Useful Advices - Business

Prospecting is an art. While you may be a natural at getting prospects for your business, it usually takes some time and practice to finally be able to find them for your business, and do the right thing once you’ve got them.

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

To be really good at it will take some planning and preparation on your part, but once you’ve done it often enough, it will become second nature. You first have to understand the 5Ws, or the Who/What/When/Where/Why/How of pros

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

Examples of combination products may in

pecting before you can lead your prospects to success.

What is prospecting? Prospecting is the art of going out and finding new customers for your business, and a new team for your downline. This can mean signing up people y

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

ou know, or signing up complete strangers to your program, and then teaching them to do what you have done to advertise and expose your business.

Who are your prospects? Your prospects are people from all walks of life. They

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

can be the warm market, or your circle of influence, meaning your friends, family, relatives, co-workers, and everyone you know that you already have a relationship with. Prospects can also be referrals, or personal recommenda

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

Combination pro

tions from someone else. For example, maybe your friend knows someone else who may be interested in your business. They can come from your advertising efforts in newspapers, ezines, on your website, from your flyers, business

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

cards, or internet banners. They can come from the cold market by approaching complete strangers in places you go every day or on the internet, and they can be bought prospects from lead generation companies.

Where do you fi

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

nd prospects? As mentioned above, prospects can be found right in front of you within your circle of influence – the people you already know. You can ask for prospects from both the people you already know, and also from the

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

rospects who end up declining your offer. The people who turn down your business can be a good source of referrals. If they say, “No”, then you simply say something like, “Thank you for considering this business. Do you kno

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

w of anyone else who might jump on the opportunity?” Remember that if you never ask, you will never receive! Prospects can be found everywhere you go in a day, such as the gym, the coffee shop, the hairdresser, the mall, the

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

grocery store, or the bank. You can get them online when they sign up on your lead capture page, or as previously mentioned you can buy quality leads.

When is the right time to gather prospects? Anytime! Okay, maybe not at

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

Following aspects would a

3am! Why? To build your customer base and your downline team and grow a business by teaching others to do what you have done so that they can also teach others to do what they have done.

How do you get prospects? This is pr

dd to the challenges in developing combination products:

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

bably the most important question of them all. As I said, prospecting is an art that takes practice, so it helps to start by setting goals that are measurable, realistic, and achievable. Know what you want and when you want i

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

t and do something every day to work towards getting it. Practicing means knowing what you are going to say to your prospects before it happens by using a script, and then eventually becoming comfortable and confident enough t

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

hat you don’t need the script anymore.

Once you’ve set your goals, you can give yourself an added edge by learning as much as you can about your business, your products and services, the compensation plan, and everything you p

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

ossibly can. When your prospects have questions, you want to be able to answer them with confidence and ease. You want to listen to your prospects and what their needs are, and if you don’t have the answers to everything, you

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

Professional from academic institutions, pharmaceutical industries, health care indust

want to know who your upline support team is and how to get ahold of them. This is part of what it takes to be a good leader. A leader has excellent listening skills. They mentor, train, support, encourage, and lead by examp

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

le via conference calls, recorded calls, websites, on-one-one presentations, or audio and video presentations.

Finally, it’s good to distinguish between a good prospect and a bad prospect. Good prospects are confident go-gett

.

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

ers who can make a commitment to your business and to learning all they can so that they, too, can teach those below them. A bad prospect is one who is indecisive or just checking things out without being serious about the bus

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

Companies that provide selfless information through particip

iness. It is up to us to walk away from prospects who aren’t really into the program. We don’t want to beg or plead them to join with us – we want to grab those who are enthusiastic, ready, and willing to be on a winning team

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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One thing is for sure if you keep doing what you did you will keep getting what you got. When I started my consultancy business I was struck by the reaction of people who knew me and knew my experiences and background.

The two biggest assets most folks have these days, are their homes and their incomes derived from working. How do you protect yourself? If you lose your job, or your clients lose theirs, and they can’t pay you anymore to consult to them, how do you make your tuition, insurance and mortgage payments? And what if the value of your most valuable asset - your residence - starts to go south? Now imagine if you could affordably buy insurance against either of these two potential catastrophes...would you rest easier and be more productive?

Here are a couple of ways to help you sort your ideas and keep yourself from wasting valuable time you could be spending on more fruitful ventures.

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Useful Advices - The 5Ws of Prospecting

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