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Just Other Articles - Benefits of Developing & Maintaining a Database
A database is more than a simple list of names and addresses. What turns a list into a database is the additional information, coupled with your ability to select names from or report on the list using any combination of data
elements.
In this report, you'll see some examples of the benefits of developing and maintaining a database. Then, the specific information that a database can contain will be detailed.
BENEFITS OF A DATABASE By maintaining your list as a database, you can segment in many ways for targeting. Targeting im
In this report, you'll see some examples of the benefits of developing and maintaining a database. Then, the specific information that a database can contain will be detailed.
BENEFITS OF A DATABASE By maintaining your list as a database, you can segment in many ways for targeting. Targeting im
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
proves the productivity of your offers. You can use a database to isolate the segment of your list most likely to respond to a particular offer. With a good database, you're not "mass-mailing" your offer to parts of your list that may have no interest in it (based on their characteristics). Because the number you're mailing is smaller, your response rate (number responding/number mailed) - one measure of productivity - should be higher. (And, of course, you'll save on printing and postage costs.)
Here are two simple examples of targeting
Here are two simple examples of targeting
; 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
using database information:
1. You're the owner of a neighborhood beauty salon. For each customer, you keep a record (with dates) of all the services you've provided to that customer. You're planning a special pre-summer promotion on permanent waves for the month of May.
Instead of mailing an announcement of the sale to your entire customer list (many of whom don't have their hair permed), you select only those customers who had a permanent at least three months ago. In this way, you're targeting those customers who are most likely to
1. You're the owner of a neighborhood beauty salon. For each customer, you keep a record (with dates) of all the services you've provided to that customer. You're planning a special pre-summer promotion on permanent waves for the month of May.
Instead of mailing an announcement of the sale to your entire customer list (many of whom don't have their hair permed), you select only those customers who had a permanent at least three months ago. In this way, you're targeting those customers who are most likely to
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
take advantage of your upcoming sale.
2. You're the dinner chairperson of a local fund-raising organization. Your mailing list is made up of a wide range of contributors, from those who've donated only a few dollars to those who give annual gifts of thousands of dollars. For each contributor, you maintain a record of all past donations and functions he/she has attended, in addition to basic mailing information. This year, you're asking for donations of $100 a plate for the annual dinner dance. To get the best response to your invitatio
2. You're the dinner chairperson of a local fund-raising organization. Your mailing list is made up of a wide range of contributors, from those who've donated only a few dollars to those who give annual gifts of thousands of dollars. For each contributor, you maintain a record of all past donations and functions he/she has attended, in addition to basic mailing information. This year, you're asking for donations of $100 a plate for the annual dinner dance. To get the best response to your invitatio
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
n, you first target those contributors who were at last year's dinner dance. Then you target those who weren't at the dance, but who donated more than $100 in the past year.
Depending on the response you expect from these first two groups, you may next want to target those names on your list that didn't attend the last dance, but contributed $50 in the last year. You may even want to have a phone follow-up to the first two groups but use the mailing only for the third group.
A properly set up database can provide many benefits for your bus
Depending on the response you expect from these first two groups, you may next want to target those names on your list that didn't attend the last dance, but contributed $50 in the last year. You may even want to have a phone follow-up to the first two groups but use the mailing only for the third group.
A properly set up database can provide many benefits for your bus
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
ness or organization. But the usefulness of a database depends entirely on what elements you include in it.
WHAT TO INCLUDE IN THE DATABASE
Depending on your type of business or organization, you will want to include different fields in your database. Later in this report you will see some examples of the fields that are appropriate in specific instances. For all businesses or organizations, though, certain basic information is always necessary.
By including basic information in your database, you ensure that the people or co
WHAT TO INCLUDE IN THE DATABASE
Depending on your type of business or organization, you will want to include different fields in your database. Later in this report you will see some examples of the fields that are appropriate in specific instances. For all businesses or organizations, though, certain basic information is always necessary.
By including basic information in your database, you ensure that the people or co
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
mpanies on your list are deliverable. That is, the mailings you produce using your list will get where you want them to go - into the hands of the individual who is most likely to respond to your offer.
1. Basic information for Business Audiences If your audience is made up of businesses, you will need to include the following fields for each name on your list:
a. A unique account number.
This number should not be tied into any other information about the customer, for example, phone number or address, since this sort of infor
1. Basic information for Business Audiences If your audience is made up of businesses, you will need to include the following fields for each name on your list:
a. A unique account number.
