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Just Other Articles - Successful Marketing Requires Follow Up
I'd like to share the story of a new yogurt shop that opened in our neighborhood, because I think it provides some great marketing lessons we can all learn from.
The Little Yogurt Shop T
The Little Yogurt Shop T
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
hat Could
This little yogurt shop opened recently in a retail space that has been home to several ice cream shops over the past few years. None of the ice cream shops were successful in
This little yogurt shop opened recently in a retail space that has been home to several ice cream shops over the past few years. None of the ice cream shops were successful in
; 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
hat retail space for any length of time.
My guess is this is partly due to the location, but probably has more to do with their lack of marketing and establishing a strong brand.
The Li
My guess is this is partly due to the location, but probably has more to do with their lack of marketing and establishing a strong brand.
The Li
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
tle Yogurt Shop Passed The Branding Test
The little yogurt shop seems to have a leg up on the branding end. It's called DIY Yogurt and you actually get to serve yourself the yogurt and a
The little yogurt shop seems to have a leg up on the branding end. It's called DIY Yogurt and you actually get to serve yourself the yogurt and a
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
dd your own toppings.
This is a unique idea (a definite marketing advantage) and kids in particular seem to get a kick out of serving themselves and choosing and sprinkling the toppings
This is a unique idea (a definite marketing advantage) and kids in particular seem to get a kick out of serving themselves and choosing and sprinkling the toppings
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
n their yogurt by themselves.
So right there, the brand name (DIY or Do-It-Yourself) is consistent with the yogurt store's uniqueness.
Good job marketing so far.
They're Using Smart Ma
So right there, the brand name (DIY or Do-It-Yourself) is consistent with the yogurt store's uniqueness.
Good job marketing so far.
They're Using Smart Ma
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
keting Techniques
The second thing they did right was to distribute 50% off coupons to all the homes in the immediate vicinity of the store. The coupons were valid on two specific dates
The second thing they did right was to distribute 50% off coupons to all the homes in the immediate vicinity of the store. The coupons were valid on two specific dates
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
and were used to announce the grand opening.
Smart marketing.
We were made aware of the shop and we were given an incentive to give it a try, which we did, along with many other people
Smart marketing.
We were made aware of the shop and we were given an incentive to give it a try, which we did, along with many other people
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
the shop was packed with people when we visited. They also gave us a frequent buyer card that entitled us to a free yogurt after purchasing 10.
A good start on generating repeat busines
A good start on generating repeat busines
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
.
Now they've done three things right.
But guess what?
They Made One Potentially Fatal Mistake
That's where it stopped. It's been over a month since we went in for the 50% off trial a
Now they've done three things right.
But guess what?
They Made One Potentially Fatal Mistake
That's where it stopped. It's been over a month since we went in for the 50% off trial a
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
d I haven't seen or heard anything from DIY Yogurt since. And not surprisingly, we haven't been back. And you know the saying ... out of sight, out of mind.
Perhaps they're doing other m
Perhaps they're doing other m
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
arketing that I just haven't seen. But my guess is they probably are not.
They're expecting ME to remember them.
And as any good marketer knows, you've got to follow up again and again
They're expecting ME to remember them.
And as any good marketer knows, you've got to follow up again and again
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
nd again and AGAIN. You can't rely on your customers or prospects to remember you - you have to remind them you're there.
I'll be curious to see how long this little yogurt shop lasts. I
I'll be curious to see how long this little yogurt shop lasts. I
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
hope they do well. It's a unique idea that I think has a lot of merit. Plus their yogurt is pretty tasty!
You've Got to Follow-Up Follow-Up Follow-UP!
But without consistent marketing t
You've Got to Follow-Up Follow-Up Follow-UP!
But without consistent marketing t
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
hey may end up like all their predecessors in that space, and, like the majority of new businesses ... closing up shop because they just weren't able to make enough sales to keep the busi
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
ess going.
If you have a great product or service, and there is a market for what you're selling, there's no reason your business can't be a success.
But if you don't have a marketing p
If you have a great product or service, and there is a market for what you're selling, there's no reason your business can't be a success.
But if you don't have a marketing p
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
an with ongoing, consistent follow-up in place, the chances of you succeeding are slim.
You need to be out there reminding people over and over and over again that you're there for them.
You need to be out there reminding people over and over and over again that you're there for them.
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
So when they're ready to buy, they remember you, and they bring you their business.
I encourage you to take a look at your marketing efforts. Do you have a marketing plan in place, with
I encourage you to take a look at your marketing efforts. Do you have a marketing plan in place, with
.
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
consistent marketing follow-up scheduled?
A marketing plan with multiple ways to keep reminding your prospects that you're ready, willing and able to help them so they won't forget about
A marketing plan with multiple ways to keep reminding your prospects that you're ready, willing and able to help them so they won't forget about
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
you like I forgot about the little yogurt shop?
If not, I encourage you to take time now to create that marketing plan and put it into action.
The success of your business depends on it
If not, I encourage you to take time now to create that marketing plan and put it into action.
The success of your business depends on it
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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