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Just Other Articles - Better Brand Building
This article is about the benefits, pitfalls and thinking that were involved in a building a new brand. While it’s my story of involving my speaking business, you should think about your own story, your passion, and what fits into your life. CAUTION: Realize this, it’s taken a LONG time, it was hard work, and it was painful at times
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
. If you’re not willing to experience those things then keep doing what you’re doing.
Have you asked yourself these questions? Are you happy with the answers?
1. Are you working harder to secure fewer and fewer customers?
2. Are you finding price to be a MAJOR concern for your buyer?
3. Are you generating interest from clients b
Have you asked yourself these questions? Are you happy with the answers?
1. Are you working harder to secure fewer and fewer customers?
2. Are you finding price to be a MAJOR concern for your buyer?
3. Are you generating interest from clients b
; 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
t not having a good ratio of inquiries to closings?
IF you said yes to these questions, you may be ready for the journey of reinvention.
Two things drove me to reinvent my speaking business:
1) I longed for a unique message, a brand to differentiate me in a crowded market. It is not new news that there are hundreds or maybe thous
IF you said yes to these questions, you may be ready for the journey of reinvention.
Two things drove me to reinvent my speaking business:
1) I longed for a unique message, a brand to differentiate me in a crowded market. It is not new news that there are hundreds or maybe thous
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
nds of people who can fill an hour on a conference agenda and who present similar things as you and I. I didn’t want to be a part of that. Perhaps you don’t want to be a carbon copy in your marketplace either.
2) I wanted to develop a business that would build value, something that was scalable and hopefully sellable IF and when
2) I wanted to develop a business that would build value, something that was scalable and hopefully sellable IF and when
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
I choose to stop speaking and do something else.
My story
Somewhere around the year 2000, I decided I was ready for a change but I didn’t know where to begin. A few years later, I had the good fortune of meeting Bruce Turkel, a branding expert. Bruce owns a branding firm in Miami and he agreed to help me create some new promotiona
My story
Somewhere around the year 2000, I decided I was ready for a change but I didn’t know where to begin. A few years later, I had the good fortune of meeting Bruce Turkel, a branding expert. Bruce owns a branding firm in Miami and he agreed to help me create some new promotiona
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
materials which eventually led to creating a whole new brand. Bruce came to hear me speak; I heard his branding presentation. I read his great book Building Brand Value. We bounced some ideas back and forth over several months. Then EUREKA! Bruce had written down my name on a white board in his office. As he looked at it one day
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
a phrase knocked him over. Right in the middle of my name, Tim Richardson, was the phrase I’M RICH! The fire hydrant opened. Ideas began to flow. I holed myself up in a resort on the ocean for three days. I mapped out ideas, played with speech titles, wrote draft book titles and more. Over a hundred ideas came out of that time a
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
nd great clarity for the topic.
That was the easy part (and getting there WASN’T easy). Included in the hard part, was leaving my old speech and beautiful marketing materials behind (more on that below). I started talking about my new focus to prospects and even included bit and pieces in speeches I had already booked. I tried ou
That was the easy part (and getting there WASN’T easy). Included in the hard part, was leaving my old speech and beautiful marketing materials behind (more on that below). I started talking about my new focus to prospects and even included bit and pieces in speeches I had already booked. I tried ou
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
new material. I did a few speeches for free. After 18 years away, I joined a Toastmasters Club and used it as a place to practice new material. I tried to leverage speaking engagements by offering to speak for civic and community groups. For awhile, I felt like I was moving backwards. Sometimes you have to do that to move forwa
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. I began asking people about their views on richness. As I spoke with people, I heard incredible stories about people who had richness in ways money could never buy. I stared writing an article for a local newspaper in which I profiled people who were rich in the ways that mattered. I pitched my book idea to an agent who loved
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
he concept. I asked my speaker colleagues and clients about it. The feedback was dead on. JUST DO IT!
