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Just Other Articles - How To Evaluate A Product Opportunity
Day after day my in box, and I'm sure yours as well, fills
with opportunity propaganda on how to make money. Do this,
and poof, you're rich. Become an affiliate and sell my
ebook, and poof, you're making lots of money. I don't know
about you, but I can't tell what’s a good opportunity and
what’s not any more. Because of this, I created a list of
nine criteria, a sort-of checklist, to use when I do
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
find
something that I don't think is full of "poof."
1. Is the product any good -- in my opinion, and in my markets?
This is especially true for me. I've found that informational fre*e products are nothing more than a tease. I just get tired of wading through 150 pages to find four pages that have anything "real." In addition, if they aren't decently organized or written, less than 2 out of 25 re
1. Is the product any good -- in my opinion, and in my markets?
This is especially true for me. I've found that informational fre*e products are nothing more than a tease. I just get tired of wading through 150 pages to find four pages that have anything "real." In addition, if they aren't decently organized or written, less than 2 out of 25 re
; 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
ach this from the hundreds I've read, how different is the
information?
Why would anyone want to pay $49 or $249 for the same thing offered in a $20 book? E-books aren't books. People don't buy them for the same reason. Even if the product isn't an informational product, what is different, unique, and important enough for me to buy that I can't buy somewhere else for less? Are the solutions clear,
Why would anyone want to pay $49 or $249 for the same thing offered in a $20 book? E-books aren't books. People don't buy them for the same reason. Even if the product isn't an informational product, what is different, unique, and important enough for me to buy that I can't buy somewhere else for less? Are the solutions clear,
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
or presented from
the producer’s viewpoint and give me a sale dance?
Some people don't care and sell anything. Does this producer fall into that category? If they do, it’s usually apparent. I've asked website owners who sell outside products about many confess they haven't read or tried it, and don't care about its truthfulness or value, just the revenue. I cringe when I get an e-mail that person
Some people don't care and sell anything. Does this producer fall into that category? If they do, it’s usually apparent. I've asked website owners who sell outside products about many confess they haven't read or tried it, and don't care about its truthfulness or value, just the revenue. I cringe when I get an e-mail that person
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
ally
promotes a teleseminar and then in the material it says,
"first time given."
How does this build trust and credibility? Well, it doesn't. Smart people don't return. The seller now incurs the label of the producer. Please, please, please, if you come across a poor product, ask for a refund. These people are counting on you not having the courage or taking the time to ask. If this would occu
How does this build trust and credibility? Well, it doesn't. Smart people don't return. The seller now incurs the label of the producer. Please, please, please, if you come across a poor product, ask for a refund. These people are counting on you not having the courage or taking the time to ask. If this would occu
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
r more frequently, the
marketplace would demand and receive higher quality.
Silence keeps poor products circulating. Vote with your
wallet.
2. What is the market demand status for this product?
Where on the bell curve does demand fall? The bell curve, a symmetrical curve for illustrating where a product stands in the sales process, slowly rises for new products, reaches a curved plateau, then spir
2. What is the market demand status for this product?
Where on the bell curve does demand fall? The bell curve, a symmetrical curve for illustrating where a product stands in the sales process, slowly rises for new products, reaches a curved plateau, then spir
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
als down, sometimes fast, sometimes
at the same grade of its rise, depending on the product and
economic market conditions. This holds true for physical or
information products wherever distributed.
How long has the product been in the marketplace? Is it new, old, or been over exposed? This takes some research. Caution though, if the original producer doesn't answer your question, that gives you th
How long has the product been in the marketplace? Is it new, old, or been over exposed? This takes some research. Caution though, if the original producer doesn't answer your question, that gives you th
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
e answer. What plans does the
producer have for future sales product? Is it being offered
to just anyone? Is he just starting? One strategy for
ebooks sales is to sell to early adaptors, then set up an
"everyone" affiliate program. What is their definition of
"everyone?"
Is the opportunity going from retail product to Internet? Some opportunities don't work well with this conversion. For instanc
Is the opportunity going from retail product to Internet? Some opportunities don't work well with this conversion. For instanc
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
e, take Coke, it’s sold retail and won't work on-
line. Website hosting and domain name is now an over sold
opportunity. Jumping in on this product is jumping in on a
plateau product that requires major pushing for production
if you want enough worthwhile revenue. Are you willing to
put enough effort into it (discussed later)?
3. Who Is The Producer?
Is the producer a stable company or new? The m
3. Who Is The Producer?
Is the producer a stable company or new? The m
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
ajor reason
new businesses have difficulty selling is because people
take a wait and see stance. People prefer to buy from
successful people and companies. Statistics confirm that
85% of new business will not be around next year. People
want to buy from successful ventures, successful people,
people that have stability, tenure.
