Just Other Articles

One of the most effective but seldom used ways to increase your bottom line is with the use of endorsements. By having a respected person or organization, endorse your product or service, you can add tremendous force and credibility to your sales message.

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

Here is a three step process to get you started in getting endorsements:

1. Write down the names of individuals, organizations, or groups that command respect and influence among people in your core market. The individuals don’t have to be celebrities, but

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

Examples of combination products may in

they must be immediately recognizable, and they must be perceived as having integrity.

2. Then, approach the individuals, organizations, or groups directly or through their contact person, and ask them to endorse your product or service. If they want to b

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

e paid, offer them a fee, a share of the gross or net sales, or a certain amount per order placed or lead generated. The fact that they accept compensation won’t compromise the integrity or credibility of what they say. (Many times the person who endorses y

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

ur product or service will ask that their payment go directly to a charity.)

3. Once an agreement has been reached, ask your endorser to make the most compelling, powerful, and specific claim they can possibly make for you and your organization. You don’t

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

Combination pro

want a general or hollow statement, such as “I highly recommend ABC Company.” You want them to say something like, “In just 30 days ABC Company showed me how to boost my sales by 50%. And I’m sure they can do the same thing for you.”

When you approach a pr

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

ospective individual or organization about endorsing your product or service, be ready to prove your claims. If they don’t know you well and have never tried your product or service they will want some hard facts before agreeing to link their name and reput

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

tion to yours in an endorsement.

You will have to sell them on trying the relationship out with no risk on their part. For example you could offer to have them try a couple of small applications first, before you actually expand or roll out your campaign w

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

ith them. They can see the impact for themselves first hand. They can see how happy people will be. They can watch the way your company performs. They can call your customers and get their feedback about your product or service.

You will have to prove thro

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

ugh application that their personal credibility is not being compromised. Tell the endorser that only when they are comfortable, will you expand into the actual campaign. Taking the risk away from the endorser is a powerful way to get endorsement prospect

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

to say “yes, I’ll give it a try.”

It’s important to always highlight the benefit’s, the improved end result that people will derive by buying from you, or by coming to you for advice or treatment. Also, make sure that the endorsement ties directly into th

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

Following aspects would a

e desires, wants, needs, and interests of your target audience. For example, if you find out through your market research that 50% of your target market plays golf, it would be advantageous for you to find a respected golf pro, even a local golf pro, and h

dd to the challenges in developing combination products:

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

ave him or her appear on TV or sign letters, or even appear in advertisements with you.

You don’t want one of those slice-of-life testimonials, like a satisfied car buyer who appears for just an instant on TV. An endorsement is much more than a testimonial

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

; it’s a loftier presence, a more powerful way of influencing people.

There are many different ways to use endorsements. Depending on the type of business that you’re in, you could have them sign a letter printed on their letterhead, but that you wrote. In

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

other words, you simply write the letter on the endorser‘s letterhead, get them to sign it, and then you send it out to your prospects and customers.

Some other ways to effectively use endorsements are, have the person who is endorsing your product or serv

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

ice call people that they know. You could also run ads with their pictures in publications and do the same on your Web site. You could have them lend their names as author or co-author of a special report or publication that you send out to your industry. O

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

Professional from academic institutions, pharmaceutical industries, health care indust

r you could produce an informative and educational CD that features both you and the endorser giving valuable information for prospects and customers.

Because of the association with the endorser, you gain for yourself an elevated stature of credibility.

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

ndorsements also give you great leverage. On your own all you have is your own capital. But with a well known and respected endorser you can tap into someone or some organization that has enjoyed prominence for years or even decades. By having them endorse

.

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

your product or service you tap into their notoriety, distinction, and credibility.

With endorsements you can improve and increase your effectiveness and the impact of what you do dramatically. By putting in place multiple endorsements with all kinds of ex

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

Companies that provide selfless information through particip

perts, personalities, and organizations of influence and respect you will greatly improve the results, effect, and impact you can have on your prospective business market.

Copyright© 2006 by Joe Love and JLM & Associates, Inc. All rights reserved worldwide

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

HTTP = HTML link (for blogs, profiles,phorums):
<a href="http://www.justotherarticles.org.ua/article/28682/justotherarticles-Increase-Your-Business-By-Using-Endorsements.html">Increase Your Business By Using Endorsements</a>

BB link (for phorums):
[url=http://www.justotherarticles.org.ua/article/28682/justotherarticles-Increase-Your-Business-By-Using-Endorsements.html]Increase Your Business By Using Endorsements[/url]

In Sun Zi Art of War, Sun Zi advocated five essential characteristics of a General. Want to know what they are and how to apply them to business? Read on to find out more.

Business referrals are like the Holy Grail of marketing. By treating your current clients like gold you will receive many business referrals.

In the Star Trek series, a Replicator was a robot or mechanical device that could covert energy into particles or matter and do the same with small objects. What looked so complicated and surreal then has become everyday life for us now with many of our everyday demands being satisfied by vending machines.

Tags

Links

Just Other Articles - Increase Your Business By Using Endorsements

Related Articles: