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How Much Is Your Popcorn Worth?: Powerful Lessons In Marketing & The Psychology Of Selling – The Final Part

Additional Lessons from Popcorn Marketing

I'm assuming that the movie theat

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

res have tested their price point and figured out what the highest price is that they can charge and get away with - the highest price the market will be willing to pay.

And, that's what they charge

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

Examples of combination products may in

for their popcorn.

I believe that's a mistake. Here's a better way of doing it:

Test your price point. Find out what the highest price is that the customer is willing to pay for your product. Then,

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

bring the price down considerably! Offer a 'better' deal than your competitors. Or offer them a lot more value than others, by adding additional bonuses to increase the overall perceived value.

Sure

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

you can take advantage of your customers by charging as much as you possibly can. But, I wouldn't recommend that strategy. Instead, tell them what others are charging and what a great value you're g

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

Combination pro

iving them. Break it down for them and explain the difference. Show them how they're unique and why buying from you is in their best interest.

Remember, you can either corner them into buying from y

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

u, or you can just make your offer so much better, and so much more irresistible, that they will want to buy from you!

Moreover, I want the customer to feel good 'after' the purchase as well. I'm no

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

a fan of buyer's remorse, and I assume my customers aren't either.

You ensure that they will continue to feel good about their buying decision after the purchase by delivering on your promise. In f

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

ct, you can go a step beyond and 'over-deliver.'

When you do that, you will also:

1) Dramatically decrease your refund rate, and

2) Ensure that the customer will buy from you again, in the future,

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

because his first purchase from you was a positive and rewarding experience.

And, besides, the only reason I'm "in business" is because of the 'customer.' Why would I want to cheat him or trick hi

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

? We're in this business because we want to help people and create real value in their lives. Not because we want to suck every penny out of them, right?

Most marketers are bad marketers because the

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

Following aspects would a

think that marketing is about 'tricking' people into giving them money. That's absolutely not true.

If you do it right, they will want to give you the money, and feel good about it. And, you'll be

dd to the challenges in developing combination products:

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

ble to sleep well at night.

Marketing is not a one-shot deal. If you try to trick the customer into giving you as much money as possible just so you can get one sale out of him, you're seriously mis

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

sing out.

Instead, if you make the first buying experience a pleasant one, the customer will continue to buy from you again and again, and will happily give you more money. So, don't forget about yo

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

r existing customers after they've made that first sale. That's just the beginning of your mutually-beneficial relationship with him.

Well, there you have it… "popcorn marketing" explained, and then

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

some! :-)

There are many extremely powerful marketing strategies and psychological motivators at work in the above 'movie popcorn' scenario.

Remember, just 'knowing' about these strategies and conc

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

Professional from academic institutions, pharmaceutical industries, health care indust

pts won't do much to increase your profits. Start applying as many of them to your own business as possible, and I guarantee you'll sell more, and sell more often.

In fact, you'll get much better re

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

sults than the movie theatres ever will, by always keeping the customer's best interest in mind.

Here's to your dramatic increase in profits!

Sincerely,

Ian Canaway

To read the rest of this speci

.

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

l report, you can download it here: http://www.trafficstrategiesonsteroids.com/popcorn.pdf

(Feel free to use this

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

Companies that provide selfless information through particip

article online and in your email newsletters as long as you leave it intact and do not alter it in anyway. The by-line and resource box must remain in the article all links must be active hyperlinks.

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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