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Just Other Articles - Marketing Innovation - How to Improve Marketing ROI
There are a number of basic marketing fundamentals that everyone needs to know in order to generate attention, interest, desire and action among prospects. But to be successful in today’s competitive environment, you need more than a basic understanding of a traditional AIDA model and
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 4 P’s (product, place, price, promotion).
A number of years ago, I discovered a marketing methodology made popular by Michael Gerber. For those of you who have never heard of him, you can still find his books on Amazon or your local bookstore. Mr. Gerber referred to this marketing
A number of years ago, I discovered a marketing methodology made popular by Michael Gerber. For those of you who have never heard of him, you can still find his books on Amazon or your local bookstore. Mr. Gerber referred to this marketing
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
methodology as the E-myth which was comprised of: innovation, quantification, orchestration, and documentation.
This methodology is the key behind major marketing successes like McDonalds, the Four Seasons, and many other well-known brands. Let me explain his methodology and illustra
This methodology is the key behind major marketing successes like McDonalds, the Four Seasons, and many other well-known brands. Let me explain his methodology and illustra
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
te how it can be applied to your business to deliver significant ROI.
Innovation If you do what everyone else is doing, you’ll get the same results – if you’re lucky. Most often, those who excel in any market are the innovators, those who are continually trying new things, creating n
Innovation If you do what everyone else is doing, you’ll get the same results – if you’re lucky. Most often, those who excel in any market are the innovators, those who are continually trying new things, creating 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
ew methods of doing business, or standing for something unique.
Whether you’re Ben & Jerry’s ice cream, Apple computer, or Tommy Hilfiger, innovation is baked into the sale, marketing, and product development process. To illustrate, let’s take a look at your run-of-the-mill retail clo
Whether you’re Ben & Jerry’s ice cream, Apple computer, or Tommy Hilfiger, innovation is baked into the sale, marketing, and product development process. To illustrate, let’s take a look at your run-of-the-mill retail clo
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
thing store. When you enter the store, what’s the first thing the sales rep says to you? You guessed it, “How can I help you”?
An example of applying innovation would be to have that same sales representative open with a new greeting, something like, “Hello, is it your first time visi
An example of applying innovation would be to have that same sales representative open with a new greeting, something like, “Hello, is it your first time visi
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
ting our store?”. If yes, there’s a perfect opportunity to discuss what makes you unique, how to navigate the store, and so on. If no, the same holds true… “Welcome back. Were you successful in finding what you needed upon your last visit? What can I help you with today?”
Regardless o
Regardless o
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
f the actual questions used, the example of innovation in a sales/marketing sense gives you the ability to try something new. This ‘something’ can take a variety of different formats, but most importantly it iis something that can move you towards a greater ROI. Especially if you under
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
stand the next step which is quantification.
Quantification With each innovation, an action is taken – a product sampled, research conducted, a new sales pitch or value proposition delivered. To be truly effective with your marketing you must measure your results.
The most successfu
Quantification With each innovation, an action is taken – a product sampled, research conducted, a new sales pitch or value proposition delivered. To be truly effective with your marketing you must measure your results.
The most successfu
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
l marketing programs are always working to improve their return on investment (ROI). The key is to measure each independent element that could possibly influence your result.
Using our example of the retail establishment, you wouldn’t want to ask all of your sales reps to start using
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
new pitch AND change their dress code. Doing so might dilute your ability to measure the effectiveness of a new sales script. Additionally, you wouldn’t want to change other store elements like the music or store layout at the same time – doing so would make accurate measurement next
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
to impossible.
Now that you’ve tried something new and measured its effectiveness, you’re ready for the third component, orchestration.
Orchestration After trying something innovative, and measuring the result, you now know what works and what doesn’t. The key is to keep innovating
Now that you’ve tried something new and measured its effectiveness, you’re ready for the third component, orchestration.
Orchestration After trying something innovative, and measuring the result, you now know what works and what doesn’t. The key is to keep innovating
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
in small ways, continually testing and evaluating the results. Once you have your successes identified, you need to roll them out in a systemic fashion.
All sales and marketing personnel should be utilizing and implementing the latest innovation in all they do. This methodology now be
All sales and marketing personnel should be utilizing and implementing the latest innovation in all they do. This methodology now be
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
comes your control. Your next innovation is only effective if it produces better results than your control.
Improving your process of orchestration is also extremely important. The faster you implement your innovation across the business – in a consistent fashion, the better your resu
Improving your process of orchestration is also extremely important. The faster you implement your innovation across the business – in a consistent fashion, the better your resu
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
lts become. Walmart is a master of this. If there is an innovation in one store, it is quickly shared and implemented with all store managers across the U.S. The result is innovation on a massive scale which has a direct and positive influence on ROI.
Documentation The top innovators
Documentation The top innovators
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
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
do this last step extremely well. Documentation doesn’t mean creating reams of manuals that are esoteric or difficult to navigate. Rather, documentation is the development of a guide, procedure, or system that allows consistent implementation of the innovations you develop.
As new pe
As new pe
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
rsonnel come into your business, you want to make sure that the innovations and enhancements you’ve made to your sales and marketing practices are fully implemented. The best way to do this is to not expect an employee to memorize a 700 page employee instruction manual. Rather, they sh
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
ould become familiar with your way of doing business - which needs to be documented in a simple, easily understandable format.
You know you’re at a company that does this well when you hear things like, that’s “the Walmart way” or “This is how we do it here”. It’s those companies that
You know you’re at a company that does this well when you hear things like, that’s “the Walmart way” or “This is how we do it here”. It’s those companies that
.
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
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
create living documentation that is easily understood and implemented that excel.
Conclusion If you’re trying to enhance your marketing program, or create one from scratch, keep this methodology in mind: innovation, quantification, orchestration, documentation. This process will ens
Conclusion If you’re trying to enhance your marketing program, or create one from scratch, keep this methodology in mind: innovation, quantification, orchestration, documentation. This process will ens
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
ure constant growth and improvement in your marketing results.
Don’t just take my word for it, look at most major brands or category leaders. Under the hood, you’ll find systems for innovation, ways of testing, measuring, implementing, and documenting in a seemingly effortless fashion
Don’t just take my word for it, look at most major brands or category leaders. Under the hood, you’ll find systems for innovation, ways of testing, measuring, implementing, and documenting in a seemingly effortless fashion
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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