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Social Space - Buzz Marketing - Is it Word of Mouth (WOM)?
Some people say that they're the same - word of mouth and network marketing.
Tom "Big Al" Schreiter, for example, has taught for years that recommending your product or business is like recommending a restaur
Tom "Big Al" Schreiter, for example, has taught for years that recommending your product or business is like recommending a restaur
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
ant - only you don't get paid when you're recommending the restaurant.
While network marketers do speak to others about their wares, the 95% drop out rate in NM tells me that the "words of mouth" in NM are somehow n
While network marketers do speak to others about their wares, the 95% drop out rate in NM tells me that the "words of mouth" in NM are somehow n
; 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 the same. People everywhere still recommend restaurants, movies and a host of other things to friends, but most network marketers have given up recommending their wares long ago.
What's the story here? Why the wi
What's the story here? Why the wi
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
dly different results?
Word of mouth and NM are both the same and not the same. Same in the sense that people talk to each other about things in both. But there the similarity stops.
Many marketers (not just netwo
Word of mouth and NM are both the same and not the same. Same in the sense that people talk to each other about things in both. But there the similarity stops.
Many marketers (not just netwo
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
k marketers) have latched onto the phrase word of mouth because it has been the most effective means so far to market products.
Here's how it's defined in Wikpedia: http://en.wikipedia.org/wiki/Word_of_mouth
Here's how it's defined in Wikpedia: http://en.wikipedia.org/wiki/Word_of_mouth
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
"Word of mouth (WOM) is the passing of information by verbal means, especially recommendations, but also general information, in an informal, person-to-person manner, rather than by mass media, advertising, organized
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
publication, or traditional marketing...
Word of mouth promotion is highly valued by marketers. It is felt that this form of communication has valuable source credibility. People are more inclined to believe word of
Word of mouth promotion is highly valued by marketers. It is felt that this form of communication has valuable source credibility. People are more inclined to believe word of
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
mouth promotion than more formal forms of promotion because the communicator is unlikely to have an ulterior motive (ie.: they are not out to sell you something)...Also people tend to believe people that they know."
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
Emphasis added.)
In his eye-opening book "The Tipping Point, Malcolm Gladwell discusses those people ("Connectors" and "Mavens") who start word of mouth discussions that create major marketing successes.
"What sets
In his eye-opening book "The Tipping Point, Malcolm Gladwell discusses those people ("Connectors" and "Mavens") who start word of mouth discussions that create major marketing successes.
"What sets
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
Mavens apart...is the fact that [they] want to help, for no other reason than because they like to help. That turns out to be an awfully effective way of getting someone's attention."
He then brings up Paul Revere.
He then brings up Paul Revere.
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
.
"News of the British march did not come by fax, or by means of a group email. It wasn't broadcast on the nightly news, surrounded by commercials. It was carried by a man, a volunteer, riding on a cold night with
"News of the British march did not come by fax, or by means of a group email. It wasn't broadcast on the nightly news, surrounded by commercials. It was carried by a man, a volunteer, riding on a cold night with
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
no personal agenda other than a concern for the liberty of his peers..."
And last, he gives a restaurant example..
"And why are the Zagat restaurant guides so popular?..Their real power derives from the fact that
And last, he gives a restaurant example..
"And why are the Zagat restaurant guides so popular?..Their real power derives from the fact that
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
he reviews are the report of volunteers - of diners who want to share their opinions with others. Somehow, that represents a more compelling recommendation that the opinion of an expert whose job it is to rate restu
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
rants." (Emphasis added.)
The difference, it appears, is in the motivation. Love? Or money?
In network marketing, many people DO love their products; so for them, that part of the word of mouth works. But then, w
The difference, it appears, is in the motivation. Love? Or money?
In network marketing, many people DO love their products; so for them, that part of the word of mouth works. But then, w
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
en they come to the money part - the part where the listener finds out the speaker is selling it or benefitting in some material way when the other buys - that's the moment the word of mouth spell is broken. The tru
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
t has gone. The relationship has been abused, according to tens of thousands of people.
Two suggestions for network marketers:
1. If in your soul, you feel this difference between marketing and word of mouth like
Two suggestions for network marketers:
1. If in your soul, you feel this difference between marketing and word of mouth like
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
I do, stop telling prospects that NM is like recommending a restaurant. And don't nag your people about going to their friends. It likely means they too, have discovered this difference first hand. Most people woul
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
rather keep their special relationships. It's not worth it to them to risk friendships by selling to their friends.
2. Train your folks to ALWAYS tell up front that they are marketing the product they're talking
2. Train your folks to ALWAYS tell up front that they are marketing the product they're talking
.
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
bout. FIRST thing, before the gushing starts. I don't know of anyone, anywhere, who wouldn't rather buy from someone who loves their product line, who uses it, and who wants to make a difference in the lives of oth
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
rs by spreading the word. We ALL buy stuff anyway, so that's not the problem. Just don't hide it. You have to reveal it at some point. So why not do it up front?
NEXT: Buzz marketing - Is it word of mouth (WOM)
NEXT: Buzz marketing - Is it word of mouth (WOM)
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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