Useful Advices - Business

If you have ten opportunities in your pipeline, statics say that the average sales person will only close two of them. The good sales person will close five and the great salesperson close eight of these ten opport

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

unities. The question is why is there such a discrepancy between the average sales rep (80% of people who call selling their professional) and the great sales person? The reality is most sales professional have ta

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

Examples of combination products may in

en sales training, such as IBM’s signature selling, but only a small few put the techniques to work and increase their closing ratios. All too often the average sales person will allow the prospective client to clo

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 them, by closing down the sale. They all too often take their excuses as the gospel and walk away from the opportunity to close a sale.

Have you heard excuses like, we don’t need that product, we use your compet

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

itor and are very happy with them or we don’t have the budget? The great sales person does not allow these opportunities to close a sale on them instead they will work with the client to gain a better understanding

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

Combination pro

of the objection and try to find ways to overcome it. When speaking to some of the greatest sales reps that I have had the pleasure of working with I have come to realize a few small things that make them stand out

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

bove the rest.

The first thing I have noticed is that they understand that the sale does not happen within minutes of a first meeting with the prospective client. They spend a lot of time (sometimes years) nurturi

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

ng relationships and developing trust and rapport with the client before they even attempt to make the sale (by this I mean put on the full court press to close the sale). They understand that customers are quick t

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

make a judgement about them, that sometimes first impressions are not the best. Although if a first impression is not a positive one, it is hard work to overcome the buyers’ negative impressions, the professional

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

ales rep knows that they will have many opportunities over time to overcome this. They also make sure that they do their homework prior to meeting a client for the first (and subsequent times) so that they have a g

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

eater chance of having a positive first impressions rather than a negative one.

The professional sales person spends a lot of time trying to close the sale. At each meeting they will try a variety of techniques to

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

Following aspects would a

test the buyers buying appetite without directly asking for the sale (although sometimes they will come right out and ask for a sale). They understand that one of the things that most sales people do not do is act

dd to the challenges in developing combination products:

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

ally ask they buyer to buy their product or service. Even during a first meeting they are “trial closing” the perspective client. They will be asking a lot of qualifying questions, with some open ended opportuniti

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

s for the purchaser to indicate their purchasing appetite. Questions such as, what would make this a successful trial for you? If I am able to demonstrate the returns that you are looking for, are you ready to pu

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

rchase my product? Who else besides yourself needs to be involved in this decision? What are they looking for to make this successful?

I measure all my closing ratios. I know for instance that I close 78% of 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

opportunities that go into my pipeline; I also know that I close about 81% of the revenue that I put in my pipeline. So if I have 10 opportunities in the pipeline for $1Million I know that I will close between 7 an

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

Professional from academic institutions, pharmaceutical industries, health care indust

8 of them and that will represent about $810,000 in sales. I also measure my sales velocity in my pipeline. I know that the average opportunity sits in my pipeline for 54 days. By having all of these numbers at

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

my finger tips I am able to manage my revenue generation (and more importantly commission generation) with relative ease. I know that if I want to make more money in the future that I need to put more opportunities

.

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

in my pipeline about 3 months before I want to get paid (this comes in handy when it’s say family vacation time or time to put a little work in around the house). If you don’t know what your closing ratios are, I

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

Companies that provide selfless information through particip

uggest that you take some time and do the analysis. It is something that you will find to be very valuable and that will make your much more accountable when it comes to having meaningful dialogue with your manager

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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