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If you're a coach, student coach, business owner or someone with a desire to get into business, take careful note of the powerful tips and development strategies presented within this series and GET READY to make the leap to ultimate suc

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

cess.

The First Step – Marketing is the Key
Many coaches and small to medium business owners believe marketing is simply advertising. This is a HUGE error. Marketing is so much more than just your advertising. Advertising i

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

Examples of combination products may in

s simply one method, medium or process by which to communicate your product or service offer to prospective clients. Marketing however encapsulates:

Strategy; mindset; planning; capital; branding; products and services; product packagin

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

g; positioning; pricing; business location; communication; market drivers; business models; innovation; distribution channels; policies and procedures; guarantees; relationship building; sales processes; goals and objectives; business ph

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

ilosophy; and more.

Marketing encapsulates everything that influences the CHOICES of your prospects and clients. And the choices of your prospects and clients relate to:

- their perception of your business, products and image;
-

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

Combination pro

hether they purchase or not;
- whether they continue using or re-use your service;
- whether they refer your service;
- whether they pay;
- how much they are willing to pay;
- whether or not they endorse;

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

r> - and much more.

As you can see, there is a lot more to effective marketing than just running an ad.

How effectively a company undertakes marketing is the primary determinant of its level of success. Marketing is WITHOUT DOUBT the

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

most leveragable process in your business. It is also the most overlooked, and hence the reason for the majority of business failures.

A coach that is average in his technical coaching ability, yet EXCEPTIONAL at marketing his services,

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

will VASTLY outsell and out PROSPER the coach that is exceptional in his technical coaching and only average at marketing.

If you desire business success, MARKETING is a process that you MUST EXCEL at! If you don’t believe you are able

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

to fulfil the role yourself, you MUST find someone that can. BUT BE WARNED, if you neither fulfil the role effectively yourself, or utilises the services of someone that can, you will NEVER obtain the levels of success you desire.

For

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

ffective marketing, coaches need to have ALL business systems and protocols aligned with the perception they want their prospects and clients to have of their business. For instance, an effective marketing strategy requires:

- An effect

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

Following aspects would a

ive advertisement that attracts the specific target prospect and calls them to action. Depending on the sales process this action may be to telephone the coach;

- Appropriate quality systems to deal with the telephone call appropriately

dd to the challenges in developing combination products:

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

and channel them through the sales process;

- A highly effective sales process; a compelling offer and conversion process;

- A risk reversal strategy;

- Appropriately packaged services and products suitable to the client’s needs/desi

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

res;

- Follow-up and communication systems for unconverted prospects;

- Protocols for quality delivery of products and services;

- Retention and rapport building strategies for clients;

- Strategies for selling deep into the clients

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

in an ethical manner;

- Back-end sales plan for unconverted enquirers and past clients.

Just as marketing is the cornerstone of business success, systems are the foundation of effective marketing. If coaches consider the key differenti

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

tors between an extremely successful enterprise and an averagely successful enterprise in the same industry, it’s always one of two things (or a combination) that makes the difference…

They are marketing and innovation. And whilst innov

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

Professional from academic institutions, pharmaceutical industries, health care indust

ation can provide a ‘first to market’ advantage, it will not guarantee the sustainable success of the coaching business.

To develop systems that’ll underpin the marketing success requires awareness of the necessary elements, an implemen

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

tation plan, an action plan, a means to monitor effectiveness, a continuous improvement process, and perseverance. Have you got all of that?

This article is an abstract from the Ultimate Coach Business Development Program, a comprehensi

.

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

ve 24-month eCourse designed to walk coaches through the process of building flourishing businesses. If you'd like to learn how you can access the entire program email us at info@lcia.com.au.

© Life Coaching Institute (Aust). If you

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

Companies that provide selfless information through particip

wish to republish or reproduce this article, please include this information in the end of the article. For more information about the Institute – please visit www.lcia.com.au/lz.

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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