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The marketing paradigm that can literally make or break your coaching business...

What's the single most important process determining whether or not your coaching business is successful?

The

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

correct answer to this question can completely change your coaching business forever. It can change your perception of your business. It can change your focus in your business. It can change how

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

Examples of combination products may in

you go about operating your business. And most importantly, it can determine the success or otherwise of your business.

We asked dozens of coaches this question and got a broad array of responses. Bu

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

t only 4% of them were even close to the mark! Most coaches answered: quality service; number of clients; pricing; branding; advertising copy.

...And whilst all these issues are critical, the single m

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

ost important process is your marketing methodology. Whilst you must have all the other elements as well, it's your marketing methodology that ultimately determines the success or otherwise of your bus

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

Combination pro

iness.

Let us explain.

Nearly all coaches use a marketing methodology that's a sales-based marketing methodology. This is understandable as most traditional marketing methods teach sales-based

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

marketing methods. We're all impacted by sales-based marketing at every turn - on TV, newspapers, magazines, billboards, radio - everywhere. And when coaches research marketing methods, they are most

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

likely to learn about traditional sales-based marketing methodologies - print ads (in newspapers, yellow pages, journals, magazines etc), direct telephone calls, radio, flyers, direct mail letters, etc

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

.

But there are several extremely powerful forces at play against coaches employing a sales-based marketing methodology.

- Most coaches invariably feel uncomfortable delivering a 'sales pitch.' Coach

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

es generally have better technical skills than marketing skills. They're therefore uncomfortable talking about themselves and endorsing the quality of their product. This means they don't close, and co

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

mes across to prospects as a general lack of confidence in themselves, and their product and service.

- Sales marketing is extremely expensive - narrowing your net margin on your service. The more you

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

Following aspects would a

spend to get a client the less net profit you'll retain at the end.

- Generally people are very sceptical and defensive against sales approaches. This exponentially increases the barrier of making a

dd to the challenges in developing combination products:

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

sale. When you employ a sales-based marketing method, most prospects have already closed themselves off to learning about your services due to their natural tendency to put up a defence against sales-b

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

ased marketing.

- There is no trust and rapport built through a sales-based marketing approach. For a prospect to buy from you, there needs to be an element of trust. Your prospect needs to trust that

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

you can deliver on your promises and that they'll gain a positive return on their investment. This level of trust is extremely difficult to build through a sales-based marketing approach.

- You build

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

no reciprocal obligation on the prospect to investigate your offer or purchase from you. It's a natural human tendency to reciprocate in kind what's been given to you. You can not build reciprocal obl

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

Professional from academic institutions, pharmaceutical industries, health care indust

igation through sales-based marketing.

- You attract price sensitive shoppers and 'tyre kickers' that take up a lot of your time and result in extremely low conversion.

- It's difficult to maintain c

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

ontact with prospects for long enough to build rapport and trust - it generally takes 4 to 6 contacts before a prospect will buy from you.

So, we can hear you shouting "If sales-based marketing is not

.

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

going to be effective, what's my alternative to get clients?"

The answer will be in the following article…stay close.

© Life Coaching Institute (Aust). If you wish to republish or reproduce this

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

Companies that provide selfless information through particip

article, please include this information in the end of the article. For more information about the Institute – please visit www.lcia.com.au/lz.

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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