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Part seven of a series on Turnaround Tactics

Once you get your streamlined sales force up to speed, it's going to need more people to talk to.

You already ha

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

ve a lead generation program in place. But is it working? Is it sufficient? Probably not, otherwise you wouldn't be reading an article called "turnaround tacti

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

Examples of combination products may in

cs." So you have to stoke the lead machine.

Step one is to decide what a lead is worth to you, so you can know what to spend on getting one. Do you know the l

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

ifetime value of your typical customer? Do this calculating for revenue and profit: add the initial sale plus all subsequent add upsells, resells, back-end pr

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

ducts, over the entire life of your customer. Average this across your customer base, and voila - lifetime customer value. Your fist sale may be $50,000, but w

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

Combination pro

ith service alone over five years that figure will double. Throw in an upgrade, and two further product sales down the road, plus some consulting fees - the nu

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

mber could exceed $250,000. But don't use these estimates - do the math and find out.

You also need to know your conversion ratios. How many suspects make a l

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

ead, how many leads make a new customer, and so on. Break down your conversion ratios by lead source, as your customers from referrals will typically convert

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

etter than public speaking leads, which will convert better than trade show leads, and so on.

Combine cost per lead and conversion ratios and you know what th

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

e cost of acquiring a new customer is. Which tells you how much you can spend to get that customer, as well as which lead sources are most efficient. Now you

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

know what to do more of, and what programs to kill off.

It's time to add new programs.

In truth, there are a fairly limited number of ways to get new leads.

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

Following aspects would a

The typical-and generally effective methods include:

* referrals programs;

* endorsement programs;

* direct mail;

* direct email;

* web site promotion (b

dd to the challenges in developing combination products:

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

th search engine and pay-per-click);

* advertising (all forms: print, radio, TV, web, email, billboard, skywriting, you name it);

* telemarketing;

* by-line

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

d articles, editorials and other press mentions;

* public seminars, conference and association public speaking;

* trade shows;

* lead swapping;

* couponing

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

;

* directory listings; and,

* joint ventures and strategic alliances.

Of course there are other more exotic ways to generate leads, and I'm sure you can co

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

me up with your own.

In addition to the programs you already have in place, your next move will be to start testing new systems. Some of the fastest ways to g

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

Professional from academic institutions, pharmaceutical industries, health care indust

nerate leads are based on your existing relationships: affiliates, strategic alliances, endorsement programs and referral programs. I would try these first. An

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

d if you are a good public speaker, I'd look to get out in front of your target market with a smart message. Now that you've honed your selling proposition, t

.

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

his should be easy.

Pick two programs and track very carefully. If one work wells and cost-effectively, increase your resources for this program. If they don'

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

Companies that provide selfless information through particip

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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With numerous companies catering to the demand of office equipment supplies, it becomes tough to make a prudent choice. However, it also offers several advantages. With so many companies competing with each other to sell you the office equipment supplies, you can expect competitive prices, excellent service both before and after the purchase and of course, top quality products. There are a number of parameters that may help you decide to opt for one office equipment supplier over another. The time taken for delivery, the delivery locations, the quality of their products, how knowledgeable their staff is, their billing policies and their return policy & warranty agreements are certain important issues that usually help you distinguish between companies and make a choice.

Q: I'm so sick of you so-called business experts always saying the customer is always right. This is my business, not the customer's, so I'm the one who's always right. Sure, they can have an opinion, but in the end it's up to me to decide who's right and who's not. And if the customer doesn't like it they can take their business elsewhere. What do you say to that, Mr. Business Expert? -- Paul W.

Cold Water Comments are those comments, phrases and ideas that are meant to discourage, disparage, discredit and generally douse your ideas. They can squelch creativity, cease your brainstorming efforts and disrupt the goal of a meeting. This article gives you specific things you can do to stop the cold water.

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