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Just Other Articles - How to Take Your Competitor's Customers
Growing your brand’s market share demands taking customers from the competitor’s camp meaning that you need to change a purchase behavior and break what may very well be a long-standing and habitual pattern. Change is the keyword and change is the key. It is not an easy thing to accomplish—nothing of
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
great value ever is. Napoleon once said, “If the art of war were nothing but the art of avoiding risks, glory would become the prey of mediocre minds.”
Too often, we are our own worst enemy. Because we lack the ability to look at our own business dispassionately, we deceive ourselves and begin to b
Too often, we are our own worst enemy. Because we lack the ability to look at our own business dispassionately, we deceive ourselves and begin to b
; 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
elieve our own rhetoric. It is, after all, human nature to believe in those things that provide us with the greatest comfort. Victory belongs to those who are intellectually rigorous and are willing to challenge the core of their own business beliefs.
How is Preference Created? Do you belie
How is Preference Created? Do you belie
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
ve that you can create a preference for your brands because you have a better product? Do you believe that you can initiate trial (which is the first step in stealing market share) by claiming that your product is better or by demonstrating some intrinsic product benefit? To those that agree with these statem
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
ents, we believe there is a flawed assumption in that logic. It assumes that the customer you are targeting has already developed dissatisfaction in the choices they have already made.
Think about this flawed idea logically. If you are trying to encourage a Budweiser drinker to switch to Coors, can you get t
Think about this flawed idea logically. If you are trying to encourage a Budweiser drinker to switch to Coors, can you get t
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
hem to switch by telling them that Coors tastes better? Impossible. There are no beer drinkers who hate the beer they currently drink. Believing that the customer chooses their beer based on taste is simply another fallacy.
In research that we have conducted with blindfolded beer drinkers, they cannot correc
In research that we have conducted with blindfolded beer drinkers, they cannot correc
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
tly choose their own brand of beer out of a choice of similar styles.
Obviously, there is something else going on here besides product attributes and efficacy. Choices are made and more importantly, re-made, based on factors that are not always cognitively recognized by the customer. Understanding those fact
Obviously, there is something else going on here besides product attributes and efficacy. Choices are made and more importantly, re-made, based on factors that are not always cognitively recognized by the customer. Understanding those fact
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
ors is the leverage you need to change their behavior and make prospects into customers.
Objectivity is Key Step back, look at your business as objectively as possible, and acknowledge that much of what you currently believe that differentiates your brand in the minds of customers is “wishf
Objectivity is Key Step back, look at your business as objectively as possible, and acknowledge that much of what you currently believe that differentiates your brand in the minds of customers is “wishf
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
ul thinking” on your part. A good start is to acknowledge that your competition claims to own the same things. Next, acknowledge that your target market has a difficult time discriminating between competitors by purely rational measures.
Marketers agree that a good strategy to influence a prospect’s choices
Marketers agree that a good strategy to influence a prospect’s choices
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
is by delivering a better solution to their needs. We agree with this— however, we have a different opinion as to what they actually are buying. For the most part, brands are obsessed with category benefits and yet customers choose within that category based on much more personal criteria.
An Example
An Example
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
of BRAND
Let’s use next day delivery as an example. We all have a choice of providers when we wish to send a letter or package and have next day delivery. When the need arises, we know of FedEx, DHL, UPS, and even the postal service come to mind. All of these companies offer quite reliable “next day
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
delivery” services. All are reliable and all of them perform well.
Our list of choices forms because of a “category need” yet none of these providers are able to differentiate themselves by cognitive measures. None can own “reliable” because all of them are. None can own convenient, because all are convenie
Our list of choices forms because of a “category need” yet none of these providers are able to differentiate themselves by cognitive measures. None can own “reliable” because all of them are. None can own convenient, because all are convenie
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
nt. None can own low cost provider, because all of the prices are similar. In fact, within the category, the providers offer no cognitive advantages over one another. We all know that we can reliably ship with any one of them and do so within pennies of each other. They will all deliver
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
our package as promised.
Why then, if I absolutely need to have a package delivered the next morning do I choose FedEx? Is it because they are cheaper? Is it because the others have failed me in the past? Is it because they are more reliable or more convenient? Not at all. I choose them for this important de
Why then, if I absolutely need to have a package delivered the next morning do I choose FedEx? Is it because they are cheaper? Is it because the others have failed me in the past? Is it because they are more reliable or more convenient? Not at all. I choose them for this important de
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
livery task because I am buying who I wish to be at the moment that I need the package shipped. I wish to be a man with “no worries” and I bought the BRAND, not the service. It is this BRAND that enabled FedEx to buy KINKOS — a company most assuredly NOT in the next day delivery business but a company very mu
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
ch in the ”peace of mind” business, which is the core of the FedEx BRAND.
Category Benefits = Commodity Markets If you wish to capture your competitor’s customers, fix any CATEGORY deficiencies you might have (like taste, if you are a beer, service is you are a hotel, and selectio
Category Benefits = Commodity Markets If you wish to capture your competitor’s customers, fix any CATEGORY deficiencies you might have (like taste, if you are a beer, service is you are a hotel, and selectio
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
n if you are a retailer) to bring your product offering up to par with the competitive set. But remember, parity does not build preference or margins. If you wish to steal your competitor’s customers, you need to uncover the precepts (beliefs) that drive your prospect to find more meaning in their lives. You
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
need to align your messaging with that new understanding. Napoleon summed up the importance of such subtle changes when he said, “Sometimes a single battle decides everything and sometimes, too, the slightest circumstance decides the issue of a battle. There is a moment in every battle at which the least
.
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
maneuver is decisive and gives superiority, as one drop of water causes overflow.”
A Better Way When done with clarity, objectivity, and focus, the customer entering your category of offerings is faced with a choice of like products and/or services. One choice represents their highes
A Better Way When done with clarity, objectivity, and focus, the customer entering your category of offerings is faced with a choice of like products and/or services. One choice represents their highes
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
t personal aspirations. Faced with such a choice, they are in fact choosing between themselves and an inanimate object. When executed properly, this infusion of meaning creates a covetous relationship between your brand and the prospect's self-identity. To choose otherwise would be a form of emotional suicide
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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