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Understand "The Educational Spectrum" and You'll Increase Your Sales

Do you ever notice that when you're in the market to buy a car, you notice almost every advertisement for cars on TV, radio, and in the paper? You even notice all those cars with prices shoe po

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

lished on the windshield in supermarket parking lots. You buy Consumer Reports and Auto Trader and read classified ads. You become the expert on whichever car you're interested in.

After you scout the entire marketplace for just the right balance of price, condition, m

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

Examples of combination products may in

ileage, options, etc., you finally buy the car. And chances are you will be convinced that you got THE BEST DEAL available to mankind. You probably even brag about the deal to your friends. "This baby's only got 17k miles on it...but I picked it up for abo

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

t what everyone else wanted for the same car with twice as many miles." What a deal.

What about when you're not in the market to buy a car? You don't notice any of that stuff. Let's assume you're not in the market for a new Hyundai right now. I'll bet you haven't seen

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

or heard a single ad for Hyundai lately. You might not even be aware that Hyundai still sells cars in America! Mentally validate this point: All prospects you contact in your marketing efforts will have different levels of interest and understanding about your

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

Combination pro

product based on their circumstances.

Don't Fish With A Spear...Fish With A BIG Net!!!

I was talking to a client some time ago that used telemarketing as a major source of driving in new business. He wanted to increase his telemarketers' closing ratio, so h

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

e came to me for ideas. After reviewing the pitch they were using, I concluded that it was fine...no major changes needed to happen. Frustrated, the client threw up his hands and said, "That's it, then? I'm getting all the possible sales? I sure thought that my product

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

had a lot bigger market potential than the results we're seeing now."

So I asked him the same question I always ask every client: "What are you doing to follow up on the prospects that 1) don't buy now and 2) aren't interested?" The response was equally as familiar. He

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

said they put those that don't buy now in a database and call them every 30 days for 3 months...at which point they get dropped if they don't buy.

As for those that just aren't interested..."Nothing. They're not interested! Why would I waste time on them? There's an ol

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

d saying that you should spend time polishing cherries, not pits!" Let me add one comment: my client's average customer was worth thousands of dollars in profit per transaction. Just improving the telemarketer's pitch was not where the effort needed to be spent.

What m

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

client needed to understand was why customers were not buying....why they were saying no. The answer is what we call the "educational spectrum." There is an educational process from the moment a prospect begins thinking about buying your product or service to the point

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

Following aspects would a

when he actually puts out his hard earned cash.

Most marketers concentrate 99% of their efforts on finding and selling to prospects that are at the very end of the spectrum and ready to buy right now. These are what we call ripe cherries. You can attract them to your

dd to the challenges in developing combination products:

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

business by placing ads where hot prospects will be going to do their comparison shopping. Just remember that all of your competitors will also be there with their buckets looking for big, fat, red cherries.

Telemarketing and direct mail are the worst methods of findin

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

hot prospects. It's like fishing with a spear. You look and look and look for that one prospect that just happens to be to the end of the educational spectrum - one who just happens to be ready to buy. Can you imagine trying to sell your car by telemarketing? "Hello, m

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

y name is Bob. I've got a beautiful 1994 Cadillac STS for sale. Low mileage. Great condition. Only $27,500. Have you been thinking about a Cadillac?" Now that would be an exercise in futility!

I know what you're thinking now. "But lots of people use telemarketing and d

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

irect mail very successfully. It can't be that bad, can it?" I just said it was the worst way to find hot prospects. These two marketing methods are, however, highly recommended for another reason: you can target your market very effectively. In other words, you can cho

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

Professional from academic institutions, pharmaceutical industries, health care indust

se a list of people or companies that are likely to be current users or potential users of what you're selling.

Here's how to weave your telemarketers' efforts into a big net - keeping in mind the idea of the educational spectrum. Use this telemarketing pitch (for busi

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

ness to business): "Hi, this is Rich over at Widget & Digits. We've got a special on Widgets this week, but I know you probably hate to talk to telemarketers. So if you don't mind, I'll just fax you over some information real quick so you can get back to what you were d

.

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

ing." Use this pitch to gather the names and fax numbers of every single possible prospect you can think of.

Now you can monopolize your marketplace. Don't worry about those who aren't interested for now. Your job is to periodically send these people faxes that do what

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

Companies that provide selfless information through particip

? Educate. Over the course of time, you will get enough fish in your net that you'll find plenty of keepers. The key is to consistently keep feeding them new and relevant information. Example: Why do you think you are getting this newsletter every week? This stuff works

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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Everyone knows that advertising is essential to growing a business. One problem that small business owners have always faced is the high cost of marketing. Most, however don't realize that there is an effective way to reduce the cost of your advertising while - at the same time - increasing its reach.

Management's first response to a tight budget is often to reduce expenditures across the organization. Even worse, marketing and communications budgets are often cut more than other departments. But when a nonprofit cuts marketing, it cuts off one of the hands that feeds it. How can you avoid having your budget cut in hard times? Rather than taking a defensive position when faced with budget cuts, proactively respond to your nonprofit’s challenges. This article tells you how.

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