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Just Other Articles - Million Dollar Idea Maker
We’ve all seen some absolutely fantastic products, services or systems which are incredibly hot profitable money-spinners, and many of us have often wished we had thought of it first.
But just where do the ideas come from? How do the creators come up with the products and concepts?
Surely it’s based on massive research and development, huge capital investment, public scrutiny, market assessment - and
But just where do the ideas come from? How do the creators come up with the products and concepts?
Surely it’s based on massive research and development, huge capital investment, public scrutiny, market assessment - and
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
that’s just a start.
WRONG! Whilst the above may be true of some products, services, systems, ideas and so on, the absolute best don’t involve any such in-depth planning - far from it.
I’m going to reveal to you the secret of how some of the biggest, best and hottest ideas are conceived. - and how some of the most successful ever product ideas, were positively the simplest.
Don’t get me wrong, pro
WRONG! Whilst the above may be true of some products, services, systems, ideas and so on, the absolute best don’t involve any such in-depth planning - far from it.
I’m going to reveal to you the secret of how some of the biggest, best and hottest ideas are conceived. - and how some of the most successful ever product ideas, were positively the simplest.
Don’t get me wrong, pro
; 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
duct testing and market analysis is still very important, but completely pointless until you have clambered over the initial hurdle of ’thinking up’ a product.
Let’s look at a couple of brilliant examples of a product which is a world-wide name and multi-million dollar profit centers,
Firstly, just about everyone on knows about Duracell Batteries, and how they came from nowhere, and trounced the comp
Let’s look at a couple of brilliant examples of a product which is a world-wide name and multi-million dollar profit centers,
Firstly, just about everyone on knows about Duracell Batteries, and how they came from nowhere, and trounced the comp
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
tition virtually overnight.
Was it because their batteries were better than the competition? No, not really….. Not in general terms. But the marketing people behind Duracell came up with not one, but TWO pieces of absolute sales and marketing brilliance.
Firstly, they looked at the competition, the market-place, the mode and method of battery sales, then compared their product side-by-side with other
Was it because their batteries were better than the competition? No, not really….. Not in general terms. But the marketing people behind Duracell came up with not one, but TWO pieces of absolute sales and marketing brilliance.
Firstly, they looked at the competition, the market-place, the mode and method of battery sales, then compared their product side-by-side with other
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
leading batteries. It seemed that their battery was just as good as the rest, or at least as good as the market leader.
But in the marketing world, trying to sell a product on the basis of “It’s just as good as the rest” - doesn’t really work.
They needed an EDGE.
During comparative product testing, it revealed the Duracell was in fact, better than the leading battery, in a particular way. They had
But in the marketing world, trying to sell a product on the basis of “It’s just as good as the rest” - doesn’t really work.
They needed an EDGE.
During comparative product testing, it revealed the Duracell was in fact, better than the leading battery, in a particular way. They had
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
discovered that Duracell batteries lasted longer, much longer than the others….. during ’continuous use’.
EUREKA! That was it! They had found their edge….. The marketing angle….. The secret weapon.
So now, we all know that …. “ Duracell lasts longer any other battery during continuous use “…..
They had found a NICHE in the battery market……. ‘continuous use’.
Why is this so important? Simple. Most p
EUREKA! That was it! They had found their edge….. The marketing angle….. The secret weapon.
So now, we all know that …. “ Duracell lasts longer any other battery during continuous use “…..
They had found a NICHE in the battery market……. ‘continuous use’.
Why is this so important? Simple. Most p
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
eople who use products which require batteries, seldom actually use the product (and therefore the battery) for long periods, i.e. continuous use - but rather use them in shorter, regular periods - like flash-lights, electric door-bells etc.
But that was of little importance - they marketed heavily on the ’lasts longer… ’ concept - with the funky little Duracell Bunny going on, and on, and on… and on
But that was of little importance - they marketed heavily on the ’lasts longer… ’ concept - with the funky little Duracell Bunny going on, and on, and on… and on
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
……..
Duracell were not misleading anyone - they were completely truthful in their advertising, and with it, became a virtual household name overnight.
BUT - they also wanted a second scoop of the market, and devised yet another unbelievably simple, but so effective concept….. of gigantean proportions. What was it? Sell the batteries in PACKS! Simple but Brilliant!
Many readers may not recall, but
Duracell were not misleading anyone - they were completely truthful in their advertising, and with it, became a virtual household name overnight.
BUT - they also wanted a second scoop of the market, and devised yet another unbelievably simple, but so effective concept….. of gigantean proportions. What was it? Sell the batteries in PACKS! Simple but Brilliant!
Many readers may not recall, but
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
efore today’s multi-packs of batteries, they were simply sold loose, separately, individually. If you wanted just one - you went to the local store, and purchased just a single battery.
Now, Duracell decided to sell in multi-packs, and that was the only way to buy their new batteries. No singles. Period. Instead of selling one at a time, they sold FOUR At a time. Battery for battery, against the compe
Now, Duracell decided to sell in multi-packs, and that was the only way to buy their new batteries. No singles. Period. Instead of selling one at a time, they sold FOUR At a time. Battery for battery, against the compe
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
tition, they blew them away.
The multi-packs have another great side-effect. Some products which require batteries, need perhaps just one, or maybe three batteries, leaving an odd number of batteries left in the pack for future use. Next time the consumer needed to replace the used batteries in the product, they went to the drawer, and noticed perhaps that there were ’some’ Duracell batteries left, bu
The multi-packs have another great side-effect. Some products which require batteries, need perhaps just one, or maybe three batteries, leaving an odd number of batteries left in the pack for future use. Next time the consumer needed to replace the used batteries in the product, they went to the drawer, and noticed perhaps that there were ’some’ Duracell batteries left, bu
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
not enough. So the consumer had to purchase more. And if they had already looked at Duracell’s, and had some Duracell’s left to use up, what are they likely to buy?
