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Do you get all of the referrals you want?

Most professionals don't because they're afraid. Afraid they'll hurt their client relationships. Afraid they won't cultivate any new business. Or afraid they'll appear chea

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

p or salesy.

It's an imagined psychological line in the sand you're afraid of crossing with people. It's in a concept I teach called "D.V.", or Damage Verge. You're frightened that by bringing up the word "referral

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

Examples of combination products may in

" you'll push your clients, cross that line, and create damage.

Let me give you an example.

Of 5,200 investment and insurance professionals surveyed earlier this year by my firm Strategic Impact!, an overwhelming

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

9 percent said they rely on referrals as their primary source of new business. Eighty-three percent of those professionals had at least 100 clients. Yet the median number of referrals they received from their client

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

over a 12-month period was just 6 to 12! That means that, on average, only about 10% of their clients were generating referrals. That's horrible! And being passive causes it.

If clients are your best source of new

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

Combination pro

business then the figure indicates a tremendous problem. The question is why? My answer is Damage Verge: A psychological barrier where you imagine the worst possible thing will happen if you ask a client for a refer

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

al.

Before you can even think about how to bring the subject up, your brain kicks into warp speed and says, "I can't ask them for a referral; they might get mad at me. . . feel upset. . . be uncomfortable. . . [ins

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

rt your excuse here]. . . or worst yet, they'll just say, 'No!'"

What I'm referring to is nothing more than your conscious mind gets into the act, and you wrongly start envisioning that worst-case scenario coming t

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

life. You see yourself offending someone, being presumptuous, asking the wrong way, feeling embarrassed, and finally ruining a prized relationship.

Four ways to break through

1. Be more in tune to your client's c

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

mmunication style. The Damage Verge is different for every client and customer, depending on that person's communication style. Still other clients get instantly turned off, regardless of what you try to discuss wit

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

them. Understanding your clients' varying styles of communication and receptiveness to your goal of building more business will go a long way in cultivating referrals.

2. Know how to 'ask' for referrals. Nothing e

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

Following aspects would a

okes more fear in professionals than the thought of sitting down with a client and "asking them" for referrals. So don't! That's right--don't ask for referrals. Focus on earning personal introductions from clients.

dd to the challenges in developing combination products:

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

he key is that you must test and confirm with every client that they are finding value in you and your work. Use a monthly meeting, lunch, or quarterly review to touch base. I ask one simple, very powerful question:

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

"Mrs. Client, tell me: How am I doing in my relationship with you?" The answer allows the referral door to swing wide open--or temporarily close tight. Either way, you've got a much better read on the relationship.

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

3. Practice with your C-level clients, and then move up. Practice on relationships where the stakes aren't so high. Take some of the pressure off yourself by building self-confidence and enthusiasm--and seeing resul

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

s--with B-level and C-level clients. It's highly unlikely that you would ever offend someone who has confirmed your value. But, if you do upset someone, let it be a C-level client that wouldn't be irreplaceable if t

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

Professional from academic institutions, pharmaceutical industries, health care indust

ey should take their business elsewhere.

4. Give clients a reason to share you with others. I believe in the 80/20 Rule when it comes to client referrals. It says that 80 percent of your clients utilize only about

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

0 percent of the services you have to offer. One way to counter this is by bundling current services as "value-added" extras--this shows appreciation for your current client relationship while simultaneously giving

.

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

our clients more reason to suggest your services to others. Remember, you want to introduce the subject of referrals with your clients without adversely affecting the relationship at all. You want to get near their

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

Companies that provide selfless information through particip

amage verge, but you must never cross it. It's like stepping near thin ice--without ever falling through. Stay in the area where the relationship provides enough support for what you're saying--and don't overload it

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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Remember the old story of the ant and the grasshopper, and how the grasshopper assumed the weather would always be good so he didn't look to gather food for when times got tough? When it comes to gaining market share and growing their customer base, a lot of businesses are like the grasshopper - they have no plan, and they just assume and hope things will be okay. Are you run your business like an ant or grasshopper. Read this article and find out.

'Goodwill' is regarded as an intangible asset in a business. Goodwill carries a value over and above the tangible assets of a business, and representing all benefits derived from the distinctive location, trade and brand names, credit rating, reputation, cusotmers and patronage of the business. When a business is sold, a charge is usually applied for the goodwill as one of the assets.

What if you've taken the time to create a marketing plan but now you're so busy servicing your current clients that you're having a hard time keeping on track with your plan? Is it okay to set the plan aside for awhile? After all, you've got enough business to keep you busy. And, you're not sure you could handle additional clients right now anyway.

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