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Just Other Articles - How to Earn the Right
"How to Earn the Right..."
Marketing your professional services is a lot like dating: you have to earn the right to be intimate.
In both endeavors, you can't skip or rush through levels of intimacy for the relationship to work. Whether it's a new flame or a new client, you have to build trust that leads to deeper levels of commitment.
Think about it: people that you want for clients start out as st
Marketing your professional services is a lot like dating: you have to earn the right to be intimate.
In both endeavors, you can't skip or rush through levels of intimacy for the relationship to work. Whether it's a new flame or a new client, you have to build trust that leads to deeper levels of commitment.
Think about it: people that you want for clients start out as st
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
rangers. They don't know about you and your firm. So you can't
expect them to jump into a long-term relationship with you before
they move from stranger, to acquaintance, to friend, to lover, and
then to loyal partner.
I don't need to spell out the analogy to dating in detail for you to get the idea, but this point is key: don't expect strangers to commit to your professional services until you move
I don't need to spell out the analogy to dating in detail for you to get the idea, but this point is key: don't expect strangers to commit to your professional services until you move
; 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
hem through the trust-
building phases of developing a relationship.
Think of marketing as a path to earning your clients' commitment. For definitions of each phase, read on. For ideas on how to move through each phase, read the rest of this article.
Strangers. Strangers don't know who you are and don't see the difference between you and others offering your same service. At first glance, you might
Think of marketing as a path to earning your clients' commitment. For definitions of each phase, read on. For ideas on how to move through each phase, read the rest of this article.
Strangers. Strangers don't know who you are and don't see the difference between you and others offering your same service. At first glance, you might
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
e another pretty face in the crowd, but
that's about it. The key here is to catch and hold attention from the
right kinds of prospects.
Acquaintances. In the business world, Acquaintances shop based on price and availability. They won't pay for value and want the goods fast. Off-the-shelf is fine, with no customization required. You get little or no loyalty from Acquaintances. While not the way to gr
Acquaintances. In the business world, Acquaintances shop based on price and availability. They won't pay for value and want the goods fast. Off-the-shelf is fine, with no customization required. You get little or no loyalty from Acquaintances. While not the way to gr
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
ow a
professional service firm, there are ways to serve this market, as
well as move through this segment.
Friends. At this phase, you might be working closely with a client, or you might still be earning their trust. In general, Friends tend to have some kind of working agreement in place that includes pricing, service and deliverables. Whether you've done one project or a small amount of work for
Friends. At this phase, you might be working closely with a client, or you might still be earning their trust. In general, Friends tend to have some kind of working agreement in place that includes pricing, service and deliverables. Whether you've done one project or a small amount of work for
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
Friend, there are still other fish in
the sea.
Lovers...are highly bonded business partners in explicitly negotiated, contractually defined relationships of commitment and trust. They enjoy all the benefits of a trust-based relationship including regular, frequent and open communication, insider benefits, discounts, and customized solutions.
Loyal Partners...have been working together for some time
Lovers...are highly bonded business partners in explicitly negotiated, contractually defined relationships of commitment and trust. They enjoy all the benefits of a trust-based relationship including regular, frequent and open communication, insider benefits, discounts, and customized solutions.
Loyal Partners...have been working together for some time
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
usually
years. They easily refer business back and forth to each other and
truly believe that they are the best solution in the market for the
niche they serve. They've learned a lot from each other and each is
better for having known and worked with the other.
To move your prospects and clients from Strangers to Loyal Partners, give these things a try:
To catch a Stranger's eye: You've got to turn
To move your prospects and clients from Strangers to Loyal Partners, give these things a try:
To catch a Stranger's eye: You've got to turn
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
heads. This means
knowing whom you want to attract, and then communicating the right
things to get and hold their attention. In other words, you've got to
position yourself well against the competition, and speak (or write)
in terms of your target audience's WIIFM (What's In It For Me?).
Get the first 10 words dead right, or it won't matter how brilliant your next 100 words are because your prospect
Get the first 10 words dead right, or it won't matter how brilliant your next 100 words are because your prospect
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
won't stick around.
It's like the difference between a cheesy pick-up line and a
thoughtful conversation-starter. When you introduce yourself, put
content on your homepage, or write the headline of an article,
communicate with your target audience's interests in mind.
To move from Strangers to Acquaintances: You've attracted attention, so now what? You must keep your prospect engaged. The best way
To move from Strangers to Acquaintances: You've attracted attention, so now what? You must keep your prospect engaged. The best way
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
o do that is to ask them questions about
themselves, related to problems you can solve. At this point in the
"conversation" (while networking, on your website, in an article,
through direct mail, on the phone, in a sales meeting) it should be
all about them, not about you.
