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Main Subject - Joint Venture JV Partners are Worth Gold
In a three year period recently in my retail flooring sales career I had 2 brand-spanking new contractors come in and buy flooring from me to complete re-modeling projects. They knew nothing about the different choices of flooring and it's cost. They were highly-skilled in their business of re-modeling projects, but they had to rely on me to help them make 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
e right decisions about the flooring part of their projects. No matter what you sell...cars, windows, clothing, motorcycles, furniture, electronics...you are the expert and your customer needs your expertise and knowledge to help them make the right buying decisions.
I took the time to educate my contractors/customers on the flooring options available to them
I took the time to educate my contractors/customers on the flooring options available to them
; 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
I promised them my company estimator would physically measure and inspect each of their projects and I would determine the best flooring options for them to offer their customers. I dropped in on them during the day at their job sites and chatted with them. I let them know I was interested in their business. And I supplied them with itemized FREE estimates
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
at contractor rates on the flooring for each of their projects and advised them how to add a percentage and make money WITH me. I was making money from the business they brought me and I wanted them to make money also. None of their other suppliers took the time to teach them how to make money with their products. In other words, if you go the extra mile you
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
customers will know you care about them. Always deliver more than what your customer expects to get. Even if you have to spend a little of your own money, give every customer extra attention. Make them feel special.
When my contractors send their customer in to buy new flooring from me I make sure I give them a FREE spot cleaning kit. I tell them to make
When my contractors send their customer in to buy new flooring from me I make sure I give them a FREE spot cleaning kit. I tell them to make
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
ure they call me if they have any question at all. I tell them I'm available to them for the rest of their lives. If you sell cars give them some FREE car wash coupons. If you sell clothing give them some dry cleaning coupons. If you sell electronics give them FREE sets of batteries. Tell them you are now their 'personal,' on-call expert. This is powerful
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
, and it creates loyalty.
Most salespeople consider this "going out of their way" and they won't spend the resources, money, or time to do this. I don't consider this "going out of my way" at all. This is treating people like you would love to be treated. This is how I work. This is how you should work.
When I 'over-deliver' to my customer they are impres
Most salespeople consider this "going out of their way" and they won't spend the resources, money, or time to do this. I don't consider this "going out of my way" at all. This is treating people like you would love to be treated. This is how I work. This is how you should work.
When I 'over-deliver' to my customer they are impres
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
ed because they don't expect it.
In the flooring business we run into many jobs that need repair work done before we can install new flooring. When I had customers ready to buy my flooring products and services but they needed repair work before we could install the flooring, guess who I told them to contact. Conrad and Jay, my new contractor partners. Conr
In the flooring business we run into many jobs that need repair work done before we can install new flooring. When I had customers ready to buy my flooring products and services but they needed repair work before we could install the flooring, guess who I told them to contact. Conrad and Jay, my new contractor partners. Conr
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
d went from having hardly any customers when he first came to me 3 years earlier to now having 2 crews working full time. I sent him a flood of new business in the first year and to this day I continue to get a steady stream of referral customers from Conrad. He continues to buy from me, sends my new customers, and I stay in touch with him. Conrad and I are
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
usiness partners. We carry each others business cards at all times.
Jay had worked in building maintenance for a local hospital for many years. He was only 31 years old when he decided to go out on his own and begin his remodeling contractor business. He was very skilled in his business for his young age. I visited his job sites and inspected his work. I
Jay had worked in building maintenance for a local hospital for many years. He was only 31 years old when he decided to go out on his own and begin his remodeling contractor business. He was very skilled in his business for his young age. I visited his job sites and inspected his work. I
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
pent time with him educating him about flooring and how he would make money by working with me.
I had our estimator do his measures, I laid out the projects, I gave him itemized estimates, and he simply added his percentage and made money with no work on his part. It was a win-win. I referred a flood of my flooring customers to him for repair work and 10 mon
I had our estimator do his measures, I laid out the projects, I gave him itemized estimates, and he simply added his percentage and made money with no work on his part. It was a win-win. I referred a flood of my flooring customers to him for repair work and 10 mon
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
ths later he had hired 3 employees to keep up with his business demand. He actually called me and said he couldn't handle any more referrals for a while. Who do think Jay continues to buy his flooring products from? Who do you think he refers people to when they need flooring? Jay hands out my business cards regularly. And I hand out his cards.
This is ho
This is ho
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
you build profitable relationships WITH other businesses related to your business. My partners trust me because they know I genuinely care about them and their businesses. I don't try to sell them anything, I become their business partners.
You must do the same. If you sell flooring products and services and have no builder or remodeler business partners,
You must do the same. If you sell flooring products and services and have no builder or remodeler business partners,
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
all on some. Introduce yourself and ask if you can help them. Every time you get rejected make sure you leave them a business card and tell them they can call you anytime for expert help with any flooring question, no obligation. Continue to call on these people until you find a few who need your help. You WILL find them if you continue to search. Go outsi
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
e your comfort zone and become partners with other businesses. Help them and you help yourself.
Visit your builders and re-modelers job sites. Educate them about 2-3 products in each flooring option and provide them samples to keep and show their customers. Work personally with their customers and provide your partner itemized estimates for each project at
Visit your builders and re-modelers job sites. Educate them about 2-3 products in each flooring option and provide them samples to keep and show their customers. Work personally with their customers and provide your partner itemized estimates for each project at
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
o charge. Do all the work for them when it comes to your product or service. Call them regularly and ask if everything is going well. Take them to lunch once in a while. Mail, or e-mail, them your newsletter regularly. (We'll talk about your newsletter later.) Never let them forget how valuable you are to them. And never let them forget how important the
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
y are to you.
You can build joint business partnerships in other areas related to your business also. Why not partner with a carpet cleaning company? How about a furniture store? Painters come across customers who need new flooring. Realtors are an excellent source of many new flooring customers. Many people need to replace the flooring before selling the
You can build joint business partnerships in other areas related to your business also. Why not partner with a carpet cleaning company? How about a furniture store? Painters come across customers who need new flooring. Realtors are an excellent source of many new flooring customers. Many people need to replace the flooring before selling the
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
r homes. All these different business people could be handing out your business cards and personally referring people to call you. You can have a huge amount of business partners if you simply decide to work at it. This is powerful. Think creatively and you will come up with many more ideas for new business partners, no matter what products/services you sel
.
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
.
If you sell used cars, why not partner with detailers, car washes, repair shops, tire shops, auto insurance firms, body shops, etc? Send them business. Use their services yourself and recommend them in a newsletter to your customers. Hand out their business cards and have them hand out your cards. Stay in touch with them and become their partner.
No mat
If you sell used cars, why not partner with detailers, car washes, repair shops, tire shops, auto insurance firms, body shops, etc? Send them business. Use their services yourself and recommend them in a newsletter to your customers. Hand out their business cards and have them hand out your cards. Stay in touch with them and become their partner.
No mat
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
er what you sell you can find "related" business partners, send them new customers, and get new customers from them for your own business. Build a business relationship with them that benefits each of you.
This business 'model' can be used in any type of retail sales operation. Open you mind and 'brainstorm' ideas, no matter what product or service you sell
This business 'model' can be used in any type of retail sales operation. Open you mind and 'brainstorm' ideas, no matter what product or service you sell
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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