Main Subject - Business

Joining referral networks or local chamber groups can be a great way to help you network and generate referrals. The most powerful way to use this strategy, however, is to grow your own.

Almost any business can benefit from having a group of trusted providers

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

effectively marketing your business like a referral sales force. When you build your own private referral network your business benefits in two very powerful ways: you experience an increase in leads and you have additional resource to bring to your client rela

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

Examples of combination products may in

tionships. In some cases, this second benefit may produce the greatest long-term impact of this approach.

How to build it

The key to building your own referral network is to focus on developing relationships with businesses you can believe in thoroughly. I wo

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

uld suggest that the first consideration should always be - what can this business bring to my client and not what can they bring to me. You might start by identifying the top products and services you know your current clientele need and use.

There are many w

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

ays to build a "formal" referral network. Let me explain the idea of formal. To me that means there is an agreement between the parties that explains what each party will do. There is a process where each party educates the other on the best way to refer each o

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

Combination pro

her. There are marketing materials of some form that help each business cross promote. Once this basis framework is in place, creativity can come into play in many ways.

The one place I see these efforts trip up is when the focus is on compensation. In other w

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

ords, if everyone in the group is concerned about keeping score, the group is bound to fail. You must focus on the benefit to your clients. If you do that, the universe will take care of the rest. There will always be members that only want to take; you've got

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 be ready to move them out of your network.

Let me give you an example

This financial planner created his very own referral and lead network by sending a letter to 10 other professionals that he had worked with and felt comfortable referring business to. Th

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

is letter informed them that he was creating a unique referral network of 100 of the area's top professional service providers. He invited them to become members and explained that he needed them to recommend 10 others who belonged in this exclusive group. He t

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

hen created a resource directory and website that featured all 100 professionals. The entire group promoted the directory and web site and referred business to each other. As a result, other professionals begged to be allowed into the group. The strategy was so

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

powerful that many of network members did no other form of marketing.

Once you put your group together there are many ways to take advantage of power of this new sales force.

Create a blog network

If ten or fifteen related businesses were to get together and

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

Following aspects would a

create a blog focused on a specific target market, in a specific geographic location, they could easily create a very valuable local resource. With very little effort this blog would rank very highly for local search engines terms related to the blog topics. E

dd to the challenges in developing combination products:

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

ven with the mainstream recognition of blogs, this is still a wide-open opportunity.

Interview each member for a teleseminar series

Host a monthly interview with an expert and feature one of your network members. You can conduct these interviews over the phon

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

e and have all the members invite attendees to the teleseminar series. Record each session and you've also created some killer content for other marketing efforts. Keep these calls non-sales, high impact, and information rich.

Create co-branded white papers

Y

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

ou should be creating and using white papers in your lead generation efforts anyway, so take those educational pieces to other members of your network and let them start offering them to their clients and prospects. Put their logo on the cover with your logo an

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

you've got an instant hit.

Do endorsed mailings

One of the simplest ways to promote members of your referral network is to mail a letter to your clients endorsing another member's work. If every member of the group were to do this same thing, you could exper

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

Professional from academic institutions, pharmaceutical industries, health care indust

ience an instant flood of new business.

Put on a group workshop

Once you have built a strong group, you should consider hosting an all day workshop covering the hottest topics of concern to your target market. Each member of the group can present a topic, and

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

all parties invite participants. For some groups, this could turn into a profit center above and beyond referrals.

Distribute marketing materials and offers

It's pretty simple to create little leave behind marketing pieces so that when the plumber makes a ho

.

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

use call he can leave a special offer from the heating and cooling and electrical members of the group.

Bundle each others products and services

In some cases partnering with your referral network can help you make a much more competitive offer. Putting your

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

Companies that provide selfless information through particip

products and services together with two or three other providers might give your firm the ability to compete with much larger organizations.

With some careful consideration and a little effort you could build a referral network that would rival any sales force

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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Finding the right source for your business can mean the difference between success and failure. When you are able to find a supplier that can give you what you need at low costs and a fast turnaround time, you should consider yourself lucky, because you have found what it takes to keep your business afloat.

This article emphasizes the importance of having a vision for your business, so you don't fall into the trap of working endless hours.

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