Useful Advices - Business

Become an Expert at Soliciting Referrals

A referral takes you out of the realm of purveyor and into the mode of being a problem-solver. When you need a new lawn service, do you look in the yellow pages or ask a few friends for their advice? W

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

hen referred by a friend to a personals service, you already have an idea that the referred has successfully solved your friend’s problem (often the friend describes the referred in glowing terms). When a new potential is referred to your busi

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

Examples of combination products may in

ess, you can get to the solutions quicker with a minimum of sales pitch. Why not make the process pro-active?

Get Referrals from Existing Customers

Sales personnel need to be trained and required to ask for referrals. Satisfied customers are

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

more than willing to suggest potentials if asked. Every customer meeting should end with a request for a referral to companies or people your satisfied customer knows. Add a component of the sales compensation plan that pays on the number of r

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

ferrals. Pay a higher commission rate on new customers for a period of time. Offer a reward program (that meets corporate governance criteria) to customers who refer new business.

Get Referrals from Brand New Customers

You just completed you

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

Combination pro

r first order and determined your new customer is very happy with your service. “That’s great, I’m really happy we did the right thing by you. You know, our success depends on growing our business with great customers like you. Can you think o

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

any of your colleagues, friends or business acquaintances that could use our services”? Ask about the business you noticed down the street. Have a telemarketer call and audit the first sale and ask the same question.

Get Referrals from Poten

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

ial Customers Who Have Not Yet Bought from You

“Well Mr. Smith, it doesn’t appear that there is any business that we can do together at the present time but I’m sure that you have many business acquaintances in the area. Would you know of any

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

other business in the area that could use our products or services?” The point is: whether or not you do business, ask for referrals.

Get Referrals from Employees

Most people know at least 200 people by acquaintance of friendship and employe

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

es also know who might use your product or service. If you have 10 employees, that’s 2,000 potentials and a 1% conversion would produce 20 new customers. Encourage employees to refer. Make it a topic at regular employee meetings. Set up a quar

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

erly reward program (dinner, concert or game tickets for 2, a Microwave, $100 cash). This not only produces additional business but increases team spirit, morale and pride in the company.

Get Referrals from Suppliers

Who knows your business

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

Following aspects would a

etter or is more willing to help you (and themselves) grow than the people that provide your raw materials, re-sale product or services. Make it a point to interview or supplier reps and ask for referrals. If you’re big enough to have a purcha

dd to the challenges in developing combination products:

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

ing department, train your purchasing people to ask for referrals and reward them for successful leads. Don’t forget to ask your referrer if you can use their name.

Get Referrals from Your Delivery Service Personnel

UPS, FedEx, Roadway and o

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

ther delivery services visit a myriad of accounts regularly. Ask your delivery person who might use your products and services. It is amazing how much you can learn by asking questions of delivery people (including competitive information or w

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

ether or not a customer’s operation has any problems). Give a UPS guy or gal a brief, clear description of a type of business that you’re looking for and it’s likely he or she has been to several of them in the vicinity.

Get Referrals from Ne

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

Hire Training

Consider some real world training when you hire a new sales or administrative person. Have the new hire call some of your existing customers and set an objective to learn about various products and why they use them. In the pro

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

Professional from academic institutions, pharmaceutical industries, health care indust

ess, they can also ask for referrals that can lead to new business. This exercise also provides input for after-sales quality control and can be a very valuable source of market research.

Get Referrals by Networking

Other business owners who

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

are your friends or acquaintances are constantly in contact with still other business owners, friends, relatives and acquaintances that could provide suggestions and new business possibilities. Describe your business to them and ask for sugge

.

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

tions. Start a brain trust, disguised as a breakfast group and include your banker, lawyer and other small businessmen. Talk about what’s happening in the area and what new businesses are developing or moving in. It is not unreasonable to expe

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

Companies that provide selfless information through particip

t that more than 50% of your new customers will result from diligently practicing the solicitation of referrals. This significantly reduces the cost of acquiring customers and provides an ample supply of new business to reach your growth goals

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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