Advice You - Business

Many of us entrepreneurs are drawn to our particular profession by a specific defining moment or series of events that changed everything in our lives. Because of that moment, some of us dropped everything and decided to dedicate

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

the rest of our professional lives to doing what we now do.

My compelling story is my before-and-after scenario: how I went from not enough clients and struggling to pay the bills, to learning everything I could about marketing,

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

Examples of combination products may in

etworking and business management. As a result of creating my own 'Client Attraction System', I turned my practice from a mediocre one to one bursting at the seams just 8 months later, thereby eliminating my “3-A.M.-I-don’t-have-enough-c

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

ients-sweats.”

My own ‘compelling story’ is something I tell to establish instant credibility with new prospects, in front of an audience or at the beginning of my 'Client Attraction Home Study System'. Clients and people in my s

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

minars have repeatedly told me that hearing it was one of the first reasons they then hired me. It spoke to them because I’d been in their shoes too, at one point, and now I’m on the other side of the Client Attraction challenge. They te

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

Combination pro

l me they too have tossed and turned at night with the “3 A.M. sweats,” and that to see someone having survived it and now thriving, they feel they can too.

You may also have a compelling story that no one else has. Your compelli

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

g story may be that you overcame a serious challenge in business, in your health or in life that caused you to change your course and do what you do now to help others with the same struggles.

You can use your compelling story several w

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

ys to attract clients:

First and foremost, it helps the prospect bond with you. If you’re in a business like mine, it’s the know-like-and-trust factor that you need to really establish with your target audience. People ar

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

n’t buying a “business.” They’re buying a solution first and a relationship second.

It can be the beginning of your signature talk or your teleclasses, helping you to “earn the right” to be up there speaking to an audie

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

ce that doesn’t know you yet.

If you don’t have a lot of credentials, it can give you instant credibility. You’ve been through what they’ve been through too, you’ve experienced success, and now you’re back to tell them

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

ow to solve their problems.

Client example: A travel agent who once attended one of my Full Day Client Attraction events had a breakthrough in figuring out what makes his seemingly non-descript travel business differen

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

Following aspects would a

from the competition and it was his compelling story.

To paraphrase it, his travel business focused on cruises. During a group coaching moment in the workshop, I asked him what brought him to focus on cruises, and he painted 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

enario for us that no one in the room will forget. You see, a few years ago, he was diagnosed with a very serious health concern and he intuitively knew that his current corporate job was literally making him sick.

One day, because h

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

couldn’t take the toxic environment, this unhappy employee signed himself up for a cruise. He came back having experienced what felt like heaven to him and he continued to vacation on cruises regularly and was shocked to see his hea

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

th condition was getting rapidly better. According to him, he has now healed himself of his health concern, and it all started by taking care of himself and his soul by going on a cruise regularly.

He decided to quit his job and

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

edicate the rest of his professional life to helping people break free of toxic lifestyles by experiencing the wonders of the cruise lifestyle.

I tell you, there was not a dry eye in the room. THIS was a compelling story and ever

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

Professional from academic institutions, pharmaceutical industries, health care indust

one there was truly compelled to take a cruise after hearing him, even if they’d never considered taking a cruise before. Best of all, they wanted to work with HIM to book the details of the cruise, not their regular travel agent. Had we

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

not gone through this exercise in person, he says he would never have considered this story something that would attract clients and give him an advantage over other travel agents. But it does.

Your Assignment:

What is YOUR c

.

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

mpelling story around your business? What brought you to do what you’re doing today with such passion? What is your before-and-after story and how did you overcome your situation?

Sprinkle this in your marketing materials or in c

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

Companies that provide selfless information through particip

nversation. Creating your compelling story to share with others can be a catalyst and one of the most powerful ways for you to attract clients through the know-like-and-trust factor.

© 2006 Client Attraction LLC. All Rights Reserved

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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