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Lessons For New Entries

All brands must steal market share to survive. Even if you believe you are “first to market” with a new product or service or believe you have created a “new category” a brand will not survive unless it steals share.

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

When you evaluate your category, do not look at it as a particular process or technology, rather look at it as the satisfaction of a customer need or want. Suddenly, even your most immature market begins to look remarkably crowded and quite mature.

Evalua

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

Examples of combination products may in

ting your offering in terms of a perceived need or want is an important understanding to foster — that is, if you want to steal market share. It forces you to see your product and service from the outside-in perspective of the customers you are trying to inf

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

luence. Immediately, rather than a new offering, your “new category” looks a great deal like a marketing improvement that will help you target the competitive set most likely to offer up its loyal following to your innovative category upgrade. Failure to und

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

rstand this is failure to “know the enemy.”

Legends In Our Own Minds

Purveyors of new product offers are not the only guilty parties when it comes to self-deceit. All marketers worth their salt are in love with their offers, but somehow, t

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

Combination pro

hose riding the exhilarating crest of innovation and newness are understandably more prone to this error. Know this, and you will own the advantage.

Your competition will often introduce its innovative offer with a barrage of amenities and product/service

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

advantages. Don’t make this mistake. Certainly, it is important to tout the innovative advantages, in order to point out how the new brand works, but do not get lost in the minutiae of process that excites the engineers and the lab-coated folks in R&D. The

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

y love the processes… your target audience cares only for the outcome and purposes and even the greatest of outcomes is no substitute for a great brand promise. Brand equity not only promises a specific outcome but ALSO promises to reinforce the self-descrip

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

ion of the target audience while they actively use or purchase the brand. It speaks directly to your target’s sense of self.

Defining Your Competition

When we evaluate a new brand or service, new pharmaceutical, new technology, new financi

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

al service, or new consumer product, we think about every means that the customer has of satisfying that need or want. FedEx competes with UPS, and DHL for sure, but they also compete with all means of communicating and sharing data at high speed. The compe

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

titive set therefore includes, FAX, E-mail, telephone and dare say, carrier pigeons!

When the iPod hit the market, it was in a life or death struggle not only with other MP3 players but also with every means by which the end user had to play music — both por

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

Following aspects would a

table and non-portable. Understanding the entire competitive set prepares you to find real opportunity for your brand and not just a temporary fix.

When building the brand story, always remember that your competition’s customers are not simply buying a prod

dd to the challenges in developing combination products:

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

ct or service, they are buying a brand that reinforces a belief in whom they are — as individuals and as a group. They are reinforcing their sense of self with every purchase and no one, regardless of the power of the offer, will commit emotional suicide by

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

buying a brand that shatters that self-concept. These emotional attachments to brands are more important than efficacy or performance and need to be tightly woven into the brand promise if you intend on growing your market share. It is this sort of brand lo

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

yalty that protects your brand from always having to be best or most affordable. It protects Coke from being overtaken by Pepsi even if Pepsi is preferred in blind taste tests. It protects Microsoft from encroachment by Apple and it provides advantages to c

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

ountless other brands everyday. It is the only reason to invest in brand building and runs counter to everything R&D might tell you. Anthropologists better understand brand equity than most marketers and companies. Those that know both disciplines own an

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

Professional from academic institutions, pharmaceutical industries, health care indust

utstanding advantage.

Low Penetration vs Immature

We feel quite comfortable in stating that there are no immature categories when it comes to stealing share. Sure, there are many categories where market penetration is slight, however, ther

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

e are a number of existing product that are certainly satisfying the category need by other means. To get consumers to change their current behavior your brand needs them to change both their loyalties and their actions and choose differently. You are bucki

.

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

ng both brand loyalty and force of habit and such powerful laws of consumer behavior requires an equal force be applied to institute such a change. At Stealing Share®, we believe these represent both the emotional and cognitive needs of the target you wish t

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

Companies that provide selfless information through particip

o influence. You must engage their intellect and excite their emotions. You must promise not only a better outcome and process but a better “user of the brand” as well. In short, you need to invite them into an exclusive club that welcomes them as a member

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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After years of running various small businesses I have finally come to conclude that people are bad for your profits!

In Youngstown we saw the city of Boardman growing middle class mixed race area with newer homes and the downtown and adjacent area appeared to be poor black, but not crime ridden, people there were very nice and hard working family folks. If you begin to study and look at the projects around the Youngstown area it is easy to get excited about the future seeing as they are pro-active and smart about economic growth and about their place in the world between Pittsburgh and Akron.

Meaning and understanding are the foundation of communication. It is why newcomers to our country are helped and encouraged to learn the English language so that they can share in the comfort of understanding and meaning of the world around them. I emphasize these concepts because while our business community invests in safer office spaces, better work cell design, and color palettes to sooth, energize, and motivate workers, they often forget about verbal ergonomics - the care and development of the voice.

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