Tags |
|
|
Links |
|
|
Digg It - Secret to Multiplying Your Business 3-10 Times Nearly Overnight
One of the greatest opportunities in business is to evaluate “What is my average client worth to me?”
When I am working with a coaching client and ask that question the usual response is either
When I am working with a coaching client and ask that question the usual response is either
- “I have no idea” or
- “I can’t tell you that. My customers are spread all over the pl
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
ace. I have a client that typically buys $10, another one that buys $1,000 and one that buys $10,000. So, how can I tell you what an average client looks like?”
And that last statement is exactly what we have to look at, “How can I tell you what an average client looks like?” or possibly
And that last statement is exactly what we have to look at, “How can I tell you what an average client looks like?” or possibly
; 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
even what do my different clients look like.
My original question still stands, find the average, and start identifying what the $10 client looks like, what the $1,000 clients looks like, and what the $10,000 looks like. We will learn some things that more often than not explodes my client’s
My original question still stands, find the average, and start identifying what the $10 client looks like, what the $1,000 clients looks like, and what the $10,000 looks like. We will learn some things that more often than not explodes my client’s
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
usiness once they start thinking about the difference between the clients.
Start segmenting those clients. I like to say “Dump each client type into a bucket, or a category.” And to do that we have to start defining exactly what those clients look like, and what are the boundaries between the
Start segmenting those clients. I like to say “Dump each client type into a bucket, or a category.” And to do that we have to start defining exactly what those clients look like, and what are the boundaries between the
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
$10 and $1,000 clients.
Now what do we do with them once we get them there? Start realizing how important they are to you.
Here’s what my clients find when they start looking at those options and asking the questions. There are opportunities that we have never explored or found before in the
Now what do we do with them once we get them there? Start realizing how important they are to you.
Here’s what my clients find when they start looking at those options and asking the questions. There are opportunities that we have never explored or found before in the
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
answers.
- We might find that some clients are just worth more to us, usually a LOT more, so we might spend more time trying to reach $1,000 or $10,000 clients and less on those that are worth less to us.
- And on the other side of that coin we might reduce the price of our product
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
and find that the volumes went up explosively, so that now we are delivering the high cost product at slightly less, but our sales volume went up so drastically that our total income is now up multiple times.
Let me give you some examples of a couple of my clients.
Let me give you some examples of a couple of my clients.
- Finding t
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
e clients that are worth more to us
I once coached a small construction company. When we looked at their “average customer value” they were averaging $1,500 per sale. Their target market was $50,000 income homes. That was what the national franchisor had told them to do.
When we looked a
I once coached a small construction company. When we looked at their “average customer value” they were averaging $1,500 per sale. Their target market was $50,000 income homes. That was what the national franchisor had told them to do.
When we looked a
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
their typical sale it was rather obvious that they were doing better in higher incomes. So, we changed from a target of $50,000 incomes to $75,000 incomes, and…wow, a sudden increase in total sales of 10 times in just their next direct mail. Their direct mail response rate went from 0.2% to 0
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
9%, 4.5 times more customers walking through the door than the previous week’s results, their sales closes were higher, AND the average customer is now buying $3,000, 2 times what the client was just last week.
Results 4.5 times more people walking through the door buying 2 times as much equa
Results 4.5 times more people walking through the door buying 2 times as much equa
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
s…..
drum roll please….9-10 times increase in revenue in just one week.
Amazing how that works isn’t it.
- Finding what the clients want, looking outside the box:
Now let’s look at the other side of that coin with a coaching acquaintance of mine. She had been targ
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
ting about $3,000 for her coaching. Sales weren’t spectacular, but certainly comfortable. So, we started talking about the fact that frequently a prospect told her they would just love to hire her, but they just couldn’t afford her.
I asked her, “How can you meet the customer’s needs?” (Rathe
I asked her, “How can you meet the customer’s needs?” (Rathe
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
interesting concept, huh? Meeting the customer’s needs.)
She had been trying to hold a price that she thought she needed, and her concept was that she had to ask even more to make more money. First we talked about reducing the price to $1,000 so more could afford it, but this time work in gr
She had been trying to hold a price that she thought she needed, and her concept was that she had to ask even more to make more money. First we talked about reducing the price to $1,000 so more could afford it, but this time work in gr
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
ups. Results--10 people signing up for each group, or $10,000 in income for the same time spent with a single client. $3,000 jumped to $10,000 for each program she delivered, and an easier sale.
A 3 times increase in income for the same time given before.
We talked about how to reach
A 3 times increase in income for the same time given before.
We talked about how to reach
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
ven more. She kept putting up barriers that she couldn’t give her regular program away, that she wanted to make a minimum hourly fee. So, what I suggested was to give fewer hours to make the overall price cheaper, get in front of more people, and some of those will want to hire you for your fu
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
l program once they have experienced you and the results.
The next step: she dropped her 20-hour program to 7, lowered her price to $250 (less than 1/10th of her original price), and what do you think happened?
The next step: she dropped her 20-hour program to 7, lowered her price to $250 (less than 1/10th of her original price), and what do you think happened?
- Ongoing monthly programs with 100 people at $250 each, or $25,000 a month fo
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
her group sessions, plus she has ongoing monthly coaching with 15 clients at $500 each. The $250 program feeds the coaching clients, but, now the coaching is such a small portion of her total income.
That is more than a 10 times increase in income.
What are YOUR next steps
That is more than a 10 times increase in income.
What are YOUR next steps
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
- Define what you average customer’s value is.
- And IF you have a wide range of clients, break them up into segments and clearly define what they look like, and what each segment is worth to you in total income, or ease of acquiring that client vs. ease of delivery.
- Then loo
.
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
outside the box for ways of increasing your overall revenue by working with the right clients, or by changing your price structure would that increase my volume even higher.
Do any of the prospects you’ve been talking to need something special that you haven’t been delivering (lo
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
er price, more service, more something), or have you been hearing an objection that you might be able to resolve. Is that different for each market segment?
Try this...just watch your business suddenly leap to a new level. It doesn’t matter at all what business you are in. It still works
Try this...just watch your business suddenly leap to a new level. It doesn’t matter at all what business you are in. It still works
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
HTTP = HTML link (for blogs, profiles,phorums):
<a href="http://www.diggit.org.ua/article/42629/diggit-Secret-to-Multiplying-Your-Business-310-Times-Nearly-Overnight.html">Secret to Multiplying Your Business 3-10 Times Nearly Overnight</a>
BB link (for phorums):
[url=http://www.diggit.org.ua/article/42629/diggit-Secret-to-Multiplying-Your-Business-310-Times-Nearly-Overnight.html]Secret to Multiplying Your Business 3-10 Times Nearly Overnight[/url]
Related Articles:
6 Symptoms of a Company in Crisis
Business Innovation - the Value of Work Processes
Two Marketing Trends that will Affect Your Business
Bookmark it:
|