You get the idea.
This is a perfect example of taking something which already exists, and remodelling it, re-branding it, re-marketing it, finding a niche for it - and away you go.
Look at the music industry. It’s rife with similar conc
You get the idea.
This is a perfect example of taking something which already exists, and remodelling it, re-branding it, re-marketing it, finding a niche for it - and away you go.
Look at the music industry. It’s rife with similar conc
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
epts, which make millions. Bands, groups, singers, performers…. often do ‘cover versions’ - that is they will copy a song or track previously done by another artist.
Sometimes music is a ‘fusion’ - a mix of existing styles, but blended together to create something new. How about ‘sampling’? Taking a beat, rift, chord, chorus, few lines, track….. From another artist, and remixing it to create something
Sometimes music is a ‘fusion’ - a mix of existing styles, but blended together to create something new. How about ‘sampling’? Taking a beat, rift, chord, chorus, few lines, track….. From another artist, and remixing it to create something
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
different.
All they have done is to use something that already exists, make a few changes, amendments, alterations, improvements - and RESELL IT.
Unless you can reinvent the wheel, or perfect ’cold fusion’ - the World is jam packed full of existing markets, products, systems, services, concepts, ideas and customers - all of which can be used as your drawing board to get started.
First of all, wher
All they have done is to use something that already exists, make a few changes, amendments, alterations, improvements - and RESELL IT.
Unless you can reinvent the wheel, or perfect ’cold fusion’ - the World is jam packed full of existing markets, products, systems, services, concepts, ideas and customers - all of which can be used as your drawing board to get started.
First of all, wher
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
to locate great concepts?
Look around. What do you like? What do you dislike? Can it be improved? Can you take a hot product and improve it? Can to take a mediocre product and develop it? Can you take a completely useless product, and turn it in something better? Listen to what others say.
Can you re-package something? Bundle it? Deliver it differently? Re-brand it? Find a different, untapped market
Look around. What do you like? What do you dislike? Can it be improved? Can you take a hot product and improve it? Can to take a mediocre product and develop it? Can you take a completely useless product, and turn it in something better? Listen to what others say.
Can you re-package something? Bundle it? Deliver it differently? Re-brand it? Find a different, untapped market
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
for a product which already exists, but is focussed on a different customer-base?
Can you add more value, more options, better support or service?
Do you use a product and think to yourself…. “Wow…. That’s great… but if only it did this too….”
Here are the vital tools and tips which you will need to start you off creating your own Million Dollar Ideas.
1. Your Eyes - seems obvious, but always be a
Can you add more value, more options, better support or service?
Do you use a product and think to yourself…. “Wow…. That’s great… but if only it did this too….”
Here are the vital tools and tips which you will need to start you off creating your own Million Dollar Ideas.
1. Your Eyes - seems obvious, but always be a
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
are and on the ‘look-out’.
2. Your Ears - keep them open listen to people, those around, what they say about products, especially the things they dislike, as this could be a great start for you, if you can remove the problem with an existing product, you may just have a seller.
3. Your Mind. Keep this open too. And try to think ‘laterally‘.
4. A notebook and a pen / pencil (write your ideas down - d
2. Your Ears - keep them open listen to people, those around, what they say about products, especially the things they dislike, as this could be a great start for you, if you can remove the problem with an existing product, you may just have a seller.
3. Your Mind. Keep this open too. And try to think ‘laterally‘.
4. A notebook and a pen / pencil (write your ideas down - d
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
on’t forget them!)
5. Go back to number 3 and remember to do this!
6. A ‘sounding board’ - a way of discussing your ideas with a few trusted others.
7. Patience. It may take a little time, the best ideas don’t necessarily come instantly -stick with it.
8. Don’t get down-heartened if some of your ideas don’t pan out. Just start again.
9. Don’t’ spend too much time over ideas. Give yourself 60 secon
5. Go back to number 3 and remember to do this!
6. A ‘sounding board’ - a way of discussing your ideas with a few trusted others.
7. Patience. It may take a little time, the best ideas don’t necessarily come instantly -stick with it.
8. Don’t get down-heartened if some of your ideas don’t pan out. Just start again.
9. Don’t’ spend too much time over ideas. Give yourself 60 secon
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
ds (no more) to think of a product, service, system etc., Then Stop. Then spend 9 minutes writing down as much as you can, all the pros and cons of the ‘idea’, how it can be improved, simplified, delivered - just write as much as you can in those 9 minutes. Then STOP. Take a break. A good break. In fact put your notes away till the next day. Then review them.
When you do finally come up with a really
When you do finally come up with a really
.
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
ot idea for a product, service, system etc., don’t tell the World until you’ve taken a few steps to protect yourself! Get advice from experts - Lawyers, Business Professionals…… Patents…. Copyright…….. It’s important to get these right, or else someone may steal your idea, register it first and make HIS/HER fortune from YOU!
That leads me on to the last area. Don’t outright steal someone else’s idea,
That leads me on to the last area. Don’t outright steal someone else’s idea,
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
product etc. Breach of Copyright can be serious, Patents are relatively easy register, but a little care is needed - and plagiarism is just downright nasty!
In summary, Million Dollar Ideas can be found in TWO PLACES.
1. Everywhere in the outside world.
2. Inside YOU.
It’s just a case of putting them together. Some of the best ideas, really are the simplest.
***************************************
In summary, Million Dollar Ideas can be found in TWO PLACES.
1. Everywhere in the outside world.
2. Inside YOU.
It’s just a case of putting them together. Some of the best ideas, really are the simplest.
***************************************
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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