Top Adding - Insurance

Ever wonder why you don't get more referrals? Ever wonder why, when money wasn’t the issue, a prospect didn’t buy from you? It may be because of your message. (or lack of one!)

Often I’ll ask an agent why someone should do business with them.

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

Their answer often goes something like this:

“I have good products/services, competitive pricing, and give good customer service.”

That’s a good answer, but if I went down the street to your competitor and asked them the same question, what

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

Examples of combination products may in

o you think their answer would be? “Same answer.”

You see, it’s a “vanilla” answer. It really doesn’t say anything. In fact, I doubt whether a prospect would even consider doing with you without those benefits being present. It’s like sayin

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

, “We’re honest.” As opposed to what??? It’s expected.

Just take a look in the Yellow Pages under “Insurance”. What you’ll find is a collection of ads which state the obvious or dubious: In business for 27 years, we carry Auto, Home, Disabi

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

ity, Business, Honest, blah, blah, blah… Vanilla. Do those ads generate calls? You bet. Are the calls from serious buyers? Are they calling just to shop price? (after all, what else is left after a vanilla statement?) Are they the kind of

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

Combination pro

lient you’re looking for? Do you KNOW who you’re looking for? Do you know who your ideal client is? Do you know why they would want to do business with you?

My experience has shown that if you’re not known for something, then you’re not reme

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

bered at all. If you don’t put a stake in the ground, if you can’t say why you do what you do, if you aren’t clear about what sets you apart from all the others, then you aren’t remembered.

How can you change all that? It’s simple…but not eas

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

y. You need to start by defining your purpose. You need to be clear as to why you do what you do. It’s not so much the mechanics of it all, but rather the meaning behind it. An inappropriate purpose statement would be, “I help people protect

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

their assets by offering a wide range of insurance products.” The statement is dull, mechanical and has no energy behind it. It doesn’t offer you a reason to get up in the morning, nor does it attract anyone. A more meaningful statement of pu

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

pose might be something like, “I help people build a secure financial future.” Better, but not very dynamic. How about, “I help my clients painlessly avoid financial surprises.” This last statement may not be the best statement of purpose for

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

you, but it DOES have several aspects which make it a great purpose. For one, it’s a bit provocative – it causes someone to ask about it. Another aspect of it is that it addresses the “Why” of what you do, rather than the “What”. Finally, it’

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

Following aspects would a

stated in a way which certainly sets you apart from “vanilla” competitors. You get remembered.

A great exercise to help you appreciate what sets you apart from others is to ask five people who know you (not family!) for five things about you

dd to the challenges in developing combination products:

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

hat make you a great agent. You’ll be amazed at the answers you’ll get. You‘ll hear things you always knew, you’ll hear things that you knew but didn’t think that anyone else recognized, and you’ll hear some wonderful things about yourself tha

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

you weren’t even aware of. These traits and skills make up the core of what sets you apart. By incorporating who you are with why you do what you do, you’ll eventually arrive at a statement of purpose that will catapult you towards great succ

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

ess.

In addition, you’ll want to spend some time identifying or redefining who your ideal clients are. The more clearly you can define who you want to target, the better you’ll be able to identify where to find them, how to find them, and what

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’ll say to them. People you network with will also end up with a clear picture of who you work with and that will allow them to make better referrals.

Once you decide on the statement of purpose that best defines you and what you do, you ne

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

Professional from academic institutions, pharmaceutical industries, health care indust

d to incorporate it into everything you do. You need to speak it, breathe it, and live it. Make it the opening of your “elevator speech”. Consider putting it on stationery, on a website, on your business cards, and in ads. When you network w

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

th people, make it the focus of what you’re about. Become memorable. People are attracted to someone who stands for something. Why are they so attracted? Because so few people can state what they stand for. The more clear you can be about y

.

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

ur “why”, the more compelling your work becomes. The more compelling your work becomes, the more self-motivated you become. The more self-motivated you become, the more good things happen for you. And best of all, not only will you win, but a

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

Companies that provide selfless information through particip

l the people you’ve helped along the way win because they’re better off for having done business with you.

Make a decision to put in the effort to develop a clear purpose and a clear understanding of what sets you apart. You’ll be glad you did

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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