Useful Advices - Business

Learn how in-store promotions can boost employee loyalty and positively affect your bottom line. Get some tips to increase customer sales that are fun and ea

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

sy to implement. This short article has a lot of great ideas.

The store owner or manager will designate an item to promote for one week. Sales can be tracke

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

Examples of combination products may in

by cash register tapes or retaining product ticket stubs. The employee who sells the most during the promotional period will receive a certificate of apprec

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

ation and a reward. This might be a choice of a special discount on store merchandise, a check, or a gift card for a free dinner at a fine restaurant. Let em

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

loyees know that these promotions are meant to be fun and profitable for everyone, not a way to pit employees against one another.

Hold paid monthly sales m

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

Combination pro

etings which all employees attend. Ideally the meeting should be before or after store hours. If this is not possible, designate a different employee to atte

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 each month so no one is left out. Serve light refreshments and hand out a printed agenda. Employees who are free to make suggestions will feel valued and m

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

re loyal to the company. They can bring a fresh perspective to the business which often results in more sales and/or higher profitability.

*Start with the p

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

sitives, i.e., shop looks attractive, displays are creative, etc.
*Discuss any negatives and ask for ways to improve.
*Discuss new merchandise and

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

deas for promoting.
*Solicit ideas for rearranging product or creating a new display.
*Review problems encountered with customers and how the situa

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

ion was handled or should have been handled.
*Have a suggestion box for employees; reward employee if idea was implemented.

Most shops are faced wi

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

Following aspects would a

h end of season items and other products that have been on the shelf too long. Create a Mystery Bag as a fun way to move some of this merchandise. Use a smal

dd to the challenges in developing combination products:

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

bag or box that is opaque and put a few items inside. Leave original price tags on items so your customers will know the outstanding value they are receivin

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

. Seal the container and decorate it with a ribbon or bow to make it as festive as possible. Price it to sell fast. This may mean breaking even or accepting

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

loss, which can be a hard pill to swallow. However, it will generate some income which can be invested in new products. Place the Mystery Bag near the shop

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

ntrance.

If your profit margin allows it, consider offering a freebie. For example, you might choose "buy 2, get 1 at 1/2 off" or "buy 2, get 1 free" offers

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

Professional from academic institutions, pharmaceutical industries, health care indust

These types of promotions have higher perceived value than discounting (33% off).

If your store has mostly small to medium sized products you might offer g

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

ft wrapping. You can charge a nominal fee ($2.50) or nothing if the sale exceeds a certain amount. Place a small sign near your cash register and train emplo

.

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

ees to offer customers this option. Choose a neutral box or bag and two colors of grosgrain ribbon. This type of ribbon holds up well and is suitable for mal

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

Companies that provide selfless information through particip

or female gift recipients.

Selling is all about service, courtesy, product knowledge and the challenge of matching the customer to the product.

Sell Happy

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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Useful Advices - Increase Employee Loyalty and Retail Sales

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