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Digg It - How To Double Your Business in 2006, Part II
In part one of this article, we talked about the importance of database management in the success of your business. If you haven’t already started your database, it is absolutely critical that you go back to part one of this article and get started on your database before moving on to part II. Thi
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
s essential business strategy is the foundation for your goal of doubling your business in 2006.
Now that you have your database underway, it’s time for me to reveal five more strategies that I used to double my business in 2004 and more than double my business in 2005. Let’s get started.
Mult
Now that you have your database underway, it’s time for me to reveal five more strategies that I used to double my business in 2004 and more than double my business in 2005. Let’s get started.
Mult
; 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
iple sources of business
Part one of this article ended with one of the most difficult questions that every business faces: Where will you get the prospects to start building your database?
Depending on your business, it should not be a difficult task to brainstorm 10 different ways in which
Part one of this article ended with one of the most difficult questions that every business faces: Where will you get the prospects to start building your database?
Depending on your business, it should not be a difficult task to brainstorm 10 different ways in which
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
ou could come into contact with potential prospects. No matter what your business is, here are a few sources for prospects to get the gears in your brain going: Friends and relatives, hobbies, church, internet or website promotion, writing articles for the newspaper or local newsletters, aligning
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
with business partners who could refer their clients to you, door to door, purchasing lists, direct mail, leads groups, volunteering, and referrals from past clients.
Some of these methods may not be your cup of tea, but there should at least be a few that seem like something you can get your arms
Some of these methods may not be your cup of tea, but there should at least be a few that seem like something you can get your arms
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
round.
One of the critical mistakes a failing business makes is to rely on only one source of business for generating prospects. I made this mistake early in my career by focusing completely on the internet. The problem was that if the internet didn’t produce a good crop of prospects one month, I
One of the critical mistakes a failing business makes is to rely on only one source of business for generating prospects. I made this mistake early in my career by focusing completely on the internet. The problem was that if the internet didn’t produce a good crop of prospects one month, I
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
would go through the inevitable up and down roller-coaster ride that many business people experience.
The secret to an ever-growing and consistent business is to choose four or five sources of business that can consistently, month in and month out, funnel quality prospects in your direction.
Why
The secret to an ever-growing and consistent business is to choose four or five sources of business that can consistently, month in and month out, funnel quality prospects in your direction.
Why
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
four or five you ask? The reason is that if you diversify into several sources, if one is not productive one month, the others will still provide you with quality, fresh prospects. Instead of the up and down roller-coaster, you will instead be on a steady upward sales trend that will continue to g
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
ow over time.
So now that you are producing quality prospects, what do you do with them? That goes into the next strategy:
Consistent follow up
I operate under the philosophy of “never give up on a prospect.” I have systems in place to consistently and continuously follow up with prospec
So now that you are producing quality prospects, what do you do with them? That goes into the next strategy:
Consistent follow up
I operate under the philosophy of “never give up on a prospect.” I have systems in place to consistently and continuously follow up with prospec
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
ts, clients, and business partners literally forever. Most of these systems are on auto-pilot and actually take very little of my personal attention on a day-to-day basis.
If you start operating with this follow-up philosophy in mind, and you are continuously cramming your sales funnel full of qua
If you start operating with this follow-up philosophy in mind, and you are continuously cramming your sales funnel full of qua
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
ity prospects, eventually they will start coming out the other end at a faster and faster rate. Here is an example of a simple follow up system that you could use for your prospects:
Once per month: informational email (article, ezine) Every two months: email hello (conversational, “How are
Once per month: informational email (article, ezine) Every two months: email hello (conversational, “How are
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
you doing and can I help you?”)
Phone call every 3 months
Snail mail newsletter every 3 months (alternate with phone call)
Using this approach, you are hitting the prospect 26 times per year with different forms of media on a consistent basis. It is important that you use email, regular mail
Using this approach, you are hitting the prospect 26 times per year with different forms of media on a consistent basis. It is important that you use email, regular mail
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
, phone, and any other method you can think of to stay in touch as not all people respond to the same types of contact. It is not a miracle that when it comes time to buy, they will think of you first.
And what makes this all possible? Your bullet-proof database system, of course.
Hard work
And what makes this all possible? Your bullet-proof database system, of course.
Hard work
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
>
There is no substitute for this basic strategy. Work hard and you will see results. If you find it difficult to work a long day, try getting to work just a half hour earlier every day, and leaving a half hour later. That will add 5 hours to your week which you can use to generate more business
There is no substitute for this basic strategy. Work hard and you will see results. If you find it difficult to work a long day, try getting to work just a half hour earlier every day, and leaving a half hour later. That will add 5 hours to your week which you can use to generate more business
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
.
Ask for Referrals
Most of your clients, if you are doing an outstanding job, would gladly refer a friend, family member, or co-worker to you, but many times they do not even think of it unless you mention it. Don’t be shy after you have done a good job for a client, to directly ask them
Ask for Referrals
Most of your clients, if you are doing an outstanding job, would gladly refer a friend, family member, or co-worker to you, but many times they do not even think of it unless you mention it. Don’t be shy after you have done a good job for a client, to directly ask them
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
or a referral, you deserve it.
Be specific and ask for a referral from a specific group within your client’s circle of influence. For example, ask them if they have a co-worker who could use your services, or ask for a referral of a friend from their church if you know they are active in church.
Be specific and ask for a referral from a specific group within your client’s circle of influence. For example, ask them if they have a co-worker who could use your services, or ask for a referral of a friend from their church if you know they are active in church.
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
This helps your client focus in on a manageable segment of their circle of influence so they can more easily think of a particular person who could use your service.
Be Ethical
This last business building strategy seems obvious, but it has to be mentioned. You absolutely must do business i
Be Ethical
This last business building strategy seems obvious, but it has to be mentioned. You absolutely must do business i
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
n an ethical, honest manner, with the best interests of your client in mind at all times.
Run your business with a long term philosophy of repeat clients and word-of-mouth advertising in mind. If you are ethical, people sense it and will gravitate to you and trust you. With a loyal base of client
Run your business with a long term philosophy of repeat clients and word-of-mouth advertising in mind. If you are ethical, people sense it and will gravitate to you and trust you. With a loyal base of client
.
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
, you will eventually build a solid business that will withstand the test of time and provide you with a long term, rewarding career.
Triple Your Business in 2006?
It is my sincere desire that these strategies will help you achieve the kind of success I have had the past two years. My pers
Triple Your Business in 2006?
It is my sincere desire that these strategies will help you achieve the kind of success I have had the past two years. My pers
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
onal goal is to no less than triple my business in 2006, and after two years of seeing these systems develop, this goal seems very attainable. If you would like one-on-one coaching on more specific strategies I have used, please consider me a resource and feel free to contact me. Good luck in 2006
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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