Pitfalls
As I mentioned, it’s NOT easy. Deep thinking about your business is necessary. It’s not fun. If you’re like me, you want success in a box. You want the great and you want it yesterday. Be forewarned, that the proc
Pitfalls
As I mentioned, it’s NOT easy. Deep thinking about your business is necessary. It’s not fun. If you’re like me, you want success in a box. You want the great and you want it yesterday. Be forewarned, that the proc
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
ess of reinventing yourself might mean loss of business, clients, and productivity.
Make no mistake about it, I’ve have lots to learn. My journey of reinvention is still in its infancy. Here are some things that might get you started on your journey:
1) Get away. Clear your brain. Think. Reflect. Examine. Somewhere in the middle o
Make no mistake about it, I’ve have lots to learn. My journey of reinvention is still in its infancy. Here are some things that might get you started on your journey:
1) Get away. Clear your brain. Think. Reflect. Examine. Somewhere in the middle o
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
my reinvention, I went to the Great Smoky Mountain National Park to get some answers. I returned with these questions:
1. Where and how do I begin looking at what’s next?
2. What is different about me, my message, my business?
3. How do I capitalize on these differences?
4. How do I monetize these differences?
1. Where and how do I begin looking at what’s next?
2. What is different about me, my message, my business?
3. How do I capitalize on these differences?
4. How do I monetize these differences?
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
5. How do I stop doing what I’m doing and start doing something else? (This last question frightened me the most.)
About a week after this experience, I heard Joe Calloway, author of “Becoming a Category of One”. Joe’s compelling argument left me shaken. It also left me with two directives:
1) Pick a lane
2) Let go
My career
About a week after this experience, I heard Joe Calloway, author of “Becoming a Category of One”. Joe’s compelling argument left me shaken. It also left me with two directives:
1) Pick a lane
2) Let go
My career
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
had been like a drunk driver on a ten lane freeway. I randomly shifted lanes in my topics with little regard for what made me tick or what a client might want. The letting go part inspired me to do something long overdue. I took my four-color brochure and press kit and tore it to shreds. Then I got a hammer and—in a bonding momen
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
with my eight year-old son—smashed my demo video into a zillion pieces. As difficult as it was, that was the easy part. The hard part was what came next: no longer marketing my signature speech, watching business take a down turn, and trying to come up with something different. (Did I tell you, this is hard work?).
1) Trash your
1) Trash your
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
presentation. It might be your signature story, your stunning visuals, or your get-'em-all-emotionally-worked-up close. It’s very difficult to discover something new when you’re busy doing the old. Challenge every word. Your past success could be your biggest enemy to new discoveries.
2) Get help. Often we’re so close to our own
2) Get help. Often we’re so close to our own
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
businesses, that we can’t see the opportunity. I was very fortunate to meet and become great friends with Bruce (we have even spoken together a few times). His insight and what he saw in me and my presentation was a turning point for my reinvention. I may have spoken another twenty years and never seen what was right in front of me
.
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
all along.
3) Don’t rush it. Quality takes time.
4) Don’t be a copycat. Develop your own ideas. Combine two ideas to come up with some new. Be original.
5) Do something. The unknown is risky. Doing nothing is more risky. You know what happens with that. Of course, the bigger the risk, the bigger the payoff. Take that to the ban
3) Don’t rush it. Quality takes time.
4) Don’t be a copycat. Develop your own ideas. Combine two ideas to come up with some new. Be original.
5) Do something. The unknown is risky. Doing nothing is more risky. You know what happens with that. Of course, the bigger the risk, the bigger the payoff. Take that to the ban
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
. Literally.
It might not be in your name as it was in mine. It might be in your background, a personality trait, a life experience, advice your mother gave you, or something a stranger said to you. Who knows, it might be in the fortune cookie you get next week. I believe it’s there someone and you’ll find it …but only if you look
It might not be in your name as it was in mine. It might be in your background, a personality trait, a life experience, advice your mother gave you, or something a stranger said to you. Who knows, it might be in the fortune cookie you get next week. I believe it’s there someone and you’ll find it …but only if you look
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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