Main Subject - Business

Referral Rewards Let’s go through a list of rewards you could give people for referring you business. (Please read the Special Report on “Automatic Success” to understand the psychology behind this – it’s available in your Immortal Mem

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

bers Area under “Sales”)

There are two ways to reward. 1. For referrals whether you sell them or not 2. For referrals where you make the sale

I encourage you to have systems for both. And like much of what’s on the list below, you ne

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

Examples of combination products may in

ed to know your numbers to successfully use some of these methods I am about to share.

If you want to make each referral gift stay on the profitable side, you need to know –

Cost per lead
Cost per appointment (if you have this in your

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

sales process)

Cost per sale

The Marketing Analysis Calculator spreadsheet I prepared for you in the Software > Free Software of your Immortals Membership area is an easy way to begin tracking this information if you don’t know it.

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

rong>Specific Rewards To go to a ‘World Class’ level, you need to know your customers and keep notes on what your customers like and dislike. If you have good referral sources, you want to start rewarding them with things they really like pers

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

Combination pro

onally. Not some generic across the board gift that any Tom, Dick or Harry is going to be given.

Your top referral sources deserve special treatment. Once you see a pattern of giving from someone, you may phone their secretary or business partner to f

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

ind out a couple of things like –

You start by saying,

“Hi Mary, I wanted your help on something. John has been referring quite a bit of business to us and we wanted to do something special to thank him. Can you tell me if there is anything he pa

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

rticularly loves to do in his spare time?"

This will lead on to questions like -

What does John do on weekends?

What hobbies does he have?

What Team does he follow in sport?

Does he have any goals in life you could share with me?

Does he hav

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

a favorite movie, book or something else?

Then you ask them to keep your call a secret so you can surprise him. You organize your gift and send it through – BAM! Now that has serious “Wow Factor”.

So let’s go through a list of rewards you can put on

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

your list. You may decide to arrange 5-10 rewards for varying amounts of sales generated. For example, $100 sales you give away ‘X’ gifts. For $250 sales, you give ‘Y’ Gifts, $500 plus you give ‘Z’ gifts – you get the idea.

Rewards (combine many on t

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

he list to create ultimate thoughtful gifts)

I find the key is to give people lifestyle enhancing gifts – money is a boring cop-out! Money trading for referral strategies falls into a Joint Venture strategy under my definition.

Referral Rewar

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

Following aspects would a

ds include things like -

Limo ride

Dinner for 2

Movie tickets

Live Show

Holiday

Flights

Weekend Away

Harley Ride

Gift Vouchers to Favorite Store

Favorite Alcoholic Beverage

Bottle of Wine – (standard)

Tickets to Sporting Event

Hot

dd to the challenges in developing combination products:

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

Air Balloon Ride

Book/s

DVD’s

CD’s – music

CD’s – area of interest (i.e. self-help etc)

Send them a Special Report (from my Immortals Site like this one – cheers!)

Massage voucher

Subscription to a magazine

Hire them a dream car for a day (Ferr

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

ari etc)

Flowers to turn up at their house / office

Organize a caterer to turn up at their house and cook a meal for them

Chocolates

Bath and Relaxation Products

I am sure this list will stimulate some ideas for you – time to make your own list or

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

add to this one. The more you do this and get to know your customers, the easier this is.

Now to my favourite... and WHY?

I think one of the best referral gifts you can give is a magazine subscription.

Why?

#1 - Because it is low cost.

#2 - It is

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

something physical that gets sent to them and will act as a surprise every time it hits the letterbox.

#3 - You can custom choose the magazine based on what they have a passion or interest in - this is ultimate personalization.

"It's the thought tha

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

Professional from academic institutions, pharmaceutical industries, health care indust

counts"

#4 - The monthly reminder keeps you top of mind for future referral generation.

#5 - It is systemized for you by the company that fulfills the orders - you only need to order it once - how easy is that?

#6 - The entire cost of annual subscr

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

iption can be absorbed in the first sale you make (do your numbers)

#7 - They get 12 gifts for the one referral - over delivering at its best!

#8 - This gift naturally engages the Law of Reciprocity. If they fail to send more referrals, then every mo

.

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

nth they get a reminder when that magazine hits their desk. Before long, the natural Law of Reciprocity kicks in and they make an effort to send more people to you.

The system that you initiated and gets fulfilled by someone else creates a sys

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

Companies that provide selfless information through particip

tem of ongoing referrals - "Ultimate Leverage" Need I say more?

In Part 4, I will reveal the critical step - this is where most businesses fail to maximize their referral systems.

Until then...

Think BIG! Act BOLD! Have FUN

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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