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Your marketing plan should contain these four strategies for growing your business. They are presented here by degree of difficulty and cost, from low to high. The priority you assign to each strategy will be dete

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

rmined by the unique needs of your individual business situation, products or services.

1. Strategy to Sell Existing Customers
Selling to the very people pre-disposed to buying from you again gives your busin

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

Examples of combination products may in

ess the best return on investment (ROI). As obvious as this would seem, many business owners get so wrapped up getting new customers they overlook such a great source of revenue growth.

The key is to get your cust

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

mers to buy more frequently or buy in larger quantity. Better still, set a modest goal for both categories. A goal of just7% increase in frequency and 5% increase in average order size yields a 12% increase in rev

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

enue just to the existing customer base

Now a paradox: If you want to increase sales to your existing customers—fire your worst clients and customers. They take up way to much time and energy and rob you of the o

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

Combination pro

portunity to sell to your best clients. In one extreme case Tom Choate, president of Air Systems Technology in Avon, MA, “fired 40% of his customer list!” As Tom puts it, it was not easy and it took a lot of resol

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

ve but his company came out better for it.

2. A Strategy to Recover Lost Customers and Clients
There’s not enough space here to list out all the reasons and percentages why customers stop buying from you. Ho

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

wever, research shows that 63% of your customers who stop buying from you are recoverable. Barring any past payment issues or serious unresolved disputes there are a lot of people who may still be pre-disposed to d

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

business with you.

The number one reason given in surveys of why a customer leaves; they don’t feel you care about them or have lost contact over time. Now, add that to the fact they get more attention from your

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

competitors who their new business and you can understand how they drift away.

So, call former customers, write them a letter and offer a special deal for renewing the relationship. I can’t say how many people you

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

ll get back, but the cost is still a lot less that what it costs you to get a new customers.

3. A Strategy for Referrals

Taking a closer look this is actually a strategy with two parts. The firs part is havi

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

Following aspects would a

ng a plan or plans to actually get referrals from your satisfied customers and clients. The old fashioned ways is still by far the most effective way, first do what is necessary to earn referrals, then, ask for the

dd to the challenges in developing combination products:

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

m. You can ask for them directly, in a letter or survey, or offer a premium or special deal. The key is to ask, thank them in some way, and follow up quickly.

The second part is a lot easier; start the sales proc

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

ss with a call, a letter, and special offer. You have the advantage of an introduction from someone who is a person of influence. You have a targeted prospect that is pre-qualified and receptive to your marketing

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

message. You’re several steps ahead in the selling cycle, but don’t assume the sale is automatic.

Do your normal great job and get paid twice. You now have two satisfied clients/customers giving you referrals, no

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

one.

4. A Strategy for Getting New Customers/Clients

Regardless of the systems you have in place for recruiting and closing new business this is still the most expensive way to grow your business, but necess

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

Professional from academic institutions, pharmaceutical industries, health care indust

ary. There are as many ways to get new business as there are businesses. A high risk way of getting new business; use one method to get seventy five new customers. The low risk way, use seventy five different way

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

s to get one client with each.

Of course the answer depends on you, your company and the means you choose to employ to get new business. What you should know before your start spending a dime on new business is th

.

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

lifetime value, or residual net wroth, of a customer/client. Once you know what a customer/client is worth you then you can decide how much to spend getting a new ones.

In conclusion my friend, Bob Conroy of Mant

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

Companies that provide selfless information through particip

is Design Associates stresses that for these strategies of be effective, “you must think in terms of campaigns” and not as a single ad, web site, or offer. A great point, now that’s why it’s called a marketing plan

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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