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Useful Advices - Top Salespeople Manage What They Measure
Now that you're two months into 2007, have you given much thought to how you plan to increase your productivity this year; that is, your sales and gross margin?
If you are compensated on the basis of a commission or if you can earn a bonus by achieving certain sa
If you are compensated on the basis of a commission or if you can earn a bonus by achieving certain sa
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
les and/or gross margin goals, you are a fortunate salesperson because you are -- to a large extent -- in charge of your financial destiny. Your raise becomes effective when you do.
Most employees would kill for such an opportunity. But to take full advantage of
Most employees would kill for such an opportunity. But to take full advantage of
; 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
this coveted opportunity, you must generate more results.
As a salesperson with your pay tied to productivity, there are only three ways to earn a higher income:
1. You can sell more to your existing customers.
2. You can bring in new customers that currently b
As a salesperson with your pay tied to productivity, there are only three ways to earn a higher income:
1. You can sell more to your existing customers.
2. You can bring in new customers that currently b
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
uy from the competition.
3. You can improve the gross margin you generate in 2007 versus the gross margin you generated in 2006.
In survey after survey, salespeople report that TIME is their number one challenge. They say that if they only had more time, or if t
3. You can improve the gross margin you generate in 2007 versus the gross margin you generated in 2006.
In survey after survey, salespeople report that TIME is their number one challenge. They say that if they only had more time, or if t
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
hey were able to manage their time more effectively, that they could sell more.
Well, we all have 24 hours a day, so one of the few ways all salespeople are equal is with respect to time. It's how salespeople use these 24 hours that separates the high achievers f
Well, we all have 24 hours a day, so one of the few ways all salespeople are equal is with respect to time. It's how salespeople use these 24 hours that separates the high achievers f
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
rom those that are struggling to keep the many balls they're juggling now up in the air.
The secret is to periodically measure where your time is going. My recommendation is for at least two weeks per year, keep a time log and determine how your time is being spe
The secret is to periodically measure where your time is going. My recommendation is for at least two weeks per year, keep a time log and determine how your time is being spe
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
nt -- and where you are wasting time. You can create for yourself 1.56 additional weeks a year if you can figure out a way to stop wasting just 15 minutes per day.
Here's how the math works: 15 minutes per day times 5 days = 75 minutes per week times 50 weeks per
Here's how the math works: 15 minutes per day times 5 days = 75 minutes per week times 50 weeks per
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
year = 3750 minutes per year divided by 60 minutes in an hour = 62.5 hours per year divided by 40 hours = 1.56 additional work weeks per year.
Figure out how to stop wasting 30 minutes per day and you will pick up the equivalent of 3.12 additional work weeks a y
Figure out how to stop wasting 30 minutes per day and you will pick up the equivalent of 3.12 additional work weeks a y
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
ear.
Just a few weeks ago a friend of mine (Jim Meisenheimer at www.meisenheimer.com) told me that instead of watching TV until 11 p.m. and getting up at 6:00 a.m., he was going to begin going to bed at 9 p.m. and getting up at 4:30 a.m. So I decided to give this
Just a few weeks ago a friend of mine (Jim Meisenheimer at www.meisenheimer.com) told me that instead of watching TV until 11 p.m. and getting up at 6:00 a.m., he was going to begin going to bed at 9 p.m. and getting up at 4:30 a.m. So I decided to give this
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
idea a try.
Using the above mathematical calculations, I began going to bed at 10 PM versus 9 PM and began getting up at 5:15 AM instead of 6:15 AM, so you can see that I picked up an additional two hours per day that I did not have with my old schedule.
PROSPE
Using the above mathematical calculations, I began going to bed at 10 PM versus 9 PM and began getting up at 5:15 AM instead of 6:15 AM, so you can see that I picked up an additional two hours per day that I did not have with my old schedule.
PROSPE
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
CTING: Do you have a list of creditworthy prospects written down on a sheet of paper to pursue in 2007? How many monthly prospect calls will you commit to in 2007? After you've made these commitments, you must monitor your activities at the end of each week to mak
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
e sure that you've not drifted back into your old habits.
FACE TIME: How much "face time" do you spend with customers and prospects each week? If you could do a better job of organizing your day so that you would have more "face time" with your customers and pros
FACE TIME: How much "face time" do you spend with customers and prospects each week? If you could do a better job of organizing your day so that you would have more "face time" with your customers and pros
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
pects, you're productivity should improve significantly. So you may wish to add "face time" to what you measure each week.
QUOTE TO ORDER RATIO: What percentage of your quotes become orders? The typical salesperson will only convert 20% to 25% of all quotes into
QUOTE TO ORDER RATIO: What percentage of your quotes become orders? The typical salesperson will only convert 20% to 25% of all quotes into
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
orders. If you are not happy with your quote to order ratio, maybe you're quoting too indiscriminately. If you're quoting too much, you're probably spending too much time on the process of working up prices for your bids. At between three and four hours per bid, y
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
ou may be wasting too much time using the biding process as a marketing tool.
Are you a salesperson or a "quoteperson?"
Quoting is not selling. Quoting is a task. Selling is persuading a customer or prospect to make a buying decision that is in his or her best i
Are you a salesperson or a "quoteperson?"
Quoting is not selling. Quoting is a task. Selling is persuading a customer or prospect to make a buying decision that is in his or her best i
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
nterest. If you offer the greatest value (a combination of service, quality and price), that means more customers buying from you versus buying from the competition.
So set a goal for 2007 to improve your quote to order ratio by x number of percentage points.
PE
So set a goal for 2007 to improve your quote to order ratio by x number of percentage points.
PE
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
RSONAL MARKETING PLAN: What will you do to market yourself more effectively in 2007 that you didn't do in 2006?
Will you send customers and prospects more thank-you notes? Send postcards to your customers and prospects when you go on vacation? Publish a personal
Will you send customers and prospects more thank-you notes? Send postcards to your customers and prospects when you go on vacation? Publish a personal
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
contractor newsletter with money-making ideas your customers and prospects will value? Remember that for your sales to take off, you must be on the customer's and prospect's minds when they are ready to buy.
If you have quite a few competitors in your market sell
If you have quite a few competitors in your market sell
.
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
ing the same kinds of products you sell, with similar service and with a similar level of quality, one of your first decisions is figuring out how to persuade customers and prospects to do business with you instead of with one of your competitors. This is what sel
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
ling is all about.
We all have 24 hours in a day. But to optimize your selling time, you must do a better job of managing how you spend your time. Try keeping score in 2007 and I believe you will find several opportunities to get more productivity out of your day
We all have 24 hours in a day. But to optimize your selling time, you must do a better job of managing how you spend your time. Try keeping score in 2007 and I believe you will find several opportunities to get more productivity out of your day
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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