Useful Advices - Business

How do you increase business profits? Answer the following questions carefully, and you'll have a good start.

1. Can you in

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

crease the average sale? A restaurant with 25% profit margins might make 50% on additional sales to existing customers (less

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

Examples of combination products may in

labor to bag one large order than two smaller ones). Asking "What would you like to drink with that?" works, and it's just a

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

start.

2. What's the least expensive way to get a customer? Before you spend another thousand dollars advertising to get n

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

w customers, could you get as much business by spending a few hours contacting previous or existing customers?

3. What low

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

Combination pro

risk ideas can you try? I once sent a letter to several visiting basketball teams, inviting them to visit our restaurant, an

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

giving the coach a free meal as an incentive. The cost? Two dollars. The pay off was two busloads of customers. At that rat

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

e, you could increase your business profits even if nine out of ten ideas fail.

4. Have you tested prices? I knew a store t

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

at sold a product for a $1.05, that cost them $1.00. At a price of $1.20, it is doubtful that they'd lose half their sales,

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

but if they did, they'd still make twice the profit. Some things even sell better at a higher price. Test.

5. Can you measu

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

e your advertising results? How do you know that you're not spending more for a customer than they're worth? Coupons, custom

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

Following aspects would a

er surveys and other methods of measurement are a must.

6. How do you know your customers are satisfied? The worst restaura

dd to the challenges in developing combination products:

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

t meal we ever ate went down without a comment, but we never returned to that restaurant. Maybe the owner should be talking

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

to the customers.

7. Can you enhance the percieved value of your product? Years ago, I sold walking sticks for $10 at flea

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

arkets, and $20 at craft shows. Sometimes location alone can enhance the percieved value of a product. What else can you do?

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

8. What are similar businesses doing? See what your successful competitors are doing. Can you do the same?

9. What other

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

Professional from academic institutions, pharmaceutical industries, health care indust

roducts can you sell? There's a reason stores have candy and magazines near the checkout. Extra sales are a great way to inc

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

rease business profits.

10. Can you use your customers as salesmen? Word of mouth is a start, but what other ways can you g

.

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 your customers to bring their friends to you?

These were culled from a longer list. I call it "stolen business ideas," be

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

Companies that provide selfless information through particip

cause I can't credit the original authors. I took them where I found them over the years, with grattitude, but without notes

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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Read this article for guidelines on launching vital fundraising pitches in the wake of a disaster.

Here is information on identifying products every Newbie in the direct marketing business needs to get started. Written by one who has been there, this is a series of practical tips, illustrated with plenty of real-life examples. Humour is included at no extra charge, particularly for the scary bits.

There is not an area of your life where sales skills cannot be a benefit. Teachers use sales skills. Preachers use sales skills. Police officers use sales skills. Mother Teresa used sales skills. Regardless of what you do, sales skills will improve your probability for success at motivating, instructing, encouraging, coaching, communicating with and reaching people. Sales skills are life skills.

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Useful Advices - Increase Business Profits - Ten Ways

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