Advice Pool - Business

If you own a business then customers are the life blood of your business. The biggest mistake you can make in business is to assume people will be buy from again if they have bought from you previously,

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

without inviting them to.

If you sell something people only buy once or once every 10 years or so, you are assuming they don’t know anyone who might buy from you. Again this is a big mistake!

Market re

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

Examples of combination products may in

search has proven a few points relative to both of these areas.

First of all, 67% of people who buy from a business wont do so again because of one reason, perceived in difference. This means they got s

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

tisfactory service, not fantastic, or great or incredible. They got what they expected or less than they expected.

To make your business “memorable” so customers want to come back because you stimulated

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

their emotions you need to over deliver on their expectations. If you’re not exceeding customers’ expectations your service is probably considered either poor or satisfactory.

The second relevant fact

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

Combination pro

from market research is birds of a feather flock together. That means your customers will spend time with people who think just like they do. What your customers buy, friends of your customers will also

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

buy.

I remember when ii first bought a good quality car. It was a beautiful black with gold pin striping BMW 528i. When I did 2 of my friends bought a more upmarket car within 2 months. If the car yard

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

ad looked after me I would have gladly told them to go to the same car yard, but I got very bad service so I told them never to buy a car from that car yard.

A couple of years later I bought my first ho

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

me and within 3 months 2 of my friends did as well. However the real estate agent didn’t ever both to talk to me after I had bought the house, they assumed I would come back to them in future, but I neve

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

did as they weren’t “memorable” to me.

Both of these reasons above are why I recommend businesses of all kinds have a database of customers. This means a computer program that allows you to store all i

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

nformation about your customers who have spent money with you and in some businesses, even the ones who don’t as they may buy from you one day.

When you have collected the name, address, phone number an

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

Following aspects would a

d type of product/service bought by your customer, mail something to them within 3 months. Again market research says this is the longest you can leave it before you contact a previous customer before yo

dd to the challenges in developing combination products:

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

are virtually completely forgotten.

A database can allow you to store thousands of names, even tens of thousands. You can store anything about your customers in them as well. Database programs cost jus

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

t a few hundred dollars, but they are very powerful tools when you learn how to use them.

I recommend you mail letters to your customers offering them something to make them come back. It could be a $20

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

gift voucher to use when they spend $100 or more. The real cost to you might then only be $10 (if your gross margin is 50% or more).

Understanding what your customers’ interests are then asking them to

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

buy it is what true marketing is all about. If someone has already bought from you there is a very good chance they will again, but only if you invite them to or offer very “memorable” service in the fir

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

Professional from academic institutions, pharmaceutical industries, health care indust

t place.

Two good programs to look at for a database are Goldmine and ACT! Both of these have a calendar so you can program in appointments or follow up with customers as well as email so can track all

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

email communication with customers. You can filter out some customers and only mail some. There is no limit to the uses of a database.

Top internet marketers know a name on a database is worth more than

.

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

a visitor to their website! Email marketing is the way of the future so get with the times if you haven’t already and start building your database, it could be the best marketing investment you ever make

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

Companies that provide selfless information through particip

!

Remember to investigate the privacy laws in your country as they vary greatly. Find out what is legal to keep on file about your customers and what isn’t to avoid a clash with government law enforcers

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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