This number should not be tied into any other information about the customer, for example, phone number or address, since this sort of infor
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
ation may change over time. The account number should never change throughout the life of the customer. A sequential numbering system is simple and
effective.
b. Company name.
c. Street Address.
d. Suite number, is necessary
e. P.O. Box, if necessary.
f. City
g. State
h. Zip Code, five or nine digit.
i. Phone number (with area code).
j. Job title or name of contact.
Some business mailers maintain the name of the individual within the customer's business or organization. Others simply use
b. Company name.
c. Street Address.
d. Suite number, is necessary
e. P.O. Box, if necessary.
f. City
g. State
h. Zip Code, five or nine digit.
i. Phone number (with area code).
j. Job title or name of contact.
Some business mailers maintain the name of the individual within the customer's business or organization. Others simply use
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
the appropriate job title. The alternative you choose will depend on the nature of your business and the amount of turnover associated with the position that is your contact.
2. Basic Information for Individual (Non-Business) Audiences
If your audience is made up of individuals, you will need to include the following data for each name on the list:
a. A unique account number.
b. Individual's name.
c. Street address or P.O. Box.
d. Apartment number, is necessary.
e. City.
f. State.
g. Zip Code, five
2. Basic Information for Individual (Non-Business) Audiences
If your audience is made up of individuals, you will need to include the following data for each name on the list:
a. A unique account number.
b. Individual's name.
c. Street address or P.O. Box.
d. Apartment number, is necessary.
e. City.
f. State.
g. Zip Code, five
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
r nine digit.
h. Phone number (with area code).
The basic information listed above is necessary to make sure that the names on your mailing list are mailable. But how do you decide which names are more productive?
3. Data Elements to Evaluate - Recency, Frequency and Monetary Value
Regardless of whether you're mailing to businesses or individuals, there are three factors - recency, frequency and monetary value - that are commonly used to measure the value of a name.
a. Recency: Recency refers to the last time that th
h. Phone number (with area code).
The basic information listed above is necessary to make sure that the names on your mailing list are mailable. But how do you decide which names are more productive?
3. Data Elements to Evaluate - Recency, Frequency and Monetary Value
Regardless of whether you're mailing to businesses or individuals, there are three factors - recency, frequency and monetary value - that are commonly used to measure the value of a name.
a. Recency: Recency refers to the last time that th
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
e
customer ordered or responded to an offer.
b. Frequency: Frequency is the number of orders or responses that the customer has made since becoming a customer (or during the last year or other specified time period).
c. Monetary Value: The monetary value is the amount of money the customer has spent since becoming a customer (or during the last year or other specified time period).
How do these three factors determine the value of a customer (the likelihood he/she will order again)?
* The more recently a custo
b. Frequency: Frequency is the number of orders or responses that the customer has made since becoming a customer (or during the last year or other specified time period).
c. Monetary Value: The monetary value is the amount of money the customer has spent since becoming a customer (or during the last year or other specified time period).
How do these three factors determine the value of a customer (the likelihood he/she will order again)?
* The more recently a custo
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
mer has ordered from you, the
more likely he/she will be to respond to your next offer.
* The more often a customer orders from you, the more likely he/she will be to respond to your next offer.
* The more money a customer spends with you, the more likely he/she will be to respond to your next offer.
All three factors - recency, frequency, and monetary value - are considered to be good indicators of whether or not a customer is likely to respond to a future offer. But they are not equal. Recency is thought to be the
* The more often a customer orders from you, the more likely he/she will be to respond to your next offer.
* The more money a customer spends with you, the more likely he/she will be to respond to your next offer.
All three factors - recency, frequency, and monetary value - are considered to be good indicators of whether or not a customer is likely to respond to a future offer. But they are not equal. Recency is thought to be the
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
best indicator, followed by frequency and then monetary value.
In order to use these valuable pieces of information, here are the specific fields you need to maintain on your database:
* For recency: The date of the last transaction with the customer - the date of the customer's last order, purchase or donation.
* For frequency: The dates of all previous transactions with the customer over a certain period of time.
* For monetary value: The size (in dollars) of all of the customer's previous purchases or other t
In order to use these valuable pieces of information, here are the specific fields you need to maintain on your database:
* For recency: The date of the last transaction with the customer - the date of the customer's last order, purchase or donation.
* For frequency: The dates of all previous transactions with the customer over a certain period of time.
* For monetary value: The size (in dollars) of all of the customer's previous purchases or other t
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
ransactions. (It is also common to
maintain the dollar amount of the customer's most recent order as the monetary
value indicator.)
In addition to evaluating the recency, frequency, and monetary worth of your audience, you will probably find that there are many other important ways to analyze the names on your database.
