Useful Advices - Business

I love the game of sales. In fact I am fascinated by people's traditional beliefs on sales and what it means to them. One of the most common areas of challenge that I come up against time and time again wh

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

en working with business owners and business groups revolves around the basics of ‘getting business through the door' which is an absolutely critical area of any business. This is determined by the busines

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

Examples of combination products may in

s owner's (and their respective teams) beliefs around the area of sales.

So here's a question for you: What are the top three words that come to mind when I say ‘salesperson'? Yes, they've just popped rig

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

t up there inside your head - just pause for a second right now...and write them down.

Who thought ‘pushy', ‘arrogant', ‘dishonest' etc.? When I ask this question to groups of business owners, over 90% of

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

the comments made are well...slightly on the negative side !

It's no wonder then (if we have grown up with an internal belief system such as this) that many of us have a bit of an issue ‘selling' to othe

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

Combination pro

s. In fact, we try not to be all the things we believe salespeople are. So much so that we don't make that second call back ‘just in case they think I'm being pushy' or ‘I don't want them to think I'm bein

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

g arrogant' or ‘I really don't want to annoy them'. So consider this:

On average people buy after the SIXTH contact and most average sales people give up after the second or third call

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

Here's another one to consider:

People HATE to be sold to but they LOVE to buy.

It's true. We detest people who are openly selling to us. Why? Because we perceive that they're more inter

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

sted in what they are going to get out of the sale than they are about us!! (we think they're just not listening to what WE want)

However, I personally love to watch, listen and buy from a good salesperso

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

n. A person who identifies my needs, guides me to purchase and gets me to feel great afterwards about purchasing their product. Like most of us deep down, I LOVE to buy.

So what's the difference? A good s

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

lesperson believes passionately in their product and what it will give you. That when you purchase their product you will feel great too. It will give you something that will make your life just that littl

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

Following aspects would a

e bit more exciting / easier etc.

So if a good salesperson is not openly selling to you, what are they doing?

They're asking the right questions to help you to make a decision to buy.

T

dd to the challenges in developing combination products:

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

hat is one of the keys to great selling. Firstly build lots of Rapport. Then help your prospect make the decision to buy. Then provide lots of follow up after the sale.

Why would we provide lots of lots o

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

follow up afterwards?

Because, on average, it is TEN times more likely that someone you have sold something to before will buy from you again in the future IF (and this is the important bit) you

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

keep in touch.

So consider the following:

1) What is your current belief system around sales? If you have a team within your business, what about them?
2) How quickly do you ‘giv

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

up' in the sales process? The second or the third call? What are you thinking that the prospect is thinking when you decide not to pursue the sale further?

3) Just how much do you believe in yours

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

Professional from academic institutions, pharmaceutical industries, health care indust

elf and your products? Just how passionate are you?

4) Just what is your sales conversion rate from prospect to client right now?

5) What are the top three things you can do right now to im

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

prove your current sales level by 10%?Happy Selling,

To Your Success,

Mike Yates

Business Coaching gives you: Training

.

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

>-Inspiration-Motivation-Education

121 Business Ltd, