Cases - Business

Let’s face it; leads are the lifeblood of any business. Without them, any business struggles and will eventually withers away. For this reason, it’s vitally important that your business have a system in place for capturing leads on

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

a consistent basis.

Now, there are many ways to go about acquiring leads and millions upon millions of dollars are spent annually in the hopes of doing just that. Unfortunately, many of those millions of dollars are being wasted o

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

Examples of combination products may in

n inefficient and ineffective lead generation methods.

As a small business, every resource is valuable. This means you don’t have the luxury of wasting even a single dollar on ineffective methods of generating qualified leads. So h

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

ow do you go about determining what’s effective and what’s a waste?

Here are 5 critical elements to remember when creating your lead generation systems. Include these elements and you’re certain to have a system that consistently g

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

enerates quality leads efficiently and effectively.

1. Don’t Waste Any Bullets

This is the most common as well as the most costly mistake made by most businesses. You see, a large majority of businesses spend th

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

Combination pro

eir marketing dollars on things such as yellow pages ads, newspaper ads, radio spots, or other mass media methods.

The problem with these methods is that for the cost per lead is so high because they use a shotgun approach in trying

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

to reach your target market. While they do have a high ‘circulation’ number, the majority are not at all interested or qualified in what you have to offer.

A better use of those marketing dollars would be to invest in creating a h

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

ghly targeted mailing list and direct mail campaign that you’re certain will be sent to prospects that are both interested and qualified to purchase what you have to offer. That way you know your spending dollars on ONLY those that

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

could potentially be converted to a paying customer.

2. Only Use Methods That Are Scalable

Another problem with many marketing methods used by small businesses is that they get locked into long-term commitments, w

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

hether it works or not. A perfect example of this is the Yellow Pages. For the life of the contract, a business is required to make the monthly payment regardless if anyone calls from the ad or not. On the flip side, if a decent n

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

umber of prospects are calling, you can’t do anything to increase that number either.

So, by selecting methods that are scalable, you’re able to turn your marketing either on or off, depending on the results you achieve. This gives

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

Following aspects would a

you control over where your dollars are going and also over the number of leads you receive.

3. Be Sure To Track Your Results

This is a vital element to any successful lead generation program simply because it te

dd to the challenges in developing combination products:

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

lls you what works and what doesn’t. If you don’t know where your leads are coming from, how will you know if you should continue to invest money in it? How will you know if you need to turn it up? Or worse, stop it completely?

W

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

ithout tracking your results you won’t know where your leads are coming from and you seriously hamper your ability to generate leads effectively and efficiently.

4. Remember, You’re Developing Leads, Not Making Sales
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
>

One of the biggest mistakes you could possibly make with any lead generation system is trying to immediately make a sale instead of just settling for a high quality lead. Marketing is a process and it’s very difficult to effectiv
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
ely move a prospect from interested in what you have to offer all the way to becoming a paying customer. There are of course exceptions to this rule, but in most cases getting the sale will take additional work.

So when you do get
ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust
a qualified lead or prospect, it means your lead generation process has worked as intended. It’s now time for the rest of your sales and marketing process to take over.

5. Have a Follow-up Process In Place

If you
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
r lead generation process has been effective, you should have a prospect that’s ready and eager to learn more about your offerings and how you can solve their problem, or fill their need, or provide for their want. Have a prepared p
.

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
rocess in place that answers all their questions, overcomes any objections, and presents them with an offer to purchase a product or service.

Building a successful small business can be a daunting task and without an effective lead
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip
generation system, it can be infinitely more difficult. However, if you’ll keep these 5 key elements in mind as you develop yours, you’ll soon be acquiring more than enough quality leads effectively, efficiently, and with less waste

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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Cases - Lead Generation - 5 Keys to Generating Leads With Minimal Waste and Maximum Effectiveness

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