4. Additional Information for Business Audiences
If your audience is made up of businesses, there is additional descriptive information, some specific to your product or offer, that could be valuable to
In addition to evaluating the recency, frequency, and monetary worth of your audience, you will probably find that there are many other important ways to analyze the names on your database.
4. Additional Information for Business Audiences
If your audience is made up of businesses, there is additional descriptive information, some specific to your product or offer, that could be valuable to
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
ave.
You might want to consider storing some of the following data elements for each of the names on your database:
a. Number of employees in the business/organization.
b. Type of business/organization.
The United States Government four-digit coding system, the Standard Industrial Classification (SIC) system, is commonly used to identify businesses. For example, the codes 5211 through 5999 identify "Retailers." Within that category, 5411 is the code for "Grocery Stores," 5441 the number for "Candy, Nut and Confectio
You might want to consider storing some of the following data elements for each of the names on your database:
a. Number of employees in the business/organization.
b. Type of business/organization.
The United States Government four-digit coding system, the Standard Industrial Classification (SIC) system, is commonly used to identify businesses. For example, the codes 5211 through 5999 identify "Retailers." Within that category, 5411 is the code for "Grocery Stores," 5441 the number for "Candy, Nut and Confectio
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
nery Stores." The SIC Manual is available through the
Superintendent of Documents, U.S. Government Printing Office, Washington, DC
20402.
c. Annual sales volume.
d. Credit status code
The credit status code could be developed by you, based on the customer's payment history or perhaps obtained from a commercial credit report.
e. Items ordered from you.
With data in this file, you can select customer for programs designed to get them to reorder an item, or to order complimentary or supply items.
f. Loc
c. Annual sales volume.
d. Credit status code
The credit status code could be developed by you, based on the customer's payment history or perhaps obtained from a commercial credit report.
e. Items ordered from you.
With data in this file, you can select customer for programs designed to get them to reorder an item, or to order complimentary or supply items.
f. Loc
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
tion.
Is it a headquarters, subsidiary, branch, division, etc.?
If you are making an offer that requires a decision by someone at the headquarters of a company, you may not want to send it to the branch office (unless there are employees involved in the decision too).
g. Source of the name.
This field is usually a code representing where you got the name. Assign a unique code for each referral program, publication advertisement, list, etc., you use to get a new name. Assigning a source code to each new customer allo
Is it a headquarters, subsidiary, branch, division, etc.?
If you are making an offer that requires a decision by someone at the headquarters of a company, you may not want to send it to the branch office (unless there are employees involved in the decision too).
g. Source of the name.
This field is usually a code representing where you got the name. Assign a unique code for each referral program, publication advertisement, list, etc., you use to get a new name. Assigning a source code to each new customer allo
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
ws you to evaluate the effectiveness of each technique you
use to get customers or to collect prospect names.
5. Additional Information for Individual Audiences
If your audience is made up of individuals, you may want to collect information on the household unit, often the most relevant purchasing unit. Here are some suggestions for demographic information that could be useful to you in analyzing the names on your mailing list.
a. Household income.
b. Occupations of household members.
c. Number of people in th
5. Additional Information for Individual Audiences
If your audience is made up of individuals, you may want to collect information on the household unit, often the most relevant purchasing unit. Here are some suggestions for demographic information that could be useful to you in analyzing the names on your mailing list.
a. Household income.
b. Occupations of household members.
c. Number of people in th
.
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
household.
d. Ages of the members of the household.
e. Genders of members of the household.
f. Marital status of members of the household.
g. Information on property belonging to the household:
* Type of living quarters.
* Owned or rented living quarters.
* Number, make, model, etc. of each automobile.
* Number, make, model, etc. of each major appliance.
h. Political affiliation.
i. Hobbies and leisure time activities.
Now you know the secrets of how a database can turn your mailin
d. Ages of the members of the household.
e. Genders of members of the household.
f. Marital status of members of the household.
g. Information on property belonging to the household:
* Type of living quarters.
* Owned or rented living quarters.
* Number, make, model, etc. of each automobile.
* Number, make, model, etc. of each major appliance.
h. Political affiliation.
i. Hobbies and leisure time activities.
Now you know the secrets of how a database can turn your mailin
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
g list
into a valuable asset for your business or organization. You understand what
basic fields to include. And you have had an overview of what additional fields
might be added to the basic ones that make a list mailable. Be sure to carefully
analyze your own needs and to include information that would be of help to you in
mailing smarter. In report #3504, we will start explaining the details of how to
go about collecting the names for your mailing list, starting with your customer list.
Copyright 2004 by DeAnna Spencer
Copyright 2004 by DeAnna Spencer
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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