Tags |
|
|
Links |
|
|
Useful Advices - Finding Hidden Profits In Your Business - 7 Strategies To Use Today
If I walked into your business and spent an afternoon, I'm fairly confident I could find several little hidden profit centers, just waiting to be used. Let's talk about 7 strategies for finding hidden gold in your business.
Strategy #1
Let someone else do the mopping and filin
Strategy #1
Let someone else do the mopping and filin
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
g
When you "save money" by doing $8/hour work rather than letting someone else do it, you don't save money, and in fact - it costs your business MORE. You're stealing from yourself.
What should you be doing instead? Things like keeping your existing clients, finding new clients, working o
When you "save money" by doing $8/hour work rather than letting someone else do it, you don't save money, and in fact - it costs your business MORE. You're stealing from yourself.
What should you be doing instead? Things like keeping your existing clients, finding new clients, working o
; 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
your marketing, improving your products and services, creating new products and services, training your staff, business planning, and similar IMPORTANT work. Those are the things that your $8/hour teenager knows nothing about.
Strategy #2
Get a LOT closer to your existing cli
Strategy #2
Get a LOT closer to your existing cli
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
nts
Don't believe me? How many businesses that you buy from have gone out of their way to see what else they can do to help your family or business life get even better after they sold you the first product or service. I'm guessing "Not many".
I want to know as much as I can about their c
Don't believe me? How many businesses that you buy from have gone out of their way to see what else they can do to help your family or business life get even better after they sold you the first product or service. I'm guessing "Not many".
I want to know as much as I can about their c
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
ients. Why? Because that info is the key to figuring out what else your business can provide to those clients. They already trust you, why wouldn't you offer additional products and services to help them? Every additional product and service they can depend on you for will strengthen your r
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
lationship with them.
Strategy #3
SYSTEMATICALLY collecting and using testimonials
When you see a sign or brochure that says "We're the best mortgage broker in town", do you believe that? Doesnt everyone say that, or something similar? How do you know who to talk to?
Now cons
Strategy #3
SYSTEMATICALLY collecting and using testimonials
When you see a sign or brochure that says "We're the best mortgage broker in town", do you believe that? Doesnt everyone say that, or something similar? How do you know who to talk to?
Now cons
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
der this made-up testimonial: "Joe helped us figure out how to refinance the house even though my husband had been laid off. He helped us when everyone else told us it couldn't be done. Now my husband is working again and we're doing great. Joe believed in us like a friend when no one else
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
would and I'll never forget that."- Mary Smith, Columbia Falls Montana.
Everyone feels they are taking a chance on your business the first time they come in. A believable testimonial from existing clients, with their full name and the city where they live, is extremely powerful. A picture
Everyone feels they are taking a chance on your business the first time they come in. A believable testimonial from existing clients, with their full name and the city where they live, is extremely powerful. A picture
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
f the smiling client with you is even more powerful.
Strategy #4
Measure, measure, measure.
A friend of mine is CFO for global wholesaler of furniture and home goods. One of her favorite sayings is "That which is measured will be managed." Boy is that a mouthful.
Do you know
Strategy #4
Measure, measure, measure.
A friend of mine is CFO for global wholesaler of furniture and home goods. One of her favorite sayings is "That which is measured will be managed." Boy is that a mouthful.
Do you know
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
ow much it costs your business to get a new client?
Do you know how much it costs your business to get a sale?
Can you tell me how many dollars you get back for each dollar you spend on each of your marketing campaigns, ads, etc?
If you can't answer these questions, how do you know which
Do you know how much it costs your business to get a sale?
Can you tell me how many dollars you get back for each dollar you spend on each of your marketing campaigns, ads, etc?
If you can't answer these questions, how do you know which
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
ads are helping you? How do you know which clients are profitable and which ones are sucking you dry?
Strategy #5
Industry norms are for people who like normal results
This is what everyone else does, so you should do it too, right? Most likely...WRONG. Industry norms are ofte
Strategy #5
Industry norms are for people who like normal results
This is what everyone else does, so you should do it too, right? Most likely...WRONG. Industry norms are ofte
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
artificial barriers, rules or benchmarks that were placed there by those at the top of the food chain in that industry. It's not your job to adhere to industry norms, it's your job to make your business the best that it can be.
