Advice You - Business

There are many questions that often come up for new small business owners around offering guarantees - what kind, how long, am I risking too much by doing so, and even if they should offer

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

them at all.

In my business, I offer a guarantee on everything I sell. The guarantees for my products are slightly different than the guarantees I give for my 1:1 coaching and consulting s

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

Examples of combination products may in

ervices, but the one thing they have in common is this:

Guarantees remove the risk from your buyer.

And yes, that means that then the "risk" is on your shoulders, but that's exactly where

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

it should be. After all, if you're providing something of value that you believe in, standing behind it should be very easy to do.

Here are some other thoughts about offering guarantees fo

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

r your products/services, based on my experience and knowledge:

1. Guarantees make it easier for your prospect to buy...

If you offer a 100% money-back, no-questions-asked guarantee, you'

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

Combination pro

e answered your potential buyer's # 1 objection - "But what if it doesn't work for me?"

By assuring them that, if your product or service doesn't do what you say it will for your buyer, yo

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

u'll give them their money back without demanding a reason, you're assured more sales.

2. Guarantees are proven to make more sales...

You may think that by offering a guarantee people are

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

going to take advantage of it unscrupulously, especially if you're selling a digital product. After all, you can't really take an ebook back once someone has downloaded it to their compute

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

(and yes, I know there is software available that turns "off" a returned copy, although I don't recommend you use it).

But so few people will really do that that it's not worth not offeri

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

ng a guarantee. There will always be a few turkeys who will take advantage, but I suggest you leave it up to the Universe or Karma or whatever to take care of them.

3. Offer a strong guara

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

tee...

Meaning, 100% money-back, no-questions-asked, one-year guarantee.

Studies agree that the longer the guarantee, the less returns you'll get. Why? Because people are busy, and they w

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

Following aspects would a

ill appreciate a longer time to try something out before they have to return it. And frankly, unless they are furious about a purchase, it's unlikely they will ask for their money back, esp

dd to the challenges in developing combination products:

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

ecially it's been awhile since they bought it.

4. Guarantees for services...

If you're a service provider, like a coach or consultant, it may be a bit more difficult to put a guarantee on

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

your results because usually you need your client's active participation to achieve any results.

And since there is really no way that you can make them engage, it wouldn't be wise to plac

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

e all the responsibility for results on you.

As part of your contract with your client, you might want to include a detailed list of what it is that you will be providing as well as what t

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

e expectations are of the client, and that any requests for refunds will be based on what expectations were met on both sides of the agreement and to what degree. This can be very tricky, t

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

Professional from academic institutions, pharmaceutical industries, health care indust

hough, so to paraphrase a business coach I worked with a few years ago, I'd suggest this option instead: "Here's your money, off you go..."

5. Guarantees are promises...

If you offer some

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

thing of value and you believe in it, then it's easy for you to make promises about what it can do. It should be equally as easy, then, to offer an iron-clad guarantee to back up those prom

.

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

ses.

Offering a strong guarantee will put your potential buyer at ease and make more sales for you. If you'd like to see a copy of my "No Quibbles Guarantee" visit my sales page for my "21

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

Companies that provide selfless information through particip

Easy & Essential Steps to Online Success System" and scroll to the bottom. And feel free to model it for your own offerings as well!

Copyright (c) 2006 Alicia M Forest and Client Abundanc

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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