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Useful Advices - How to Shorten Your Sales Cycle?
I have a friend Barry, a professional driver who regularly drives from Toronto Ontario to Long Beach California, a trip of roughly 4,100 KM. I have done the same drive a number of times, so we often compare notes about restaurants, places of interest, etc. We also talk about how long the drive takes, and what is interesting is that if you take the weather
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
out of it, he tends to make the drive in about 2.8 to 3 days, while it usually takes me 4.75 to 5.5 days. We both go to the same destination, covering the same ground, driving within acceptable and safe speed limits.
Looked at another way, if we both got $2,500 every time we got to Long Beach, and another $2,500 every time we got back to Toronto, Barry
Looked at another way, if we both got $2,500 every time we got to Long Beach, and another $2,500 every time we got back to Toronto, Barry
; 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
would collect $187,500 in a 225 day work year; while I would only collect $102,272 in the same period. Wow, not what you'd call chump change!
We see a similar phenomenon with many of the sales people we work with, some close a sale in 16 weeks, while the lady in the next stall closes the same type of deal in 12 weeks. What ever other skills and abilities
We see a similar phenomenon with many of the sales people we work with, some close a sale in 16 weeks, while the lady in the next stall closes the same type of deal in 12 weeks. What ever other skills and abilities
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
may be at play, it is clear that with a shorter cycle, she will sell more, earn more, and probably last longer in her position than Mr. 16 Weeks.
Shortening your sales cycle is one of the easiest and most efficient ways for an organization to increase sales and simultaneously reduce the cost of sales. This in itself is not news or a revelation, most Sale
Shortening your sales cycle is one of the easiest and most efficient ways for an organization to increase sales and simultaneously reduce the cost of sales. This in itself is not news or a revelation, most Sale
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
s VP's I work clearly state that they want to help their people reduce the sales cycle, but many are just not sure how to do that, some lack the conviction, but as always, some just do it intuitively and can't seem to sustain it over time.
To begin with, many sales people just don't know how long their sales cycle is, we ask and we hear things like "depe
To begin with, many sales people just don't know how long their sales cycle is, we ask and we hear things like "depe
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
ds" (sometime it fits), "it changes" (it always seems longer during Daylight Savings Time), and the all time favorite, "well you know it's different in our business". Well it's not really.
Underlying this is the fact that many reps and organizations do not know what their sale looks like, they have not deconstructing their sale, identified the basic buil
Underlying this is the fact that many reps and organizations do not know what their sale looks like, they have not deconstructing their sale, identified the basic buil
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
ding blocks to identify and truly understand what it should look like and when efficiencies can be had. One facet of this process is covered in "Working Backwards From Your Goals"
While there are a number of ways to affect the length of the sales cycle, by far the easiest to implement with the highest rate of return, no technology required, is to always
While there are a number of ways to affect the length of the sales cycle, by far the easiest to implement with the highest rate of return, no technology required, is to always
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
secure a next step with your prospects. Sounds simple enough, but for some reason, it is hard to get reps and managers to adopt.
Session after session, we implore sales people to always conclude meeting with a clear and mutually agreed on next step that commits both you and the buyer to not only a specific time and action. More often than not however, th
Session after session, we implore sales people to always conclude meeting with a clear and mutually agreed on next step that commits both you and the buyer to not only a specific time and action. More often than not however, th
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
s either does not happen at all, or only partially.
Reps tell us "my step is a call next Tuesday"
We ask when?
"In the morning"
What time?
"Around 10:00"
Did she agree to that time?
"Yes she said Tuesday morning would be fine"
So she agreed to 10:00?
Reps tell us "my step is a call next Tuesday"
We ask when?
"In the morning"
What time?
"Around 10:00"
Did she agree to that time?
"Yes she said Tuesday morning would be fine"
So she agreed to 10:00?
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
"Well Tuesday morning"
So if we looked in her calendar, there would be a scheduled call with your name and related actions?
