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Have you ever finalized a purchase decision because there was a no-risk guarantee? Sometimes it's hard to know if a certain purchase is going to be right or not, but when the merchant is willing to reduce

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

the risk with a guarantee, it makes the sales process a lot less stressful. Stores like Nordstrom for example, build their whole reputation on it. Their customers pay a premium price for premium quality

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

Examples of combination products may in

goods, but also know they're getting premium customer service. It's all very elegant.

I was talking with another coach, and she asked if I had thought about offering a money-back guarantee on my services

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

as a way to make the purchase decision easier for new clients. It's an engaging thought, and a bold one at that, because it's hardly ever done in the consulting world. Most service business owners will u

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

sually do whatever it takes to make the customer happy, but rarely do I see a money-back guarantee. I had to think it through before deciding.

As a small business owner, offering a money-back guarantee o

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

Combination pro

services does come with risks. In fact, that's what it's about: being willing to absorb all the risk so that your customers don't have to. Some of the risks you'd have to be willing to bear include:

•ti

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

me spent on the service itself
•wages paid to you or your staff
•credit card transaction fees (sale AND return)
•materials or supplies used
•bookkeeping or banking difficulties

If

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

you're a sole-proprietor, even one client refund could be burdensome. It's like offering Nordstrom- quality service, without Nordstrom-like stockholders to back up the loss. If you've got an expensive pr

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

e-paid service package to refund, it might throw your budget into a tizzy.

Then I thought about it from my potential customer's point of view. In my case, they're small business owners too. They've usual

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

ly got limited funds and need to spend their business development dollars wisely. Often times, my clients have never even hired a coach before, so it's an act of faith (and a good introductory consultatio

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

) that makes them sign a contract with me. So there's risk there, and that can slow down the sales process. If I can make it easier for them to hire me, that seems smart.

My deciding "ah-ha" moment came

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

Following aspects would a

when I realized that there is one thing that removes most of the risk of the money-back guarantee for me: I know my own track record for client results. I'm willing to bet on myself. If I do a good job of

dd to the challenges in developing combination products:

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

client selection, and they follow through on their end of the agreement, I know that my coaching will usually pay for itself within the 1st month. With that change in perspective, I got on board with off

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

ering a money- back guarantee on my services and make that very clear on my website now.

So now I want to pass the idea on to you. If you don't offer a service guarantee, under what conditions would you

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

consider it? If you already offer one, do you tell your customers? Do you advertise it? Here are the parameters to think about when creating a service guarantee:

1. What are you actually promising:

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

verall customer satisfaction, or specific results?

2. How long is the guarantee in place:

Is it after the first service, the first month, or forever?

3. How do you back up the guarantee:

R

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

Professional from academic institutions, pharmaceutical industries, health care indust

efund, exchange, or re-do the service until the customer is satisfied?

One side benefit I've noticed from offering the guarantee in a very obvious way is that I'm already more discerning about who I'll w

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

ork with. There's even more investment on my part to make sure I partner well, and extra incentive to help those clients produce results.

Does this sound like something that would be willing to take a st

.

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

and for in your service business? If so, I'd like to leave you with a self-inquiry coaching request:

•Are you willing to offer a service guarantee?
•If so, what are the terms you can agree to?

I r

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

Companies that provide selfless information through particip

ecommend that you enlist someone you trust to help you implement your guarantee policy and before you announce it to your customers, ask for some honest feedback. Naturally, I’d recommend a business coach

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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