Useful Advices - Business

Recently a new client came to me in total frustration. She had been working with another coach who had insisted she focus on offering, and aggressively marketing, only one service. Now she was out of energy, out of money,

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

and couldn't understand why she was failing. A great salesperson in her previous work, she was struggling to sell enough of this one service to support herself.

This talented and skilled professional was on a slippery slo

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

Examples of combination products may in

e to a failed business. She was using one of the most enticing and dangerous models for the direction of her business: Offering just one service to just one market.

One service, one big client, one product, does not make

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

one-person business that can thrive. And, it can get you in hot water if your one client with your one product or service is corporate: you start to look too much like an employee to keep the IRS happy.

So, what's the a

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

swer? For this new client, my first question was "Have you done the numbers?"

Her blank look was enough of an answer. So, we walked through the numbers process:

how many contacts she needed to generate a lead

how many l

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

Combination pro

ads to make a sale

how long the sales process took in both hours and days

how much it cost out of pocket to develop a paying customer

how long to deliver the service

how much she needed to sell to cover her expenses, t

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

generate enough to get by, and provide a quality life for herself, and

how long before the customer was ready for the next service session.

The answer to her problems was very clear. She needed to sell six new clients a

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

week to get by in order to pay her bare living expenses. But, it took significantly more time than 40 hours per week to generate the leads, close the sales, and deliver the service. More like 80 hours per week.

She had a

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

so not taken into account the amount of money her marketing and sales was taking, as well as the money needed to produce the service. So, although her target was 6 sales a week, she really needed to make at least 7 to cove

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

both the costs of production, and the money she needed to cover her living expenses.

An undoable plan!

The answers to her dilemma were the strategies one-person business owners need to consider for themselves. What kind

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

of multipliers can you implement so you can provide for yourself in a manner to which you would like to become accustomed, and at the same time provide quality products and services to your target market.

Start with a com

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

Following aspects would a

itment to yourself that you will never again have just one service or product for one market. Aim for at least 3 service/product offerings in 2 - 3 markets. (I know when you are just starting out, it is hard to develop all

dd to the challenges in developing combination products:

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

three at the same time. Just make sure it is in your plan, and then work your plan.)

Devote your next executive meeting with yourself to reviewing your product/service packages. Look for ways you can multiply your efforts

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

or transfer your current offerings to another market. Ask yourself:

Is it time to make one of your service packages into a stand alone product you can make once and sell, sell, sell? Consider ebooks, workbooks, resource

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

guides, quick start guides to using a product or service. Plus with add on's, hard to source supplies, and specific tools.

Can you bundle stand alone, or individual services into an ongoing coaching, consulting retainer a

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

reement with your existing or new clients?

Can you service a number of clients at the same time? They can get the benefit of learning from one another, and lower individual fees while still increasing your total income/ti

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

Professional from academic institutions, pharmaceutical industries, health care indust

e. Consider teleseminars, group coaching, group counseling or therapy, seminars, workshops or training classes.

You can also look at unserved potential clients in the work you are already doing. Many professional speakers

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

develop products or services so their audience members can take a part of the speaker home with them, or continue learning more than what was possible in one presentation. Consider what you could offer the executives who m

.

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

ke the decisions to hire you. Or, additional products or services for meeting planners. This means you have three different potential client bases all in the room with you when you are presenting. Do you leave them wanting

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

Companies that provide selfless information through particip

more...or do you have products and services just for them?

Bottom line-one product, service, or client doesn't make a viable one-person business. Make a commitment to yourself to build a stronger, more profitable business

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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