Advice You - Business

There are a number of things you can do today to create a successful business. The key to success is founded in adopting a positive attitude and investing your time and effort to take consistent daily actions. Here are some great ways to get started.

1. Take action. Successful business owners are people in action. They don’t sit around waiting for things to happen. Instead, they make things happen. Adopting a mindset of taking action is key to maintaining and sustaining the momentum you need to be a business succ

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

ess. Sometimes we don’t feel like doing anything. But, an idle business can mean financial disaster. You should always keep a list of simple things you can do to either market your business, improve your skill set or to make your business operations run more smoothly. Taking any action, even one small step each day, will keep you moving forward towards accomplishing your business goals.

2. Make sales calls. Closing sales is the lifeblood of your company. First you must create a process for generating prospects.

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

Examples of combination products may in

aking direct sales calls, implementing direct mail or email marketing campaigns, offering teleclasses or giving speeches are some of the best ways to build a pipeline of interested prospects. Craft a well-scripted sales presentation that addresses the prospect’s needs, introduces the features and benefits of your product or service, and handles any objections that might be posed. Finally you need to close the sale. While strong skills are required in all of these areas, the most critical part is developing relationsh

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

ips with your prospects and customers. There is no substitute for a face-to-face conversation with an inquiring prospect, and no better way than to begin building a personal relationship with a potential client.

3. Network. The best way to make sales is to create relationships with others who want to buy from you. Get out and meet others. Join groups that you enjoy that include members who would most likely be interested in your products and services. By mingling with others, sharing about yourself and your busin

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

ss, you’ll feel more alive and energized. Not only will you have the chance to meet new people, but you might also create some opportunities that can propel your business to a new level. Networking is a great tool for increasing your visibility and a necessity for anyone who desires success.

4. Complete the 90-Day Marketing Marathon. One of the quickest ways to jumpstart your business is to enroll in the 90-Day Marketing Marathon E-course (www.90daymar

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

Combination pro

etingmarathon.com). Available in editions for both coaches and micro business owners, this intensive program will motivate and inspire you to take daily actions to market and promote your business. Each lesson is carefully crafted to teach you something about marketing that you can implement immediately. You’ll learn about crafting and sending letters of introduction, writing a top ten article or e-course, asking for referrals, networking, writing press releases, and many more marketing tactics. You’ll also be a

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

ble to enjoy additional helpful resources that accompany many of the lessons.

5. Write articles and publish them online. Writing articles and publishing them online is one of the easiest things to do to generate business. Not only do they add to your credibility, but also they increase your visibility as they are disseminated all over the Internet. Go to websites like www.eZineArticles.com or www.topten.org

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

to get ideas about articles currently being written. You can write a simple top ten article and post it on any number of free or fee article submission sites. These articles, along with your full contact information, subsequently find their way to various websites or are included in published newsletters. Writing articles is a wonderful way to get known far and wide in a short period of time. They also create “links” back to your site giving you increased web traffic and exposure.

6. Teach teleclasses. One of th

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

e best ways to build your business is by offering free or fee teleclasses. A teleclass provides a way to share what you know with others while at the same time giving the audience an opportunity to experience your “live performance.” By offering a course through a teleclass format, you can extend your reach to a global audience, opening up the opportunity to gain clients from near and far. Teleclasses also offer other benefits in that they can be taped and repackaged for sale, showcased as a “special offer”, or even

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

osted as content to your website. As an added benefit, teleclasses are both time and cost efficient.

7. Send out 10 letters of introduction each week. A letter of introduction is a great way to introduce you and your business to your local community or target market. If you are just starting out, you can mention the grand opening of your business and perhaps include a free offer for a complimentary consultation or a free product sample. You might consider enclosing a copy of a recent article you have written or a

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

omplimentary assessment. Include a note that you will be calling in one week to follow up. This will give you a reason to make telephone contact, which might be the beginning of building a relationship with a future customer.

8. Update your website. One way to stay “fresh” in the eyes of prospects and current clients is to update your website at least weekly. Change something on your home page. If you make use of quotes or testimonials, change them or move them around. Add a new article or delete old content.

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

Following aspects would a

Make sure that any time sensitive information is properly updated. If you don’t have new content to add, ask your colleagues if they have something that you might be able to use. If you need articles to post, you can go to any number of online article banks, or even try www.topten.org Finally, don’t forget to check all of your links to make sure they are functioning properly.

9. Return phone calls promptly. Now more than ever, time is of the essence when it come

dd to the challenges in developing combination products:

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

to doing business. You never know when you might be missing a time critical opportunity. Always return phone calls as soon as you can. Your prompt response demonstrates to prospects and your current clients that you value serving them and that you respect their time and their deadlines. In today’s competitive environment, if people don’t get the prompt attention they desire, it’s easy to do business elsewhere. In order to make it easier and more time efficient to return calls, set aside one or two times during the

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

day when you can do so without interruption.

10. Respond to emails promptly. Today, email is a more common method of communication than the telephone. As with returning telephone calls, emails left unattended can send negative messages about you and your business. When you don’t answer emails promptly, you are perceived as not on top of things, that you aren’t detail oriented or worse, that you don’t care about your customers. Don’t hesitate when it comes to communications. As with telephone calls set aside a co

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

ple of times each day to respond to email.

11. Get involved in your community. Successful business owners get involved with their community. You can donate your time, services, or products to local charities or social programs. You can offer to speak for free to various community groups like the Optimists, Lions, and Rotary clubs. You can even start your own group to benefit the community and its members. Not only is this a great way to network and create visibility for your business, but also it’s a wonderful wa

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

to give back and help those who need it most.

12. Engage in public speaking. Public speaking is a wonderful way to build visibility and credibility for your business. Whether you are speaking for a fee or for free, speaking engagements are a great way to introduce your products and services to others. More importantly, they provide a way for you to establish a personal relationship with prospects by providing a face-to-face opportunity to interact. Consider public speaking engagements as “instant networking” oppo

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

Professional from academic institutions, pharmaceutical industries, health care indust

rtunities with you as the featured guest.

13. Be customer centered. Successful business owners are 100% customer-centric because they know they will be out of business without customers. Being customer-oriented means that you design, develop and market products and services that meet the specific needs of your clientele. You design customer service programs that address questions and concerns efficiently and effectively. You answer emails and return telephone calls promptly. Adopting an attitude of service to oth

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

rs is the best way to ensure that everything you do is for your biggest fans – your customers.

14. Surround yourself with terrific people. Business owners who want to be more than average, associate, partner and network with other highly successful and exceptional people. The best way to learn the ropes of success is to surround yourself with those who have already achieved it. By learning from the knowledge and wisdom of others, you will reduce your own learning curve and make your own success much faster and easi

.

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

er. Consider partnering with others who have a complimentary service and product or choose to create something new from which both of you can benefit. Or you might engage in fusion marketing opportunities where you market and promote each other’s offerings.

15. Adopt a learning mindset. Successful business owners are knowledge seekers. They are on a continual quest to improve themselves personally and professionally. You’ve probably heard the phrase “Knowledge is power”. Seeking out new knowledge, whether by rea

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

Companies that provide selfless information through particip

ing a book, taking a teleclass, or learning from the feedback you receive from your customers or clients can be invaluable when it comes to moving your business forward. An attitude of learning from everything we encounter is what keeps our perspective fresh and our ideas flowing. We need new input to create new output. Surround yourself with interesting people, things, and ideas. These are the roots from which successful businesses are born.

© Copyright 2004 Alicia Smith Consulting & Training. 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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