Answers - Real Estate

Do you know?

Do you have a system in place for keeping track of where your customers and clients are coming from? Or do you just "do some things" and hope they work?

Unfortu

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

nately, most Realtors and Real Estate Agencies just follow the crowd, doing the same real estate marketing everyone else does so that they have a presence everywhere anyone el

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

Examples of combination products may in

se is.

For instance, everyone places their homes for sale ads in the Sunday newspaper, or the local Homes magazine. And if two agencies sign up to support the local Booster C

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

lub by posting team pictures, everyone else has to follow suit or they might "look bad."

It makes no sense, but it happens that way for one simple reason: Most agents and age

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

ncies don’t know where their business is coming from!

If you knew that you got the majority of your buyers from your web page would you work harder to promote the web

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

Combination pro

page?

If you knew that the dollars you spent on a full page in the Homes magazine hadn't resulted in even one call for the last 6 months, would you stop advertising ther

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

If you knew your newsletter brought you 2 or 3 new listings every month would you mail more newsletters?

If you knew that classified ads didn't work at all, would

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

you keep placing them?

You won't know any of that unless you set up a system to keep track of where your calls, emails, and walk-ins are coming from.

Start now, so that

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

within a few months you'll know exactly where to spend your real estate marketing dollars - and where NOT to spend them.

Make up a chart with the various ways you advertise:

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

Web site, prospecting letters, postcards, Homes magazine, newspapers (by name if you use more than one), flyer boxes, just listed cards, etc. And do remember to include colum

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

ns for "reputation" and referrals.

Put your ads in a folder and date them, so you can go back later and look at them after you know which ones worked.

Make the referral colu

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

Following aspects would a

mn on your chart wider than the others… so instead of a checkmark you can enter the name of the person who referred you. Then be faithful about sending a thank you card, or at

dd to the challenges in developing combination products:

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

the very least, making a thank you phone call. When you show appreciation for help given, you'll get even more.

Be sure your chart has room to write down the name of the new

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

customer or client, because the second step to record keeping is to note how many of those leads resulted in closed transactions.

If an advertising venue gets you plenty of

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

nquiries but no sales it might be attracting the wrong people.

Just creating your chart isn't enough. Once you have it, you have to use it. That means asking people how they

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

found you. Some agents are reluctant to do that. If you're one of them… get over it! This is your career and your money we're talking about!

Keep your charts, and at the end

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

of a week or a month, sit down and read them. Find out how many people came to you from each source. Balance that with how many times you used each, of course.

The last step

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

is to compare how many dollars you spent on each form of real estate marketing to how many closed transactions resulted from each.

Armed with that information you can either

.

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

eliminate some forms of advertising entirely, or work on improving the messages you send out. If newspaper ads worked one week and not another; it's time to get those ads out

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

of the folder and study what you did.

This record keeping shouldn't take more than an hour or two a week - and it can save you hundreds, if not thousands on advertising costs

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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