Main Subject - Business

Most surveys show the average business loses about 19% of its client base each year. In fact, the authors of, “Customer Winback: How To Recapture Lost Customers – and Keep Them Loyal” estimates the average at 20 to 40% per year.

This means 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

at if you have 500 customers and lose 19% or 95 customers you must get 95 new customers each year just to stay even.

Research shows it costs six times more to get a prospect to buy from you than it does to keep an existing customer, and it's

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

Examples of combination products may in

6 times easier to sell to an existing customer than to a new one.

So why would you spend any marketing dollars on new prospects before doing everything you can to get more business from your existing and past clients? Let me repeat that, “Why

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

would you spend any marketing dollars on new prospects before doing everything you can to get more business from your existing and past clients?”

The truth is that the real money to be made by most businesses is from additional sales of produ

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

ts and services to their existing customers and those they refer. Getting repeat and referral business is something most small business owners are not proficient in.

If you want your business to be successful, you need to have a compelling re

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

Combination pro

son, “Why should your customers and prospects do business with you, rather than your competition”? You need to become someone they will gladly and often refer new customer prospects to!

The one strategy that can do more for building your busi

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

ess than just about anything else you can do and the most overlooked marketing tool by almost every business is “Follow Up”!

You need to immediately put in place a strategy and an effective system to follow up with:

- Existing Customers

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

- Past Customers
- Potential Customers or Prospects

Since it costs six times more to get a new customer to buy from you, it just makes sense to spend much of your time, effort and money on strengthening your relationships with your exis

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

ing customers and turning them into referral machines for you.

In developing a follow up system for your customers and prospects, you need to determine:

- The number of times you want to contact them and over what period of time

- The frequ

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

ncy of contact. For example, every two month plus on their birthday

- The method of contact. Will you send a greeting card, post card or letter? Research has shown that a greeting card will get opened 12 times more often that other types of m

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

il.

- Determine the purpose of the contact. Will you be thanking them for buying from you, making them a special offer or asking for a referral?

A study done by the Association of sales Executives revealed that 81% of all sales happen on or

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

Following aspects would a

fter the fifth contact. If you’re only doing one or two follow up’s, imagine all the business you are losing. Not following up with your customers and prospects is like filling up your bathtub without first putting the stopper in the drain!

H

dd to the challenges in developing combination products:

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

re’s an example of an eight contact follow up system you could put in place in your business, modify it to meet your business needs:

1. When they buy from you – send a “Thank You” card
2. January – send a “New Years” card
3. March –

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

send an Item-of-Value or Special Offer letter
4. May – send a “Referral Request” card
5. July – send a “Fourth of July” card
6. September – send an Item-of-Value or Special Offer letter
7. November – send a “Referral Reques

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

t” card
8. Birthday – send a “Birthday” card

According to the Guinness book of World Records the Greatest Salesman of all time was Joe Girard. During his fifteen year selling career, he sold 13,001 cars … an amazing feat. What was his se

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

ret? Greeting Cards! Every month, every person who had ever bought a car from him got a greeting card. It didn’t matter if it was Christmas, Valentine's Day, St. Patrick's Day, or the person’s birthday ... Joe was a greeting card sending machi

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

Professional from academic institutions, pharmaceutical industries, health care indust

e!

With today’s technology it’s not necessary to spend your time doing it manually like Joe and his assistants did! On the Internet there are online card sending services where you can send “REAL” physical full color glossy greeting cards, ma

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

led with a real stamp, from your computer. The one I use has a ton of features, like being able to set up automatic mailing campaigns. And, it’s very inexpensive at $1.37 a greeting card, which includes postage.

According to the National Asso

.

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

iation of Realtors, 70% of homebuyers said they would use their real estate agent again. However, only 11% reported buying through the real estate agent they had used before. Why? Because clients haven’t heard from them and they assumed the ag

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

Companies that provide selfless information through particip

nt didn’t want to do business with them.

Whatever your product or service, don’t let that happen to you!

Commit to putting in place a system to insure continual automatic follow up to your customers and prospects. Your business depends on it

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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When it comes to inducting new employees into your business you only get one chance. Get it wrong and you have started to sow the seeds of doubt in the mind of your new starter in the first few weeks. Get it right and it will make a huge difference to how the person settles in. Without being perfectionist, the key is to make sure that every new starter feels excited and positive that they have made the right choice in joining your business.

Do you know how to ask for what you want in a way that gets you results, especially when it comes to asking for referrals?

There are many famous sales man in the world and most of the greatest salesmen make a lot of money. In fact they make a much more money than the average citizen by a factor of three. Every industry has famous salespeople and it; including the fertilizer industry.

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