At this point, if I am unable to uncover any solid information about t
At this point, if I am unable to uncover any solid information about t
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
e company, I don't continue past this
point. Don't have any hesitancy about emailing or calling
them with questions. Many times, I can't even find a phone
number. No response, drop the opportunity and move on to
another.
4. Revenue Generating Realty Check
Of course, the promo material will state the highest projections and usually leave out negative particulars. Ignore this, find, and calculate y
4. Revenue Generating Realty Check
Of course, the promo material will state the highest projections and usually leave out negative particulars. Ignore this, find, and calculate y
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
our own probabilities.
Since I have a heavy background in accounting, it’s easier
for me to do this. Not your area, then ask an accountant
for assistance, take a class, find a book, and learn this
calculation. The skill will serve you many ways in the
future.
Remember to set your personal feelings aside when evaluating an opportunity. It distorts the facts. Sell with emotions but don't make a dec
Remember to set your personal feelings aside when evaluating an opportunity. It distorts the facts. Sell with emotions but don't make a dec
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
ision to invest your precious resources
with it.
Calculate your break even point, what income you want, how many sales equal that over what period, are three questions that need an honest answer. E-books need 117,000 to 225,000 exposures to generate sizeable revenue. How are you going to get that number? Yes, that number is possible.
5. Pricing
Can the buying market afford the price? How much d
Calculate your break even point, what income you want, how many sales equal that over what period, are three questions that need an honest answer. E-books need 117,000 to 225,000 exposures to generate sizeable revenue. How are you going to get that number? Yes, that number is possible.
5. Pricing
Can the buying market afford the price? How much d
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
iscretionary income does the prospective buyers make? Can
they afford the product? Where does your price stand with
the competitors? If you're price is higher, is there value
there to justify the difference? Value in the eyes of
buyers, not yours. Pricing doesn't always make or break an
opportunity, however, if it’s the only opportunity it can
cost the company existence.
6. Is this a one-time sa
6. Is this a one-time sa
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
les product?
Finding a product that generates revenue without any expenses is hard to find and needs top consideration. One- time sale products require more marketing and cost per sale is higher. For instance, a membership access fee to all available ebooks and updates would generate higher revenue and profit than selling individually because cost of sale is less. Another example: A website hostin
Finding a product that generates revenue without any expenses is hard to find and needs top consideration. One- time sale products require more marketing and cost per sale is higher. For instance, a membership access fee to all available ebooks and updates would generate higher revenue and profit than selling individually because cost of sale is less. Another example: A website hostin
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
g company has higher
marketing costs to get you as their subscriber. Afterwards
there is little expense to keep you. They also have the
pain of transferring to another host on their side.
7. What type of marketing system is the producer using for the product?
How is the producer supporting you in your marketing success? Some companies provide all the materials, some don't. Do you have to do all
7. What type of marketing system is the producer using for the product?
How is the producer supporting you in your marketing success? Some companies provide all the materials, some don't. Do you have to do all
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
the marketing production? Do
you have the skills, time, or patience to do it? If they
don't provide it, how much is it going to cost you? A
sizable profit margin can look great until you calculate in
$5,000 for a generating the marketing material needed to
sell. Be very clear on this one, it is a major downfall to
many opportunities. Know exactly what you need and what it
is going to cost you in
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
time and money.
8. Are you going to do the pitching, the sales calls, and the follow-up?
Be realistic, do you have the time, the skills, patience, and courage to do all these parts? If you are short on time because of a full-time job, are you willing to give up your evening hours to follow-up on inquiries, do mailings, or make sales calls? What is your comfort level with sales? If not, what is tra
8. Are you going to do the pitching, the sales calls, and the follow-up?
Be realistic, do you have the time, the skills, patience, and courage to do all these parts? If you are short on time because of a full-time job, are you willing to give up your evening hours to follow-up on inquiries, do mailings, or make sales calls? What is your comfort level with sales? If not, what is tra
.
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
ining going to cost -- in time and money?
Is it worth it then, or can you pass this up and find
another product that is a better match?
9. What same category spin-offs products are available?
Can you find other similar products that build on this product? Once a customer buys one product from you and they are pleased, they will consider another in the same category. You can also double up and do 2
9. What same category spin-offs products are available?
Can you find other similar products that build on this product? Once a customer buys one product from you and they are pleased, they will consider another in the same category. You can also double up and do 2
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
for 1 specials or
promote with a "one free with the purchase of."
In Summary
Keep your eyes open, know your boundaries with the product and the marketing. Search for the unsaid costs, the ones the company doesn't want you to discover until after you purchased or made the initial investment. Take the time and talk with others selling the product that have no connected to the outcome of your decision
In Summary
Keep your eyes open, know your boundaries with the product and the marketing. Search for the unsaid costs, the ones the company doesn't want you to discover until after you purchased or made the initial investment. Take the time and talk with others selling the product that have no connected to the outcome of your decision
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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