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Main Subject - The 5 C Principle for Developing Your Most Important Asset
"Yes Joe, I already KNOW I need to go back to my existing client list."
I hear that from contractors all the time. They’ve been in business for several years, have personally dealt with a couple of hundred people and have th
I hear that from contractors all the time. They’ve been in business for several years, have personally dealt with a couple of hundred people and have th
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
em listed somewhere—on cards in a box, in an old rolodex or in their accounting software.
They suspect they are a good source for additional work and they know deep down that they are at fault for not contacting them. One co
They suspect they are a good source for additional work and they know deep down that they are at fault for not contacting them. One co
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
tractor proudly exclaimed to me, "They don’t want me to contact them Joe, I’ve already taken all their money!"
In the sales and marketing world we now live, that philosophy is short-sighted if you want to do business on a re
In the sales and marketing world we now live, that philosophy is short-sighted if you want to do business on a re
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
ular basis. Clients have to give you permission to contact them. From "do not call" lists to spam filter software and delete buttons, all the traditional methods of getting in touch with prospects has changed. The prospect no
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
has the power to decide whether or not he will communicate with you.
Most contractors already know this; however they usually won’t approach the subject until their business slows down. They wait until the situation is desp
Most contractors already know this; however they usually won’t approach the subject until their business slows down. They wait until the situation is desp
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
erate enough to contemplate a new advertising program or any type of marketing.
How do I contact these people and what am I going to say? When trying to help contractors with the “How and what” of contacting your client data
How do I contact these people and what am I going to say? When trying to help contractors with the “How and what” of contacting your client data
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
ase, I suggest the "5 C" strategy of maintaining, managing and marketing to your client database. Follow these principles to acquire a group of happy, referral-giving clients.
Commitment—This is not a one day project. This t
Commitment—This is not a one day project. This t
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
sk needs commitment from the owner over a long time, (ideally as long as you’re in business) as well as all members of his staff (including field staff). Do not over-delegate. Be engaged and follow the plan yourself and stay
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
nvolved with the process. Show you are committed to the plan by actively participating. Your employees will see sincerity in your actions. Your clients will be delighted with your attention and consideration.
Communicate—Sta
Communicate—Sta
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
rt with your most recent contacts first—people you have done business with in the last month, last three months, etc. I suggest phone calls and e-mails, with repeat contact if no response. Send postcards/letters for clients t
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
at you haven’t contacted for a couple of years. Tell your clients the truth. You’re trying to reconnect with them to help them and yourself. Sponsor a contest, newsletter or something that is interesting and engaging to them.
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
Stress the exclusivity of them being your clients.
Collate—Input this information in a contact software system like Act, Goldmine, and/or set up an e-mail newsletter like Constant Contact, Vertical Response, etc. The key is
Collate—Input this information in a contact software system like Act, Goldmine, and/or set up an e-mail newsletter like Constant Contact, Vertical Response, etc. The key is
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
to enter this new information in a system that can be accessed and manipulated. We need to determine how many clients are still around. Did they move or die? What’s changed and how’s business?
Confide—What do you say? Involv
Confide—What do you say? Involv
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
e your clients in your world. Start with the questions you are most often asked by your clients. Ask and answer them in your initial newsletters and ask for topics for the future. Start a referral program for as much as you c
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
n afford. Make it a luxury trip or weekend, but make it a big deal. Have an open house at your place or at a restaurant or hotel. Get some help from your subs/suppliers. (This is a great way to network with them.) You’ll need
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
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
door prizes and favors…make the open house a "happening," not just a gathering. Have your past clients talking about you in a good, exciting way.
Consistency—The process takes time and needs a consistent message. The message
Consistency—The process takes time and needs a consistent message. The message
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
is to objectively help your past clients with information adding humor without being too promotional and self-centered about your own business. Keeping in contact with your clients not only builds business now and in the futu
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
re, but the ongoing communication makes you a better contractor today. You learn what you did wrong as well as how you are unique and why they spent their money with you.
Boring? Going over ground already plowed? No NEW adv
Boring? Going over ground already plowed? No NEW adv
.
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
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
rtising/marketing brochures and no new signs? Is it really that simple? Sounds simple, but follow-up and ongoing communication is hard work. You’ll soon discover that connecting with your past clients changes into visiting o
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
d friends. It is an experience that becomes enlightening and enjoyable. If you’ll just follow the “5 C” plan, you will discover treasure in an overlooked asset and re-discover old friends—all anyone could ask for in this life
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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