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Useful Advices - 10 Tips to Increase Your Referral Ratio
Tip # 1
Discipline Yourself to a Routine of ‘Asking’
Here’s something profound. The reason most of us do not get referrals on a routine basis is because we do not ask for them on a routine basis. Well, it’s almost that simple. What would be the upside on your year-end W-2 if you asked for 2 referrals from each
Discipline Yourself to a Routine of ‘Asking’
Here’s something profound. The reason most of us do not get referrals on a routine basis is because we do not ask for them on a routine basis. Well, it’s almost that simple. What would be the upside on your year-end W-2 if you asked for 2 referrals from each
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
of your new customers? Let’s say you average 6 sales per month. That would be 12 referrals per month or 144 per year. Conservatively, you close half of those warm leads. Multiply 72 by your average revenue per sale. Then calculate your commission percentage off the total revenue sold. Now ask yourself if you can af
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
ord not to ask for referrals on a routine basis.
Tip # 2
Develop a process to ‘Set the Stage’
Asking for a referral is one thing, but how many times do you actually get one? Execute a Powerful Routine after you sign up a new customer, and request permission for 3 additional minutes to get their professional feed
Tip # 2
Develop a process to ‘Set the Stage’
Asking for a referral is one thing, but how many times do you actually get one? Execute a Powerful Routine after you sign up a new customer, and request permission for 3 additional minutes to get their professional feed
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
ack. Ask a series of questions soliciting their opinion on ways you can be more effective with your sales process, from initial contact to point of sale, with individuals in the same industry and parallel titles. You are now setting the stage for your future success. Over time, your contacts will give you a free ‘Maste
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
s Degree.’
Remember to ‘Pack your bags, but set the stage.’
Tip # 3
Communicate to a "Win-Win" Agreement
Be honest and sincere in reference to the importance of referrals for running your business effectively. Tell your story. If you have a high referral ratio let them know that and why it is high. Customers
Tip # 3
Communicate to a "Win-Win" Agreement
Be honest and sincere in reference to the importance of referrals for running your business effectively. Tell your story. If you have a high referral ratio let them know that and why it is high. Customers
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
espect a good businessperson more than a good salesperson. Try to pick a time when the contact would feel comfortable giving a referral to help your business. That may not be at the point of sale, but upon service implementation or some time in the future when you have proved you delivered what you promised. The import
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
nt point is you must define with the contact when it can happen or what criteria need to be met for it to happen.
Tip # 4
Follow through in order to receive a consistently high ratio of referrals.
You may not ask for a referral until (a) the service has been implemented and (b) the customer is satisfied. But as
Tip # 4
Follow through in order to receive a consistently high ratio of referrals.
You may not ask for a referral until (a) the service has been implemented and (b) the customer is satisfied. But as
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
described in Tip #3, you want to minimally set a referral foundation at the point of sale and receive a commitment to when you’ll receive one. Now, this is very important. Always write in your day timer in front of the contact when the expectation is set, and let them know you are making note of it. Treat it like an a
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
pointment for your future success. It’s found business and will afford you a higher closing ratio, shorter sales cycle and most importantly, more referrals! So, follow-up and get it!
Tip # 5
Develop a Referral Program
Be creative. Give up some money. Maybe it’s a gift certificate to a local restaurant (hopefu
Tip # 5
Develop a Referral Program
Be creative. Give up some money. Maybe it’s a gift certificate to a local restaurant (hopefu
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 a customer) or a graduated percent off of their next invoice. An entrepreneurial mind will come up with a few flexible programs that fit your level of buyer. After all, you’re not putting anything out until the referral is sold. The old saying, "money makes money" is still true. Beside the tax right off (check with
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
your accountant), contacts absolutely enjoy getting a little something. Measure the ROI and the benefit will be evident.
Tip # 6
Become the Messenger
Be sure to give the referral gifts out promptly on sold referrals. Deliver it in person, since it also serves as an excellent time to prime the pump for additional
Tip # 6
Become the Messenger
Be sure to give the referral gifts out promptly on sold referrals. Deliver it in person, since it also serves as an excellent time to prime the pump for additional
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
eferrals. Don’t underestimate the power of this simple discipline. I have experienced ‘millionaires’ who reopened their black books after receiving $20 dollar gift certificates. After all, it’s not the amount but the gesture. And because you are spending your valuable time being the messenger, you will without a doub
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
focus on receiving one or two more warm leads.
Tip # 7
Promote a Grass Roots Chamber Program
Offer local Chambers a deal they can not refuse. Chambers want to offer their membership a better deal, one that their members can not receive from regular street pricing. They are open to donations to help their chamb
Tip # 7
Promote a Grass Roots Chamber Program
Offer local Chambers a deal they can not refuse. Chambers want to offer their membership a better deal, one that their members can not receive from regular street pricing. They are open to donations to help their chamb
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
r and are also motivated to grow their membership. Instead of offering a residual based off of sales, offer to bring them in a certain number of new members each month.
After all, a certain percentage of businesses you call on will not be members, and if you can show them a return on their investment, they will certa
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
inly join the Chamber to receive it. By helping others you will see your referral ratio reach the sky!
Tip # 8
Identify Potential ‘Bird Dogs’
‘Bird dogs’ are used by hunters to point and fetch game birds for their owners. In sales, a ‘bird dog’ is someone who has multiple relationships with your potential custom
Tip # 8
Identify Potential ‘Bird Dogs’
‘Bird dogs’ are used by hunters to point and fetch game birds for their owners. In sales, a ‘bird dog’ is someone who has multiple relationships with your potential custom
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
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
rs and they are motivated to routinely feed you contacts for your marketing efforts. Research potential business people that may fit into this profile, and take them out to lunch. Explain your referral program and how it could supplement their core business revenue stream. For potential ‘Big Hitters’ be prepared to cu
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
tomize your referral program to align with their motivations. Treat them like gold and they will open up their Rolodex.
Tip # 9
‘Get Married’ to a Collaboration Partner
There are companies that provide products or services in your ‘value chain’ but do not compete directly with your product or service. Those com
Tip # 9
‘Get Married’ to a Collaboration Partner
There are companies that provide products or services in your ‘value chain’ but do not compete directly with your product or service. Those com
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
anies and the professional individuals that sell for them should be a point of concentration for you to identify and contact for strategies of collaboration. I refer to this relationship as "Natural Marriages." Contact 3 sales professionals that seem to indicate a ‘natural marriage’ for you and them. Outline what’s in
.
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
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
t for them. Then ask them what you could reasonably expect over time.
Tip # 10
Join or Start a Lead Group
You have to eat lunch, right? So why not join or consider developing a Lead Group of entrepreneurial individuals who are motivated to get together twice a month to share leads. Find individuals who are acc
Tip # 10
Join or Start a Lead Group
You have to eat lunch, right? So why not join or consider developing a Lead Group of entrepreneurial individuals who are motivated to get together twice a month to share leads. Find individuals who are acc
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
untable to bringing in the minimum amount of leads each meeting as outlined in your group’s business rules. Make sure every member is covered by the 80-20 rule, getting 80% of their leads from 20% of the members. And don’t be shy about charging a quarterly membership fee. That way, members have some ‘skin’ in the game
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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