Useful Advices - Business

At the last Great Singapore Sale, my wife, Olivia, decided to go on a shopping spree. She said she needed to “upgrade” her wardrobe. Haven’t we guys heard of that one before?

Anyways, I accompanied her through her increasingly long j

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

ourney, making strategic comments such as “Uh Hum”, “Turn around”, “That one is better” and occasionally “Wow! Sexy! Get this one!”

What amazed me was her ability to shut out all the other surrounding activities and just focus on w

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

Examples of combination products may in

at she was doing (quest of upgrading wardrobe). You can imagine the bustling activities surrounding us, in a shopping centre, on a Great Singapore Sale weekend! While I was “doing my best” with my “Uh Hum’s and “Turn round’s”, I sub

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

consciously sensed something interesting happening. It took me almost a second before realizing it.

The boutique shop we were in was so packed with customers, while the shops on either sides of it were almost empty! The marketer in

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

ide of me stood up and took notice.

The shop we were in had three shop assistants, all extremely busy helping customers. All five fitting rooms were full. More and more onlookers were coming into the shop to shop!

In contrast, the

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

Combination pro

two other shops only had the occasional shopper walking in. They had only one or two assistants who were sitting at one corner, chatting. When they approach the shoppers, the shoppers left. Interesting!

I decided to analyze the sit

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

uation closer while still doing my “Uh Hum’s”. There is persuasion in action! And my wife was one of the player…

Here’s a list of ‘tactic’ the assistants used to create that magical sales phenomenon:

- The assistants addressed every

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

female as a “Ms” (no matter how young or old the customers were) and with a bright a cheerful smile on their face, making the customer feel good the moment they walked in.

- All the assistants wore the clothes from the shop. They dre

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

ssed appropriately according to their body shape and in a similar fashion. In short, they all looked presentable and rather attractive.

- They acted as consultants and fashion helpers: They went “Hmm… Ms, with your frame I would re

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

ommend this top with this pair of pants.”

- Whenever a customer was trying out a piece of clothing they would ask them to step out of the fitting room and adjust the dress/skirt/pants, etc, for them so it fell ever so beautifully on

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

he figure.

- They constantly brought the customers more clothing to try on. “This will look great with that you know. Just try it on.”, “How about this one?” as they threw other sizes/colors of the recommended clothing over the fit

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

Following aspects would a

ting room door. They were constantly up-selling.

- They constantly assumed the customer will buy whatever they recommend. At the same time, they were never pushy or employing hard-selling techniques. Whenever their suggestions were r

dd to the challenges in developing combination products:

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

jected, they responded with lightning speed: “Oh you like the other one better?” or “How about this one?”

- I even heard one customer who was there before we came in comment:

“I’m tired of trying more clothes.” And her assistant res

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

ponded without missing a beat: “Just this last one. I think it will look great on you!” And the customer gave in, with a smile!

When I realized what was happening, I snapped out of my admiration of their smoother-than-oil persuasiv

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

sales system and exerted my ‘husband’ authority! I said “Dear, do you want to see the other shops…? It’s almost dinner time, you know.”

Did Olivia buy more than she thought she would from the shop? Yes. Did the other customers buy

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

ore than they expected there? Yes Did they feel good about buying? Yes

Amazing! Here’s the essence of their persuasive power: They treat and serve the customers so luxuriously, and always with a smile so that all the customers felt

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

Professional from academic institutions, pharmaceutical industries, health care indust

fantastic! They consciously or unconsciously induced a state of happiness in their customers. And the customers unconsciously linked that feeling to the clothing they were trying on. They ended up buying those clothes to retain the

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

ood feelings. Humans are emotion junkies. Remember that and you can make your fortunes!

There was another significant persuasion law at play. As the customers received such great service, being pampered and fussed over, they felt o

.

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

bliged to buy the clothes as they didn’t want to ‘disappoint’ the assistants!

Of course when the passersby saw so many people queuing up to try clothes and pay for their purchases in that particular shop, they too were drawn to it.

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

Companies that provide selfless information through particip

Yet another law of persuasion: Social Validation. If everyone else liked the shop, it must have really great treasures there.

What a great strategy! Imagine what you can do by duplicating some of the strategies in your business today

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 - What Makes The Sale: The Sale Or The Salesperson?

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