasted. How do you know if your marketing materials will prompt prospects to keep reading? Take this simple test: hold each of your marketing pieces at arm’s length and answer the following questions:

When a customer allows you to take a look at their credit it is a tremendous buying signal and lets you know that the customer is serious about doing business with you. But how do you get serious without getting SCARY?

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