Instead of going on about your services, use short questionnaires, self-assessments and attentive questions to...
* Ask about wh
Instead of going on about your services, use short questionnaires, self-assessments and attentive questions to...
* Ask about wh
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
t they struggle with, wish they could do better, or
want from your kind of professional service;
* Learn as much as you can about their world and reciprocate slowly by answering their questions;
* Let them control the pacing, without overwhelming them with too much information that they haven't asked for.
* Determine if you can send an article related to their needs that they might find of value.
B
* Learn as much as you can about their world and reciprocate slowly by answering their questions;
* Let them control the pacing, without overwhelming them with too much information that they haven't asked for.
* Determine if you can send an article related to their needs that they might find of value.
B
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
asic (but effective) relationship-building tactics include a hand-
written follow-up note, sending the article you mentioned, and
politely gauging interest in more contact. At this point, it may be
appropriate to take another step to get to know each other better (a
first date!) in the form of a follow up call, meeting over coffee, or
office visit.
To move from Acquaintances to Friends: This may be
To move from Acquaintances to Friends: This may be
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
where a prospect decides to buy your services, but
probably not. It's too early - you haven't built your case yet for
how you're uniquely qualified to do a better job at meeting your
prospect's needs than anyone else in your field.
To build your case, you need to demonstrate your reliability, staying power and visibility (i.e., through a WIIFM-oriented e- newsletter); authority (through credentials,
To build your case, you need to demonstrate your reliability, staying power and visibility (i.e., through a WIIFM-oriented e- newsletter); authority (through credentials,
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
estimonials, case
studies, and awards); value (by clearly communicating outcomes and
results, and demystifying how you'll work together); and minimize the
buyer's risk (through guarantees, references, follow through).
This could be when a prospect is willing to spend a little bit of money with you on something perceived as low-risk. For example, you could sell your expertise packaged into information
This could be when a prospect is willing to spend a little bit of money with you on something perceived as low-risk. For example, you could sell your expertise packaged into information
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
-based products
such as workbooks, lessons or talks on tape or CD, and premium
reports. All of these things let prospects get to know you better,
deepen trust, and help move their confidence in you to the next level.
To move from Friends to Lovers: You've built your case, demonstrated to your client's satisfaction that you're a safe bet, and continue to stand out from the crowd. You've discussed the
To move from Friends to Lovers: You've built your case, demonstrated to your client's satisfaction that you're a safe bet, and continue to stand out from the crowd. You've discussed the
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
tough things like money, decision-making
authority, and possible derailleurs. Deepening the commitment with
you feels natural, safe and like the right thing to do.
As Lovers, you'll be engaged in regular and long-term business. You'll learn a lot about each other, communication preferences, how to navigate conflict, and how to manage expectations. You'll only sustain the relationship at this level if
As Lovers, you'll be engaged in regular and long-term business. You'll learn a lot about each other, communication preferences, how to navigate conflict, and how to manage expectations. You'll only sustain the relationship at this level if
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
you keep it fresh by
continuing to gauge and meet their needs. You can't take their
business for granted. Innovation is important, based on what your
best clients ask for or struggle with.
To move from Lovers to Loyal Partners: Newer, flashier competitors may come on the scene, but your Loyal Partners aren't going anywhere. You alone are their number one choice for the professional service your firm
To move from Lovers to Loyal Partners: Newer, flashier competitors may come on the scene, but your Loyal Partners aren't going anywhere. You alone are their number one choice for the professional service your firm
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
provides. If someone else
approaches them, they'll let you know about it and give you a chance
to meet their needs first. As with any successful long-term
relationship, you've learned to use conflict constructively, don't
take their loyalty for granted, and continue to reward them for their
trust and commitment.
In a worthwhile relationship, you can't rush something good. Think about moving through
In a worthwhile relationship, you can't rush something good. Think about moving through
.
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
these phases over time - not in one conversation
or even two meetings. When it's too good too soon, relationships are
usually hollow or troubled (with clients and in love!). I've learned
to slow down, pace the conversation, and ask a lot of questions. The
results are consistently better and longer lasting.
Whatever you do, your message and actions have got to be authentic and in your clients' best in
Whatever you do, your message and actions have got to be authentic and in your clients' best in
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
erests. Any smart prospect or client
will see right through the "lines" of a Player - someone who's only
out for the score. I doubt that's how you want to be positioned in
the marketplace, and it's certainly no way to build a business.
If this sounds like a lot of work, you're right. But consider the payoff: rock solid, long lasting relationships with clients that deepen and enrich everyone over time
If this sounds like a lot of work, you're right. But consider the payoff: rock solid, long lasting relationships with clients that deepen and enrich everyone over time
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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