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Subjects - Business Growth for Financial Planners in Five Easy Steps
Attracting new business: sometimes it happens by luck, sometimes by referral. Trouble is, "sometimes" just isn't often enough.
So, if you want to add new clients more frequently than sometimes, you'll have to try something e
So, if you want to add new clients more frequently than sometimes, you'll have to try something e
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
lse. And with a few common-sense, do-able, and easy steps, any financial planner can build business – without resorting to lavish, costly marketing efforts or tasteless promotional hype.
Here is a five-step process that is a
Here is a five-step process that is a
; 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
fordable, sensible, and do-able. Make it part of your routine over the next several months, and it will become a second-nature, autopilot system that builds business steadily.
This process builds on my core practice-developm
This process builds on my core practice-developm
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
nt premise: the professional knowledge and information you possess is also your best marketing tool. You can use it to get prospects' attention, because you're talking about something they care about – their finances – rather
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
than touting yourself.
1. Build a good database of prospects and referral sources. A prospect is anyone you've met (this is key; names on a purchased list don't count) who could become a client one day. Anyone who has ever
1. Build a good database of prospects and referral sources. A prospect is anyone you've met (this is key; names on a purchased list don't count) who could become a client one day. Anyone who has ever
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
ent you a piece of business, or even just recommended you, also belongs on your list A database is a computer-stored list with all contact information for each person: mail and email addresses, phone and fax numbers. Missing
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
ny of these elements will deprive you of a valuable tool to reach your database. Computerizing is essential: it allows you to readily sort your list by categories. Software programs like ACT are best for smaller and mid-sized
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
businesses: they offer the right mix of power, ease, and flexibility.
2. Use your database: communicate regularly with your prospects and referral sources. The key to building business is to remain constantly front-of-mind
2. Use your database: communicate regularly with your prospects and referral sources. The key to building business is to remain constantly front-of-mind
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
ith the people most likely to hire or refer you. If you've been paying attention, those are the same exact folks who now populate your database. How to stay on their minds, without those pestering phone calls or scheduling 27
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
lunches a month? By sending them something useful, regularly. Monthly or bi-monthly is best. (This, I promise, it is do-able because creating the piece is going to be simple. See step 4…) And let's avoid that "What's the best
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
way to send something?" trap that stalls many would-be marketing efforts. The truth is: some people prefer email, some snail mail, and you'll never know just who likes what. So we'll cover all bases by rotating the delivery m
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
eans: an e-mail this month, an article in an envelope next time, an occasional faxed piece.
3. Make them want your messages. The way not to do this is to send them ads, promotions, or self-congratulatory pieces. Instead, sen
3. Make them want your messages. The way not to do this is to send them ads, promotions, or self-congratulatory pieces. Instead, sen
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
them meaningful messages with valuable information. A heads-up on a new mutual fund offering, perhaps, or a general suggestion for a new retirement planning strategy. Something based on substance, and that spotlights your ex
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
ertise on the subject. Whether or not they need this particular bit of information right now is irrelevant. Your message reminds them you're out there, thinking of them, and that's all we want to accomplish.
4. Keep it simpl
4. Keep it simpl
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 messages should be brief – two or three paragraphs is enough. More detail than that is counterproductive – it wastes your time, and the reader doesn't need it. If it's still a struggle to write it yourself, verbally b
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
ief a staffer, or whoever helps you with marketing, or a freelance writer, on the information. Have them create a first draft. It may not be perfect – but you can then edit and hone it – probably in a few minutes. Make this p
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
ocess uncomplicated because that is the key to getting it done.
5. Become a resource – go to the media. With the steps above, you've become a resource to your prospects. Next, widen your scope by going to the media for free
5. Become a resource – go to the media. With the steps above, you've become a resource to your prospects. Next, widen your scope by going to the media for free
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
publicity. Media exposure puts your name, face, and expertise in front of new prospects, and it heightens your credibility and market value among those who already know you. Don't be discouraged that you are too small for the
.
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
media to care. And don't think that you need to spend big bucks, or hire a costly firm. All you need to do is become a resource for reporters, too. Offer to explain the new tax law, or to share your year-end strategies with t
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
em. Send an email or make a call, suggesting a specific topic that you’ve been talking about with your clients lately. Chances are, it's a potential news story. With a little planning and luck, one that quotes you prominently
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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