Advice You - Business

If you're a consultant, solopreneur, or an information marketer—making a one-time small sale may not be in your best interest. Sure you get a charge by contributing to someone else's business. And sure it's nice to pick up 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

new client. But if you know you'll never hear from them again, it may be better to turn them down to concentrate on hooking bigger fish.

Am I nuts to suggest turning down business? I mean this isn't what they teach in Busine

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

Examples of combination products may in

ss 101. Maybe I should have my head examined.

Okay, but at some point, we should graduate from Business 101.

I met a Life Coach just starting out her career. She offered a free hour of consultation for first-time clients. S

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

e thought I spoke in tongues when I suggested packaging her knowledge into CDs, DVDs, and print. She didn't see the huge positioning and profit potential. Hopefully, she will become enlightened.

Let's look at what typically

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

happens with a small solo sale...

* They whine about your fees;

* They want you to work extra without extra compensation;

* They steal your time;

* They call you daily; and then,

* They want to reform your finished proje

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

Combination pro

ct.

What a headache. They want you at their beckon call... which is suicide if you're busy working on more lucrative projects. You don't have time to baby-sit. This is the opposite of a successful business model.

One of the

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

major questions you'd want to ask when potential clients approach you is, "Where's the money in this?"

For instance, are there deeper levels of products they can develop that create more intense learning experiences? Can the

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

y package and bundle their information products with their flagship product? Can they actually work less and charge more?

You should be able to answer, "Of course." But if not—you may want to decline their business. You don'

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

t want to work with people who are spinning their wheels.

So let's assume you want to attract bigger fish...

You cast your prospecting net into the sea. What happens next? Bunches of little fish get caught in the same net.

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

t always happens. I figure God has a sense of humor for creating so many varieties of small fish.

These little fish want you to give away the store. They don't truly value or accept your advice. And you end up wasting your t

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

ime, with little to show for in return.

How can you prevent this from happening to you?

Simple. You screen out those little fish with a detailed questionnaire. You include multiple choice and essay questions. You make them

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

Following aspects would a

work for the chance to hire you. This strategy can also repel business sharks.

Your best, most serious potential clients will complete the entire questionnaire. Your worst potential clients will never finish it. And probably

dd to the challenges in developing combination products:

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

never call back.

Good riddance.

Here's a sample of you might want to include in your questionnaire:

1) Full contact information. Include online websites and shipping address. Ask about their expertise, their brand, any par

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

tners, and if they are the sole decision maker.

2) Customer profile. How many in their database, what they bought, how much they bought, their contact information, and product upgrades or downsells?

3) Prospect profile. Rec

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

ord their lead capture methods, conversion rates, online and offline campaigns, and if divided into various prospect categories.

4) Products and programs. List all products, services, trainings, and subscriptions. Ask about

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

heir fees, future product development, and current selling systems.

5) Target market. Who are they? Were they surveyed? Include demographics, psychographics, and partnering with, or training peers.

6) Joint ventures. Do the

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

Professional from academic institutions, pharmaceutical industries, health care indust

y sell through affiliates, get endorsements, or who'd make the ideal joint venture partner?

7) Marketing action. How and how often do they market themselves? Do they test one marketing promotion with another? Do they schedul

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

e live events?

Your questionnaire will give you a general business profile of your potential candidate. It sends them a message that you are a serious professional and do not have time for fishing expeditions. It will save y

.

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

u time, hassles, and headaches. And it's a tool they can easily download off your website or sent through an autoresponder.

Tommy Yan helps business owners and entrepreneurs make more money through direct response marketing.

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

Companies that provide selfless information through particip

He publishes Tommy's Tease weekly e-zine to inspire people to succeed in business and personal growth. Get your free subscription today at www.TommyYan.com

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.adviceyou.org.ua/article/44087/adviceyou-Chiming-the-Crime-of-Lost-Time.html">Chiming the Crime of Lost Time</a>

BB link (for phorums):
[url=http://www.adviceyou.org.ua/article/44087/adviceyou-Chiming-the-Crime-of-Lost-Time.html]Chiming the Crime of Lost Time[/url]

As a good business person, you want to satisfy every client that comes to you with a query and make sure that it’s resolved quickly so that they come back for more later on. Unfortunately, you can't do that if your calls keep coming in and no procedures have been put in place to resolve issues promptly. Let me show you how this problem can be easily fixed.

To build a network of professional contacts you cannot be selfish. If your motives are about your own needs, you will be exposed as a fraud. To serve others will lead to others serving you...

Those who have authority based on the position they hold in the community have Positional Authority. This includes your boss, the U.S. President, or a police officer.

Tags

Links

Advice You - Chiming the Crime of Lost Time

Related Articles: