Tags |
|
|
Links |
|
|
Useful Advices - Master Target Vs. Rented List - 12 Times Higher Response With 36 Times Lower Cost-Per-Sale
ASSIGNMENT: An enterprise data storage company wanted to substantially increase penetration for its storage products among the 4,
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
000 largest hospitals in the United States.
GOAL: Gain maximum number of initial responses from qualified targets in order to in
GOAL: Gain maximum number of initial responses from qualified targets in order to in
; 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
tiate a marketing and/or sales dialogue.
KEY STRATEGY: The company compared its traditional direct marketing approach with Massi
KEY STRATEGY: The company compared its traditional direct marketing approach with Massi
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
i Group’s Master Target Site List (MTSL) B2B database marketing approach—all while tracking initial responses. The incumbent appr
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
ach involved targeted direct mail and rented lists. The rented lists had exactly the selection criteria the company wanted, and w
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
re generally known to be the best sources available. The direct mail seemingly produced good results, generating a 4.5% response
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
ate in a market generally known to produce a response of 0.5%. However, of the 450 responses, only 100 actually fit the target li
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
t criteria of being from one of the 4,000 largest U.S. hospitals. The majority of the responses were from hospitals that were too
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
small, or from allied industries (companies selling products to hospitals). Of the 100 responses that did reflect the target list
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
criteria, 50 were from hospitals with previous sales processes underway; so, these did not present new sales leads. This left onl
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
50 new hospitals that would be considered “good” prospects for the sales force. Thus, the “successful” direct mail program reall
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
y only generated that same anemic 0.5% response the market “expects.”
ENGINEERED PROCESSES: Using Massini Group’s MTSL approach
ENGINEERED PROCESSES: Using Massini Group’s MTSL approach
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
o achieve the same objective, the company purchased an unlimited-use list of contact names and cross-indexed them with the target
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
4,000 hospitals. There were 2,500 contact names connected to the target hospitals. The remaining names (those not on the target l
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
st) were discarded for a lack of fit prior to any further investment by marketing or sales. A telemarketing effort was directed a
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
the 2,500 names, and 900 offers were accepted, representing 600 of the target 4,000 hospitals. All 600 sites were in the MTSL of
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
4,000 hospitals and none of them had a prior sales force relationship. Both of those factors were confirmed prior to the telemark
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
ting effort.
RESULTS: The MTSL approach resulted in 12 times more accepted offers by qualified prospects than the incumbent dire
RESULTS: The MTSL approach resulted in 12 times more accepted offers by qualified prospects than the incumbent dire
.
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
t marketing approach.
To further emphasize the value of the MTSL approach, the cost of the rented list approach was three times
To further emphasize the value of the MTSL approach, the cost of the rented list approach was three times
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
he cost of the MTSL; therefore, the MTSL approach, in terms of cost-per-outcome, was 36 times lower than the traditional approach
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
HTTP = HTML link (for blogs, profiles,phorums):
<a href="http://www.usefuladvices.org.ua/article/30368/usefuladvices-Master-Target-Vs-Rented-List--12-Times-Higher-Response-With-36-Times-Lower-CostPerSale.html">Master Target Vs. Rented List - 12 Times Higher Response With 36 Times Lower Cost-Per-Sale</a>
BB link (for phorums):
[url=http://www.usefuladvices.org.ua/article/30368/usefuladvices-Master-Target-Vs-Rented-List--12-Times-Higher-Response-With-36-Times-Lower-CostPerSale.html]Master Target Vs. Rented List - 12 Times Higher Response With 36 Times Lower Cost-Per-Sale[/url]
Related Articles:
Testimonials - Four Steps to Great Testimonials that Promote Your Business!
Promoting Your Customer as a Brand Strategy
What Do We Pay Graphic Designers For?
Bookmark it:
|