"I guess, ya!"
What does she think the call is about and what does she have to do to get value out of the call?
"I said that I would follow up to find out ......;
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
and arrange a follow up"
What does she have to do to be prepared for the meeting
AND ON IT GOES.
The above is typical of discussions we have with reps. They either do not pre-plan their desired outcome for a meeting, or get a tangible indication of interest by the prospect.
"In selling, a "Next Step
What does she have to do to be prepared for the meeting
AND ON IT GOES.
The above is typical of discussions we have with reps. They either do not pre-plan their desired outcome for a meeting, or get a tangible indication of interest by the prospect.
"In selling, a "Next Step
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
" is tangible evidence that someone is working with you - playing ball with you. It's not a "gut feeling" that the person is interested in playing ball with you, but proof of that interest."
Next steps can take different forms, could be a face to face meeting, a call, or an action taken. But what they have in common, is that they commit the prospect to m
Next steps can take different forms, could be a face to face meeting, a call, or an action taken. But what they have in common, is that they commit the prospect to m
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
eeting with you to proactively move the process forward. They should involve some commitment on the part of the prospect; after all they should have some skin in the game as well. This could be as simple as forwarding production schedules, current tariffs, plans that may help you understand their requirements; or a conference call with their technical tea
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
; a copy of their financial statements, etc.
The key is that it be more than just the willingness to meet with you; other than their time, what commitment are they making? You on the other hand are going to go back, engage resources in your company, invest your time to come up with something to present to the prospect, all without testing the commitment
The key is that it be more than just the willingness to meet with you; other than their time, what commitment are they making? You on the other hand are going to go back, engage resources in your company, invest your time to come up with something to present to the prospect, all without testing the commitment
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
level of the other party.
In most instances, a next step does not always have to be quantum leaps, just remember that even a small movement forward gets you that much closer to close. But if you don't secure a next step, have you advanced at all?
Another common occurrence is meetings ending with the prospect saying "great, I am glad we had a chance to m
In most instances, a next step does not always have to be quantum leaps, just remember that even a small movement forward gets you that much closer to close. But if you don't secure a next step, have you advanced at all?
Another common occurrence is meetings ending with the prospect saying "great, I am glad we had a chance to m
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
et, I really like what I heard, I want to bring my team up to speed so call me next week, and we can discuss things further." Worse the rep says "I'll call you next week". Even with straight and honest intentions, you usually end up playing phone tag, and when you finally connect you end up setting up a meeting a week or two out. You can easily save a few
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
weeks, at times as much as a month, by scheduling the next meeting at the end of the current meeting, an added benefit is avoiding the stress brought on by the whole ritual of phone and voice mail tag.
Getting next steps is not as easy as just asking for one, although it may be in some cases. The proposed next step has to make sense to the prospect. In
Getting next steps is not as easy as just asking for one, although it may be in some cases. The proposed next step has to make sense to the prospect. In
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
order for that to happen you have to have planned out your meeting; you need to know, plan and move towards a logical conclusion to the meeting. As you execute your plan, you need to be cognizant of whether your primary next step will pan out; if not do you will need to revert to your secondary next step, (yes you have to plan that too), or other alternat
.
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
ves. Please remember this does not have to a complicated and laborious process, once you know the building blocks of you sale, the same building blocks you uncovered during the deconstruction process, the basics become easy to manage and plan, and then it is down to execution.
In most instances, when we deconstruct a sale with one of our clients, we find
In most instances, when we deconstruct a sale with one of our clients, we find
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
one of the easiest things to help them shorten the cycle is the insistence that anything in the pipeline have a real and clear next step (as we define it). Let's face it, if you don't have a next step, what do you have? What's in your Pipeline?
There are other ways to help teams shorten and tighten up their sales cycles, next steps is one of the easiest
There are other ways to help teams shorten and tighten up their sales cycles, next steps is one of the easiest
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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