Useful Advices - Business

Want to increase your sales immediately?

Virtually everyone wants a quick, easy solution that will help them increase their sales. Fortunately, in all but a few situations, this is not an impossible task. The key is to sell to the right peop

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

le. This doesn’t mean trying to connect with the key decision-maker in a particular organization or creating a list of ideal companies to contact. I’m talking about tapping into your existing customer base.

Most people in business today have

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

Examples of combination products may in

probably heard about the importance of marketing and selling to their existing customers. However, I’m not sure everyone fully appreciates the significance of this strategy. In fact, even though I have heard (and sometimes preached) this conc

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

pt, it wasn’t until recently that I figured out the impact on a business.

This past fall I ran a campaign promoting my new book, The Secrets of Power Selling to my newsletter subscribers and the response astounded me—I ended up selling sever

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

al hundred books during this 14 day campaign. Most of the sales were completed electronically but I quickly recognized many of the names of people who had ordered a book, or in some cases, multiple copies. After speaking to dozens of other pe

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

Combination pro

ple who called to place their order, I discovered that most of them had purchased a copy of my first book or another one of my products in the past. A few weeks later, many of these individual’s also signed up for a tele-seminar I promoted. T

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

is taught me a HUGE lesson!

I’ll be the first to admit that I have attended workshops and seminars and listened to a presenter stress the importance of marketing and selling to existing customers. However, in the past I only focused on appl

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

ying this concept to some of my speaking and training clients. Needless to say, that’s going to change—fast!

Start by creating a database. Depending on your business, this can be relatively simple to set up, and in many cases, your company m

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

y already have this type of database in place. The purpose of your database is to record what each of your customers order. Tracking this information enables you to see who your best customers are and to see exactly which are your most popula

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

products or services. This can be invaluable information when it comes time to replenish inventory or determine which services you should or should not keep.

You can also use this database to suggest additional products that may complement

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

our customers’ current purchases or existing situation. Amazon does a remarkable job of tracking what their customers buy and every time someone logs onto their website, the system makes recommendations to that particular customer. Not to men

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

Following aspects would a

tion, that when you buy one book, they automatically suggest several other titles. It would be interesting to know how much additional revenue this generates for them.

Use the information you have captured every time you market new products,

dd to the challenges in developing combination products:

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

services, and offerings. Your goal is to market directly to people that have purchased from you in the past because assuming your goods or services have met their expectations, they will likely buy from you again, and again, and again. Unfort

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

nately, most businesses miss this opportunity. Here is an example.

I have purchased a variety of products several times from a particular retailer They have great products but they don’t market to their existing customers except to send them

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

a discount card from time-to-time. This company sells a consumable product and I’m sure that they could set up a reminder to contact their customer when that person’s supply of an item would start to run low. Dentists use this approach all 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

e time. When a dental patient is due for an appointment, their system triggers a reminder and the office calls to set up a day and time for the next appointment. Imagine the impact on the customer, if the store called and said something like,

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

Professional from academic institutions, pharmaceutical industries, health care indust

“We notice that it’s been a while since you’ve been into the store. That means your supply of product XYZ may be running low. We have some in stock, would you like us to put it aside for you?”

Lastly, it is also important to create a relatio

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

nship with your existing customers. This means providing them something of value from time-to-time or finding unique ways of demonstrating your appreciation of their business. This helps reinforce to them, the importance of continuing to do b

.

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

siness with you. If you’re not maintaining your client relationships, it becomes easier for a competitor to steal them away.

As a final note, I should state that this concept may not apply to you, particularly if you sell a complex and extre

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

Companies that provide selfless information through particip

ely expensive product/service. However, in all but a few cases, it is worth considering because your current customers are the best form of revenue. And they are usually the easiest sales to make!

© 2007 Kelley Robertson, All rights reserved

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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The American Dream is still well and alive, and with a bit of schooling and a lot of determination anyone can find it.

With its association to an affluent, sophisticated lifestyle, wine can make a good accompaniment when marketing to an affluent audience. However, I am not talking here about ordering expensive wine at a client diner. Wine can be used more creatively and productively to connect to this target audience.

I teach students and teachers to use PowerPoint a lot and the same old problems keep on coming up. So here's my 5 step guide to designing an effective presentation that won't bore or upset your customers.

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