Look at Domino's Pizza. 25 years ago, NO ONE delivered pizza
Look at Domino's Pizza. 25 years ago, NO ONE delivered pizza
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
o your house. I mean, who would possibly pay for THAT, right? Certainly, no one guaranteed they'd deliver hot pizza in 30 minutes or it was free. Take out and eat in pizza was the "industry norm". Domino's Tom Monaghan didn't pay attention to industry norms back then and neither should you
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
oday.
Strategy #6
Stop trying to beat Walmart at THEIR game
Everyone knows who has have the lowest prices in town, everyday, right? Walmart.
Let's pretend for a moment that you sell lawn mowers. Even worse, you sell the same brand that Walmart sells, but you might sell differ
Strategy #6
Stop trying to beat Walmart at THEIR game
Everyone knows who has have the lowest prices in town, everyday, right? Walmart.
Let's pretend for a moment that you sell lawn mowers. Even worse, you sell the same brand that Walmart sells, but you might sell differ
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
ent models. Or maybe not.
Do you really think you are EVER going to be able to compete ON PRICE with a company that buys shiploads of mowers while you are buying them by the pallet? PLEASE.
If you really want to make money by competing with Walmart ON THEIR TERMS, go buy some KMart stock.
Do you really think you are EVER going to be able to compete ON PRICE with a company that buys shiploads of mowers while you are buying them by the pallet? PLEASE.
If you really want to make money by competing with Walmart ON THEIR TERMS, go buy some KMart stock.
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
Yeah, I thought so. Ok, Ive got that out of my system:)
You more than likely can't beat Walmart, at least not on price. You CAN co-exist and make a LOT of money doing so. In fact, you might considering putting your store next door to them in order to take advantage of the traffic.
Stra
You more than likely can't beat Walmart, at least not on price. You CAN co-exist and make a LOT of money doing so. In fact, you might considering putting your store next door to them in order to take advantage of the traffic.
Stra
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
egy #7
What we have here is a failure to communicate
The famous line from the movie "Cool Hand Luke", right? Well, your business most likely experiences this same failure: Not communicating often enough with your clients. Yeah, I know. You think this is common sense, but it'll nev
What we have here is a failure to communicate
The famous line from the movie "Cool Hand Luke", right? Well, your business most likely experiences this same failure: Not communicating often enough with your clients. Yeah, I know. You think this is common sense, but it'll nev
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
r work for you cuz your business is different.
I'll tell you what. Let me start the same business as yours right down the street. You keep on doing what you're doing now. Meanwhile, I'll start sending your clients a monthly newsletter, weekly emails, birthday cards, anniversary cards, remi
I'll tell you what. Let me start the same business as yours right down the street. You keep on doing what you're doing now. Meanwhile, I'll start sending your clients a monthly newsletter, weekly emails, birthday cards, anniversary cards, remi
.
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
ders about their frequent purchase benefits, recorded voice calls on special occasions, brief personal notes to them that include recent newspaper articles mentioning them or their kids (etc), and so on. A year from now, we'll see who they spend more $ with. If you're still around.
Copyrig
Copyrig
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
t 2006 - Mark Riffey. All Rights Reserved Worldwide. Reprint Rights: You may reprint this article as long as you leave all of the links active, do not edit the article in any way, give author name credit where credit is due and follow all of the EzineArticles terms of service for Publishers
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
HTTP = HTML link (for blogs, profiles,phorums):
<a href="http://www.usefuladvices.org.ua/article/46146/usefuladvices-Finding-Hidden-Profits-In-Your-Business--7-Strategies-To-Use-Today.html">Finding Hidden Profits In Your Business - 7 Strategies To Use Today</a>
BB link (for phorums):
[url=http://www.usefuladvices.org.ua/article/46146/usefuladvices-Finding-Hidden-Profits-In-Your-Business--7-Strategies-To-Use-Today.html]Finding Hidden Profits In Your Business - 7 Strategies To Use Today[/url]
Related Articles:
Dangerous Careers May Call for More Life Insurance
Turning Customer Complaints Into Customer Referrals
Bookmark it:
|