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Just Other Articles - Marketing Myth #3: Perception Is Not Reality
This is one of the hardest concepts for business owners to accept. They waste countless hours trying to convince unyielding clients to accept their version of reality, which often prevents them from communicating their unique benefits; alleviating significant flaws 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
or ignoring golden opportunities.
It is vitally important that any one who has responsibility for growing a business or organization understand and embrace this critical tenet. It does not matter if outside perceptions are factual... because consumers behave based on d
It is vitally important that any one who has responsibility for growing a business or organization understand and embrace this critical tenet. It does not matter if outside perceptions are factual... because consumers behave based on d
; 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
ecisions formed by attitudes founded on their beliefs, which are often subconscious. (If this sounds familiar, congratulations!)
This has particularly dangerous consequences when companies are forced into an undesirable place primarily because they fail to communicate
This has particularly dangerous consequences when companies are forced into an undesirable place primarily because they fail to communicate
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
their unique benefits. Thus, their “inside reality” is aware of their distinguishing qualities but “outside perceptions” are clueless.
In other words, the public may look at your business; your competitors’ businesses; and/or completely unrelated businesses and view th
In other words, the public may look at your business; your competitors’ businesses; and/or completely unrelated businesses and view th
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
em identically, good or bad. This means that they base their purchase decision solely on price or convenience. Why? Because they don’t have any other information!
Some companies can operate in this environment for a while but over time it gets them nowhere (except clos
Some companies can operate in this environment for a while but over time it gets them nowhere (except clos
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
er to extinction). Remember this, competing on price alone is the quickest way I know of to ensure that you will never be able to earn a substantial income… let alone, what you’re “worth”. It is a no-win situation and no matter how tempting, do not fall into that snare.
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
And businesses will continue to compete in this way until they do something to alter their prospects’ perceptions!
Avoiding the Commodity Ambush
You must be willing to face and accept reality… and as my daughter-in-law is fond of saying, “and don’t pretty it up!” Thi
Avoiding the Commodity Ambush
You must be willing to face and accept reality… and as my daughter-in-law is fond of saying, “and don’t pretty it up!” Thi
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
s is the first step in making sure you don’t get lumped into the commodity pot.
The worst (or best?) thing you’ll discover may be that your customers and prospects do indeed see you as similar, or identical, to others. Once you obtain this vital information, you must i
The worst (or best?) thing you’ll discover may be that your customers and prospects do indeed see you as similar, or identical, to others. Once you obtain this vital information, you must i
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
dentify specific areas where your inside reality does not match outside perceptions. For instance, you may need to do a better job of educating the public about your exceptional qualities (i.e. service, delivery, product benefits, etc.) or conversely, you may need to fi
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
x gaps.
Let’s assume that you’re the most knowledgeable, educated and competent financial advisor in your area, having earned and saved your clients much more than your competitors. At a networking event you give your business card to a qualified prospect in need of yo
Let’s assume that you’re the most knowledgeable, educated and competent financial advisor in your area, having earned and saved your clients much more than your competitors. At a networking event you give your business card to a qualified prospect in need of yo
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
r services and you schedule an initial meeting in your office. However, when the prospect arrives the waiting room is bland and the sofa upholstery is threadbare; the rest rooms are in desperate need of cleaning; your receptionist is curt; your office is a mess and you
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
can’t find the forms you need.
Then you spend the next hour reiterating the professional qualities you posses – careful attention to details, reliable service, thoroughly researched advice, etc. You’re convinced that you have the know-how and abilities to provide the v
Then you spend the next hour reiterating the professional qualities you posses – careful attention to details, reliable service, thoroughly researched advice, etc. You’re convinced that you have the know-how and abilities to provide the v
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
ery best financial advice to him or her, but they choose another company. Why? Because there was a huge gap between what you said and what they experienced. Your words said, “excellence and professional” and your environment and staff said “mediocrity and fly-by-night”!
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
As the saying goes, “If it looks like a duck and walks like a duck, it’s probably a duck.”
What does a dirty bathroom have to do with sound financial advice? In this case, everything… So you can either argue the point (i.e. one has nothing to do with the other) all th
What does a dirty bathroom have to do with sound financial advice? In this case, everything… So you can either argue the point (i.e. one has nothing to do with the other) all th
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
e way to the poor house or do whatever is necessary to create an office environment that reflects your level of professionalism.
Alternatively, your customers may continue to choose you over a competitor because you consistently deliver more product or service value th
Alternatively, your customers may continue to choose you over a competitor because you consistently deliver more product or service value th
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
at you’re not even aware of! And again, the only way to find this out for certain is to ask your repeat customers! For example, women may choose one comparable hair salon over the other because they are more careful schedulers and they never have a long wait. Presto! In
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
stant differentiation handed to you on a silver platter!
The third, and possibly the worst, perception gap brings us back to the commodity “nowhere land”. In order to transcend this place you’ll need to force an apples-and-oranges comparison between you and your compet
The third, and possibly the worst, perception gap brings us back to the commodity “nowhere land”. In order to transcend this place you’ll need to force an apples-and-oranges comparison between you and your compet
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
itors. You must design, execute and communicate such significant differences between you, that your customers would be foolish to take their business anywhere else, regardless of price.
At this point, it’s enough to understand that this is an essential concept. Do not,
At this point, it’s enough to understand that this is an essential concept. Do not,
.
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
however, worry about creating yours just yet… There’s lots of help in later chapters, so hold on for now!
Classic Symptoms of a Myth #3 Believer
They…
•Insist that their customers and prospects have no idea what they’re talking about
•Believe that a good product at
Classic Symptoms of a Myth #3 Believer
They…
•Insist that their customers and prospects have no idea what they’re talking about
•Believe that a good product at
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
the best price wins
•Put very little effort into retaining the customers they already have
•Ignore the importance of contact personnel, environment, and other customer touch points, particularly in professional service companies
•Lack any standardized quality progra
•Put very little effort into retaining the customers they already have
•Ignore the importance of contact personnel, environment, and other customer touch points, particularly in professional service companies
•Lack any standardized quality progra
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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