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One of the great challenges facing small business owners is that they must often battle for customers against larger competitors, who can afford to run more advertising, offer lower prices, and who are better established 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

the marketplace.

And yet some small business owners do it very successfully. How?

There are some proven marketing strategies to use when competing against larger, more established competitors. These strategies have been us

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

Examples of combination products may in

d successfully by companies of all sizes to drive sales and carve out a sustainable position in the market. They apply to online commerce and traditional small businesses.

Here are details on two such strategies that you ca

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

use as a small business owner to help grow your business when competing with larger competitors:

Take the “Alternative” Position

If you are up against the market leader in your business, shift your market position

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

o you don’t compete directly with them on their turf. Become the “alternative” to the market leader – that is, promote and advertise an aspect of your product/service that the leader simply can’t offer. This is a classic mar

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

Combination pro

eting strategy that has been used successfully by small companies and major corporations, because it allows you to compete with the leader in a part of the market where they may not be very strong.

Pepsi couldn’t beat Coke

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

at the cola wars, because Coke was viewed as the original cola drink that had no substitutes. That was fine with Pepsi. It let Coke have that territory, and instead marketed itself as the “Choice of a New Generation”. Its ma

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

keting appeal and target audience was young and cool - everything that Coke couldn’t be with their more traditional positioning. Pepsi successfully carved out the number 2 position in the market by becoming the primary alter

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

ative to Coke, and made billions in the process.

The rule applies to everything from .com companies to local furniture stores. Survey the competitive landscape in your market and determine how you can position your business

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

as the best alternative to the established market leader. Second place in a given market can be a very nice place to be from a profitability standpoint.

Sell what they don’t have – You!

Many small business owners ha

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

e found success by building their personal reputations as experts in their field, with significant benefits to their small business. They have become the “public face” for their company.

Some large companies have a “public

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

Following aspects would a

face”, a person who represents the company in the minds of customers (Richard Branson for Virgin is one). But most don’t. As a small business owner, you can effectively represent yourself as an expert in your area of experti

dd to the challenges in developing combination products:

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

e, and drive awareness for your small business in the process.

One of the most effective ways to build your reputation is through the credibility that comes from publicity and media relations activities.

Here are some guid

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

ng principles to working with the media as a small business owner:

View it as a relationship – reporters need story ideas and expert sources - you can offer both when it comes to your area of expertise to create a wi

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

-win situation

Pitch story ideas about what’s new and what’s changing – the media likes to break news about emerging trends, either in your industry or related to your experience as a small business owner

Strive

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

or repeat business – once a reporter has identified you as a good source of information on a topic, they will keep coming back to you – so ensure that early in your relationship you are available to them and willing to o

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

Professional from academic institutions, pharmaceutical industries, health care indust

ffer help in getting information for them to pull a story together

Having a single person leading the charge to build media relationships and run the company makes it easier to transfer the goodwill that you achieve in the

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

edia over to your business activities. This doesn’t work nearly as well for larger companies, so leverage this competitive advantage and take a personal approach to building your business through publicity.

You Can Compe

.

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

e!

Small business marketing is all about leveraging the built-in advantages of being a small enterprise in the battle against larger competition for customers and sales. Establishing your business as an alternative to t

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

Companies that provide selfless information through particip

e market leader in your business, and building personal credibility that can be transferred to your small business are just two strategies that you can implement to help your small business succeed against bigger competitors

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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The next time your structure or system says 'no', 'cannot', or 'we don't do it that way', take another look. Think outside the box. Push into the white spaces that surround you. Don't be content just doing it right - find a way to do it better!

In today's workplace there are daily examples of dysfunctional and ineffective supervision. Many people in supervisory roles have not been given the necessary training to be effective supervisors. Here are ten (10) tips from your strategic thinking coach to share with the supervisors in your businesses and organizations.

For tips on how to improve your small business, use these ideas from management guru Peter Drucker.

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