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There's a saying that half of all marketing efforts are wasted, but it's impossible to tell which half!

I know from hard won experience how easy it is to waste money on marketing.

When I first set up my own business in 1998, I

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

spent tens of thousands of dollars employing the best graphic designer and printing a great glossy brochure.

The feedback was 'Tom, that's one of the best glossy brochures I've seen!'

But did it get me customers and help buil

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

Examples of combination products may in

d my business? No! It was a pure ego trip.

Now I know better.

Most marketing efforts are done for purely ego reasons alone and almost all fail to live up to expectations.

So what can you do about it?

I believe the best marke

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

ting campaigns are built not on glossy brochures or expensive TV advertising but on understanding the needs and wants of consumers and then providing solutions to these needs and wants.

Much of this is done by building powerful

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

personal relationships and using the media to create awareness, credibility and trust in the hearts and minds of consumers.

Here are the Top 10 Questions to Ask Before Spending Another Cent on Marketing.

And, help solve that

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

Combination pro

perennial question of how NOT to waste half your marketing efforts!

1. WHAT AM I TRYING TO ACHIEVE?

Always start with an objective in mind. Is it to attract new customers in a start-up phase or retain long-term loyal customers

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

? The marketing tools and tactics for each of these questions will be vastly different. Remember to set SMART Goals.

=> Specific
=> Measurable
=> Attractive
=> Realistic
=> Time-framed

2. WHO IS MY BROAD MA

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

RKET?

Who exactly are you trying to target? The more you can find out about them the better. What industry do they work in, what is their level of education and income, what are their values and beliefs and where do they live a

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

re just a couple for questions to consider.

3. WHO IS MY SPECIFIC TARGET MARKET?

If you have a broad market try and segment it down. The more specific you can be the better. Think of the best way to eat a delicious and juicy o

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

range. You must carefully peel away the astringent protective skin of the orange. Inside is the juicy flesh. When you have done this, carefully separate each segment without spilling a drop of juice. Take time to examine and f

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

cus on each market segment based on a range of different wants and needs. Regardless of size, each target market must be treated with precision and respect.

4. WHAT IS MY NICHE?

I heard a great saying from fellow speaker Maree

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

Following aspects would a

Wrack recently. "Provide the fruit, not the whole supermarket!". Focus on your strengths and deliver this product or service really well.

5. WHAT PROBLEM CAN I SOLVE?

I believe running a successful business is pretty simple

dd to the challenges in developing combination products:

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

. As Bill Clinton said 'most of the big things in life are simple'. Being in business is about finding out about people's problems and then providing a solution for them.

Whether you are running a multi-million dollar enterpri

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

se or a business from home, the principles are the same.

6. WHAT MAKES MY SOLUTION UNIQUE?

What is it that makes your solution to a problem unique? Is it different from all the other possible solutions in the marketplace? This

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

is commonly known as a 'Unique Selling Proposition' or USP. Identifying your USP helps to define your marketing strengths and identify markets.

7. HOW DO I REACH MY TARGET MARKET?

What is the best way to reach your target au

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

dience? How do they get their information? Is it worth of mouth, personal referrals or through the media?

8. HOW WILL I DELIVER THE SOLUTION?

What is the best way to deliver the business solution? What are the best and most co

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

Professional from academic institutions, pharmaceutical industries, health care indust

st effective distribution channels for my product or service? The channel chosen to communicate your message can define expense and effectiveness. Be realistic and savvy, make optimum use of your budget without cutting corners

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

.

9. HOW MUCH WILL I CHARGE?

Pricing is a very sensitive issue. Do you want to position your product or service as a low cost, high volume business or high value, exclusive and expensive. Make well informed, long term decision

.

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

s keeping in mind your company’s needs and those of your target market.

10. HOW WILL I RETAIN EXISTING CUSTOMERS?

It is more expensive to attract new customers than service existing ones. The research shows that if you increas

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

Companies that provide selfless information through particip

e repeat business by 5 per cent you can increase your profitability by more than 35 per cent. How will you keep and retain existing customers?

Create a structured model to follow for all clients and keep this is a high priority

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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In many companies the HR department and Accounts love to have the salary of an employee deducted on the pay day based on their on-seat attendance time. This one is too harsh and especially for someone who has to sit facing the monitor continuously is a pain in the neck and eyes.

Learn how to solve the one problem that can ruin all your efforts at creating a quality company. The problem isn’t what you expect, but the solution is something you can start correcting today.

Learn how to delegate with confidence. Follow 4 simple steps to successful delegation and get the performance that you want.

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