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Your Unique Selling Proposition (USP)
The glue that connects your brand to your niche, and differentiates you from your competition, is your Unique Selling Propo

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

sition or USP.

Your USP is your brands mouthpiece that articulates how your product is uniquely positioned to solve the problems experienced by your niche. Without a USP your marketin

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

Examples of combination products may in

statements to your niche are vague, unappealing, unsubstantiated, uncompelling and ambiguous.

Your USP is simply the single most unique strength or benefit your business has to deliv

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

r that is exclusive to you and paramount to your niche market.

Your USP should be strong and self-evident like Federal Express – “When it absolutely, positively has to be there over 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

ght” or Dominos Pizza “Hot Pizza delivered in 30 minutes or it’s FREE.”

Michael Port a world renowned Life Coach has a USP that states “The Coach to call when you are

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

Combination pro

tired of thinking small.”

Your USP is always external. It tells your niche why they should buy from you.

Let us pose a scenario for you. Put yourself in the position of this person…

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

…You are a 49 year old business owner that’s been self employed for 20 years and is starting to wonder if there’s a way to get more enjoyment from life and spend more time with your gr

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

owing family without jeopardising the future of your business.

…You come across 2 advertisements, one above the other for coaching. The headlines are:

The First is:

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
ng>Grow your business with Business Coaching

The Second is:

ATTENTION BUSINESS OWNERS AND EXECUTIVES

Achieve greater work-life balance with

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

n 4-weeks with one of Australia’s most trusted specialist business coaches…

Which one are you going to respond to?

This is an excellent example of how the secon

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

coach:

1. Has identified a niche market.
2. Understands the challenges faced by his niche market.
3. Has positioned himself as an ‘expert’ to assist overcome the challeng

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

Following aspects would a

.
4. Has built a brand through the articulation of his Unique Selling Proposition.
5. Left no ambiguity as to how he can assist.

The second coaches brand can be even

dd to the challenges in developing combination products:

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

urther substantiated and endorsed by:

- An offer of a free report;
- A link into a free communication program that maintains contact and adds value;
- Testimonials and end

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

rsements by peers of the prospect;
- Building some quantitative guarantee.

And yet sadly, how many coaches use the tombstone headline style of Coach 1? We’d suggest 99%. No

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

wonder prospects find it difficult affiliating with the coach’s service.

Summary
In summary, to be effective at this early stage of your marketing development,

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

you must first:

1. Intricately know and understand the challenges and needs of your target market.
2. Identify and validate a worthwhile niche based on your knowledge of point 1

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

Professional from academic institutions, pharmaceutical industries, health care indust

3. Develop your brand to be congruent to the desires of your niche.
4. Articulate your brand and service to your niche through a highly compelling USP.

This article i

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

an abstract from the Ultimate Coach Business Development Program, a comprehensive 24-month eCourse designed to walk coaches through the process of building flourishing businesses. If

.

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

ou'd like to learn how you can access the entire program email us at info@lcia.com.au.

© Life Coaching Institute (Aust). If you wish to republish or reproduce this article, please

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

Companies that provide selfless information through particip

nclude 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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Just Other Articles - Creating Your Niche & Brand - Part 3

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