Useful Advices - Business

You’ve just had an inquiry about one of your products. Someone has asked for more information from you. Aha, could be a potential customer, you think to yourself!

How well are you doing keeping your potential custome

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

rs interested? When prospective customers inquire about your product, either by phone, email or via your website, how quickly do you answer their request and send them the information they need?

In order to increase

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

Examples of combination products may in

the prospect of a sale, it is important that you respond to each request for information as soon as possible.

After you have sent them the information they requested, what do you do then? Nothing? Do you follow-up t

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

he initial contact to see how they’re going?

You probably don’t, like most people. Do you let this important prospective customer slip through your clutches? It is vital that you keep in touch with the potential cust

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

omer to increase your chances of getting a sale.

Don’t assume that the person is not interested in your product and therefore has not bothered to reply. They may be very interested. You never know why a potential cus

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

Combination pro

tomer hasn’t contacted you. It could be because they forgot, lost your contact details or decided they would get in touch with you later. By keeping in contact, you could get a sale, and a good customer.

Sometimes a

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

potential customer may actually be waiting for you to make a follow-up contact.

And if another product similar to yours comes up in the market at that time, you may have lost yourself a sale.

Is it possible that you

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

are losing customers by not consistently following up a query from a prospective customer?

You must have a consistent process in place to follow up leads. This should be done on a daily basis to be effective.

It is

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

important that you put a follow-up process into place and remain in contact with your prospects in a consistent manner. Make it part of your business.

When you consistently follow up your prospective customers, you

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

will see results, and this means sales, and ultimately profits.

How do you do this?

Invest in, or create a database of all the potential customers that have inquired about your products or services.

Get a system for

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

keeping in touch with them. After replying to their initial request, send them a follow-up letter. This could be in the form of a brief note to ask them about the information you sent, or you could keep in touch by s

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

Following aspects would a

ending them a newsletter or other communication of interest.

Keep in regular contact with these people. It could be every month, or when you get out a new catalogue or a new product. Send this information to everyon

dd to the challenges in developing combination products:

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

e on your list.

An effective follow-up method to dramatically increase your sales is to:

1. Have a system put in place where you follow up each lead consistently, at set times (not at random) and keep in contact wit

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

h friendly letters and see how your sales will go up. Businesses that have used this system have been able to increase their sales, sometimes by 50%.

2. Generate a series of follow-up letters to send to your prospect

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

ive customers at various stages.

The first letter in response to their request, you probably already have. The second letter should give more detail than the first letter. Include things that you did not mention in t

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

he first letter – added benefits.

Include a special offer. Tell them why they should order now. Ask the prospect why they have not placed an order. Ask for feedback about your product. Even if they don’t buy, you wi

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

Professional from academic institutions, pharmaceutical industries, health care indust

ll have important feedback for future reference.

Timing is everything. Reply to their request as soon as possible and follow up before 48 hours. Give them as much information as they need to decide, to make a buying

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

choice. Next follow up 1 - 3 days apart – point out the benefits of your product and your point of difference.

Be consistent, but make sure you don’t overdo it and thoroughly irritate your prospect.

With a good syste

.

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

m in place, and following a set process consistently you can make the follow-up very effective in getting more customers.

It is truly an effective way to get customers and nurture them.

Many sales and customers are l

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

Companies that provide selfless information through particip

ost because of failure to follow up. Make this an essential part of your business.

For more information on follow-up systems and how to design one that works for your
business go to http://www.wordsthatsell.com.au

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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