Useful Advices - Business

Name your most valuable company asset: Inventory? Equipment? Employees? If you've got customers, your number one asset is your custo

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

mer list. That's because the fastest way to grow your business exponentially is to squeeze every drop of profits from customers you a

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

Examples of combination products may in

ready have using database marketing.

Take this 10-point true/false quiz to see if you possess the habits of an effective database ma

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

rketer. Give yourself 1 point for each "true" answer:

1. I collect complete contact information (name, address, phone numbers, emai

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

address) on every customer and new inquirer

2. I keep all my contacts in a single database (including customers, prospects, referr

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

Combination pro

al partners, vendors, friends, family)

3. I keep track of how each customer or prospect found me so I can duplicate my successes (a

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 can the flops)

4. I have a templated, easy-to-use, automatic response system to follow up with prospects before, during and after

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

the sale

5. I can easily cross sell my other services to current customers because I track what they bought previously through dat

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

base segmentation

6. I have a system to track opt-outs to my email marketing campaigns so I can stay CAN-SPAM compliant with my e-m

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

arketing. I also follow-up on bounce-back emails so I don't lose precious connections with my customers and prospects

7. I can for

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

cast and act upon my projected sales for the next week, month or quarter based on opportunities in my sales pipeline

8. I have a da

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

Following aspects would a

tabase clean-up plan to update my contacts at least once per year

9. I have a bullet-proof procedure for tracking open and closed c

dd to the challenges in developing combination products:

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

stomer service issues

10. Leads from my website are automatically entered into my customer database, and I'm notified instantly to t

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

ake follow-up action

What Your Score Means

If you scored a 7 or less, you're working way too hard for business. Most likely, you'r

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

developing each customer one at a time. To become a database marketer, you must instead create a systematic sales process that runs

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

on auto-pilot and stimulates new orders whether you're working or not. Selling customers one order at a time seems intuitive, and it'

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

Professional from academic institutions, pharmaceutical industries, health care indust

the way most of us learned how to do business. But it's inefficient, and it prevents you from scaling your business.

If you scored

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

an 8 or above, you've got the database marketing chops to boost business! Focus on sending relevant and persistent marketing messages

.

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

to your current customers via direct mail, email, fax and phone, and always ask for referrals. It's 10 times easier to get new orders

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

Companies that provide selfless information through particip

this way than it is to convert a new prospect because you've already paid for cost of acquisition. Every new order is found profits

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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Since the health care industry is considered to be people-oriented, health care professionals should try to look very friendly and approachable. If you belong to this industry, you would understand the need for such behavior. Most of the people who need health assistance are in some degree of discomfort and would require you to be very understanding and supportive.

Every customer you have is a word-of-mouth advertiser for you. Unfortunately 90% of this free advertising is negative. Your goal is to get positive-word-of-mouth advertisers.

They were cute, drew attention, and posed little threat. Nobody had anything bad to say about them. And left alone, these ornaments would survive many years. But lately, I've noticed the same patterns in people...

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