Useful Advices - Business

Wealth networking is about the NET. Focus on creating the net, and the wealth will follow.

The connection of many individual threads holds a net together. The connection of many individual relationships creates a Wealth Network

There are 3 steps to Wealth Networkin

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

g. Each step or sub-step is clearly described in a chapter in this series. Print all six chapters, insert into a binder, and you’ll have your own copy of Wealth Networking- Unconventional Tactics in the Campaign for New Business at your fingertips at

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

Examples of combination products may in

any moment.

The Three Steps are:

1a) Select the right events to attend and 1b) Prepare for them

2) Be ready to initiate a conversation, 2b) Smoothly end a conversation, and 2c) Create a meaningful card exchange

3) Perform effec

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

tive post-meeting actionsSelect the right events and prepare for them. Attend events where the people you want to meet will be. Attending events where you can network costs money and takes time so focus your Wealth Networking efforts on your bes

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

t prospects. These are decisions makers who are strongly likely to need your product or service when they are experiencing the pain that your solution alleviates. Even if your product or service is widely appealing, narrow your focus. You’ll get more money from a nar

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

Combination pro

row and deep sea.

You know who your potential customers and clients are by industry, demographics, location, or other means.

• If you have a consumer-focused operation your market is wide, but not unlimited. Attend events that attract people who will comfortabl

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

y spend at the level of your high end sale.

• If you provide professional services, pick one or two niches in which to develop a track record, and attend events where decision makers in these niches will be. Even if you think that ‘everyone’ could benefit fr

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

om your product or service, narrow your target market to one that you feel comfortable in and where you will have the opportunity to generate a stream of business, not just one sale.Referral partners and vendor partners can grow your Wealth Network. Referral par

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

tners are people whose own business activities surround yours yet have a gap inside that you can fill.

• For example, sales trainers teach sales people a system of selling. Eventually the sales process will lead to a sales presentation. I work with the sales trai

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

ners’ own clients on their presentation skills.

• Perhaps your business is corporate gift giving. A good referral partner for you could be a marketing services firm who advises companies that from time-to-time a corporate gift should be part of the marketing

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

plan. You would provide that gift.Take time to imagine a variety of possibilities that would bring individual threads together for a stronger, more focused net. Create partnerships with vendors whose customers are the same as your customers. An office supply com

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

Following aspects would a

pany and a copy machine company have the same customers. Realtors, appraisers and lenders have the same customers. Alternative medicine practitioners can have the same clientele as nutritionists and personal trainers. If you don’t know the other vendors that your cli

dd to the challenges in developing combination products:

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

ents patronize, just ask them.

Wealth Networkers go where their best prospects go. These include professional and/or industry association meetings and conferences; places related to their status (CEOs, CIOs, etc.); community and educational events that attract your

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

prospects.

When you join and participate in industry/professional organizations you:

• Learn what is on their minds

• Get educated about their problems and their desired solutions

• Demonstrate your interest and desire to help them. Become

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

an active volunteer in the organization. Develop relationships with people as you work together on a common goal. You will show that you are trustworthy and caring, and someone it would be productive to do business with. Dining and golf clubs, arts or service organiz

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

ations, and high-profile civic clubs are places where high-status business people go for social and business events. Join a local club, attend everything, and take the time to get to know the other members. When you’re around for the long term, people will respect yo

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

Professional from academic institutions, pharmaceutical industries, health care indust

u and will remember you when they have a problem that you can help them with. Business leaders often put their efforts into being good corporate citizens. Find out what local/regional issues your clients and prospects support and join their efforts. You will enjoy a

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

reputation as a good corporate citizen, build trust and become the business of choice when your type of product or service is needed.

Two kinds of networking events tend to attract a lot of people but they are not effective for Wealth Networking. The first are mixer

.

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

s, held by a variety of groups, which bring people together from all walks of business life. These events can be fun for socializing, but there is a very small chance that you will add threads to your Wealth Net from them.

The second are gatherings of people in your

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

Companies that provide selfless information through particip

own industry. You should go to these events for the education and camaraderie; however they are not Wealth Networking opportunities because people in your own industry generally are not prospects for you.

Learn how to prepare for your selected events in Chapter Two

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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Young mathematicians can enjoy almost unlimited opportunities in their futures, since career fields that require math abilities are growing.

If you are in a service-providing position (if you have a job, this means you!), you must constantly remind yourself to be focused on service. We all have bad days or are preoccupied with personal distractions. We may have just finished dealing with a high-maintenance customer that did everything to get under our skin and left us in a not-so-service-friendly attitude. Does that mean we unload on the next person? No.

Take a tip from a fifth grade schoolteacher on how to plan successful corporate events. Recognize, reward and motivate with the right blend of activities and events.

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Useful Advices - Wealth Networking - No Elevator Speech Required

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