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Answers - What ROI You Should Expect From Your Web Site
Is Your Web Site an Expense or an Investment?
Why don't you think of your web site as of an investment rather than of an expense? Having a web site is very similar to having an investment property.
Let me show you why.
When you are buying an inves
Why don't you think of your web site as of an investment rather than of an expense? Having a web site is very similar to having an investment property.
Let me show you why.
When you are buying an inves
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
tment property, you have to invest a certain amount of money at the first place and then pay trivial ongoing fees (property management, rates, maintenance, etc.).
From time to time you would spend some money on improvements and renovations.
You are receiv
From time to time you would spend some money on improvements and renovations.
You are receiv
; 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
ing firm rental income and are enjoying the natural increase in property value.
The very same arrangement applies to your web site. At first you are paying for web design and search engine optimisation and then carrying out some ongoing expenses (web promo
The very same arrangement applies to your web site. At first you are paying for web design and search engine optimisation and then carrying out some ongoing expenses (web promo
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
tion, maintenance, support, monitoring, fine-tuning, etc.).
And from time to time you spend some money on enhancements and new marketing initiatives.
Your site is getting sound web traffic and your business is benefiting from new and returned clients and
And from time to time you spend some money on enhancements and new marketing initiatives.
Your site is getting sound web traffic and your business is benefiting from new and returned clients and
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
ultimately from more sales.
So far both, your investment property and your web site look very much alike, don't they?
There is a big difference though. Your rental income is limited by numerous factors that are beyond your control, for instance, area vaca
So far both, your investment property and your web site look very much alike, don't they?
There is a big difference though. Your rental income is limited by numerous factors that are beyond your control, for instance, area vaca
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
ncy rate and market rental value.
Internet, on the other hand, has no limits. Everyday, search engines alone average over 300 million searches conducted by people looking for information, products, and services.
Imagine if you could get ranked well in maj
Internet, on the other hand, has no limits. Everyday, search engines alone average over 300 million searches conducted by people looking for information, products, and services.
Imagine if you could get ranked well in maj
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
or search engines. The shear volume of "ready to buy" visitors coming to your web site would skyrocket your sales and profits.
How to achieve 200% Return On Investment from Your Web Site
Now let's get back to your investment property. The market is
How to achieve 200% Return On Investment from Your Web Site
Now let's get back to your investment property. The market is
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
growing and you have achieved an excellent ROI of 9%. Can it be better? Sure it can. With little luck it can be 13 or even 15%. But can your investment property acquire the ROI of 200%? It's highly unlikely.
But being applied to your web site, a ROI of 20
But being applied to your web site, a ROI of 20
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
0% (and much higher) becomes very visible. And it's easy to calculate.
Pretend that you've spent $20,000 on setting-up and are paying $1,000 a month for maintenance resulting in an annual expenditure of $32,000. You want to not only get a 200% ROI but to a
Pretend that you've spent $20,000 on setting-up and are paying $1,000 a month for maintenance resulting in an annual expenditure of $32,000. You want to not only get a 200% ROI but to a
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
lso cover all your initial costs within the first year of online presence.
To achieve that you need to sell $96,000 worth of products online. If your average price per item is $100, then you need to sell 960 items in 12 months.
Let's be conservative and a
To achieve that you need to sell $96,000 worth of products online. If your average price per item is $100, then you need to sell 960 items in 12 months.
Let's be conservative and a
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
ssume that your online purchasers will only buy one item at the time. So you need 960 buyers (80 buyers a month).
Many studies show that an average online conversion rate is between 1% and 5%.
Because since we are conservative, we expect our conversion ra
Many studies show that an average online conversion rate is between 1% and 5%.
Because since we are conservative, we expect our conversion ra
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
te would be 3%, meaning that you need to attract 32,000 visitors to your site during the year. This is just 88 visitors a day.
A typical well-optimised online store would have much greater traffic. In fact, one of our own clients gets 800+ visitors every d
A typical well-optimised online store would have much greater traffic. In fact, one of our own clients gets 800+ visitors every d
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
ay.
Now let's do some math.
32,000 visitors x 3% conversion rate x $100 average sale price = $96,000 in revenue and 200% ROI.
But there is more.
You Can Do Better! Is 1,000% ROI a Myth or a Reality?
Let's assume that every web page of your site,
Now let's do some math.
32,000 visitors x 3% conversion rate x $100 average sale price = $96,000 in revenue and 200% ROI.
But there is more.
You Can Do Better! Is 1,000% ROI a Myth or a Reality?
Let's assume that every web page of your site,
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
including online catalogue is optimised for a unique key phrase giving you an additional entry point for search engines.
In other words, if someone is looking for a particular product name listed in your online catalogue, the web page displaying this prod
In other words, if someone is looking for a particular product name listed in your online catalogue, the web page displaying this prod
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
uct will be highly ranked in search engines' results.
The more products you have to showcase, the more entry points you provide for search engines resulting in more online visitors.
With a comprehensive online catalogue of 2,000+ products you could easily
The more products you have to showcase, the more entry points you provide for search engines resulting in more online visitors.
With a comprehensive online catalogue of 2,000+ products you could easily
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
double your estimated traffic and have not 88 but 176 visitors a day (64,000 a year). (Remember, we are very conservative.)
If we take into account that your market is a niche market and you can effectively reach your target audience, then we can expect t
If we take into account that your market is a niche market and you can effectively reach your target audience, then we can expect t
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
hat your conversion rate would be greater then average and you could convert 6% of your visitors into purchasers.
You've been innovative and have developed a pursuing after-sales strategy including multiple purchasing, special deals for more purchasing wit
You've been innovative and have developed a pursuing after-sales strategy including multiple purchasing, special deals for more purchasing wit
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
hin a certain time frame, newsletters offering great discounts, etc. As a result your average sale price has increased by 10% and is now $110 per purchase.
Now our math looks quite differently.
64,000 x 6% x $110 = $422,400 in revenue and ... take a breat
Now our math looks quite differently.
64,000 x 6% x $110 = $422,400 in revenue and ... take a breat
.
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
h ... 1,320% ROI.
Over time your online performance can only be better simply because mature sites are ranked better in search engines, your online catalogue is getting bigger, your web traffic is growing and you have a steady income stream from ret
Over time your online performance can only be better simply because mature sites are ranked better in search engines, your online catalogue is getting bigger, your web traffic is growing and you have a steady income stream from ret
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
urned customers.
Although the above scenario may not suit all business models, your web site can (and should) deliver outstanding return on investment.
So, if you like the picture and if you never thought of your web site as of an investment, think again.
Although the above scenario may not suit all business models, your web site can (and should) deliver outstanding return on investment.
So, if you like the picture and if you never thought of your web site as of an investment, think again.
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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