An economic principle that changed my financial zip code:
One of the most difficult things to do when starting a small business is to create a golden bridge (a bridge that both parties happily walk across)* that allows for a meaningful exchange of your gift/service in exchange for the clients currency!
When all the drip campaigns, long hours, social connections, and coaching are over, the final bottom line question will remain. Am I making any money?
The more accountable question should be… have I adapted my community/followers/clients into using currency…in exchange for my gift/or service!
verb | convert into or express in the form of currency | adapt (a society) to the use of money
Here is a business tip that you must acknowledge if you will ever build your “Golden Bridge” that will lead to the great exchange in your community:
In the pharmaceutical industry we called this process “identifying the managed care breakdown”
Identifying the managed care breakdown is a must if you value your time, sales results, and future employment with a company ! Here is a snapshot into how this works.
The first few times that a rep walks into a doctors office…He/she must ask the office manager/staff for the patients insurance coverage profile for that office!
Every patient that comes to this doctors office is pooled into a category that simply allows the office staff to understand how the patients office visit and services will be coded and paid for …..will it be paid by government assistance, private insurance, or personally paid out of pocket by the patient (cash pay)?
(This is a very important step in the sales cycle for a rep to grasp quickly)*
What are the percentages of patient coverage for this particular office?
– Cash Pay
– Private Insurance
Why is this so important?
It’s simple. If your product/service is only covered by private insurance and would be to expensive for cash paying patients and out of network for Government assisted patients, it would make little business sense to continue making consistent business presentations at any office that doesn’t meet your ideal managed care breakdown!
The key word here is “consistent”.
So for example, if a providers office was 60% Medicaid, 25% Medicare, 10% cash pay. That only leaves 5% of a providers patient population with private insurance that fits your products ideal payer profile.
This means that for every 100 people that come into this providers office for service…only 5 have the ideal insurance coverage to be considered for your product.
This gives you little to no chance of increasing your territories sales results. The potential is just not there.
This means that you can be the best rep in the country with the most dynamic product and still suffer with unacceptable results!
I’ve seen many reps call on these types of offices for months….thinking that at anytime the provider would start prescribing his/her drug! “Why wouldn’t they…the rep confidently assures the manager! They love me In this office and the providers believe in our product”, yet 3 months later the results are the same no bottom line business. Simply great social interaction!
The key phrase here is “simply great social interaction”!
Many people including strong professionals desire to be liked and accepted. This many times distracts us from our goals and results. Gauging progress and focusing on results will help you to avoid this social interaction trap.
Now imagine this. The same rep with the same product or service with the same dynamic personality identified an office that had the ideal manage care breakdown 60-70% private insurance. The bottom line results would definitely change with little to no more effort than that was spent in the last office that we discussed previously.
It was the same presentation to the proper audience….an office that truly had the potential to prescribe the reps product.
The example above was giving to all that desire to Monetize their gift/service and effort (exchange them to a community for consistent currency).
Your first step in creating your golden bridge that leads to the great exchange is to be sure that you clearly understand how important it is to present your gift to the proper audience and not get derailed or distracted by the social interaction trap.
It’s Time to Monetize your gift/service/product and EFFORTS! It’s time for “Gift Zone Domination”!