Useful Advices - Business

When you buy a car or truck, how does the dealership “deliver” your new purchase? Do they sign the paperwork, say “Thanks,” and tell you to expect your vehicle in about a

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

week? Of course they won’t. Your salesperson and the dealership work in tandem to deliver your new vehicle to you THAT DAY and IN PERSON. They take the time to show you

; 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 features of your new ride. The really good dealerships invite you back for a free seminar on “How to Service Your New Car or Truck.”

If you are in the business of se

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

lling investment plans, annuity products, life insurance or other supplemental products, you can take a lesson from other industries (like auto sales) and implement a syst

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

m of your own “personalized delivery” of the newest part of your client’s financial program. Follow these three (3) rules.

Rule Number One (#1) – Deliver the new policy o

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

Combination pro

“first investment statement” IN PERSON. So many agents call themselves professionals and deliver a new policy in the mail. That is the worst mistake anyone can make. It

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

makes your customer even more aware that the product they just bought from you is a commodity. The fact: It is. So how can you dress up the sale? Deliver the commodit

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

in person. If you sell investment products, go by and educate the client on the statement they will receive once a quarter. If it is any type of insurance product (life

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

, disability, long-term care), take the policy out of the company envelope and put it in a “delivery kit.” Maybe you have some folders printed with your name and logo on

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

he front. Perhaps even a binder to help keep other financial documents organized. Do something to dress up the delivery.

Rule Number Two (#2) – Tell the client about wh

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

t they have just purchased and how to use it. Most successful financial service professionals have a mental checklist of the topics they want to cover in a delivery appoi

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

Following aspects would a

ntment. Take that idea to the next level. Use an “AGENDA” to review ALL the important features of the product. Make sure they know to keep the material or policy in a s

dd to the challenges in developing combination products:

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

fe place. Tell them to show family members where things are located in the event something should happen. If the company requires a delivery receipt, maybe you should to

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

o. After all, you are running a business, right?

Rule Number Three (#3) – Remind the client that the decision they have made is a good one. Positive reinforcement of th

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

money they just spent (and will continue to spend) is a motivator to do more business with you in the future. Make sure the client knows to call you if another agent or

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

nvestment rep tries to tell them what they have is “not enough,” “unsuitable,” or “too expensive.” It happens. So educate the client on the front end – tell them it will

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

Professional from academic institutions, pharmaceutical industries, health care indust

happen and that you have no problem discussing their financial picture with a dissenting opinion. This is loss prevention maintenance. It works!

Just follow these three (

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

) SIMPLE RULES for delivery and your client will remember you. You have taken a commodity they could purchase from another professional, and personalized it, packaged it

.

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

and made it your own. Folks, that’s just good business and it will reap rewards for you in the future – especially when you are ready to ask for referrals from that clien

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

Companies that provide selfless information through particip

.

Delivering a part of the client’s financial program: How Professionals do it.

(This Sales Jive idea was submitted by Warren Shirley of Letohatchee, AL. Thanks Warren!

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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Useful Advices - How Professionals Deliver a Part of the Client's Financial Program: Three Rules

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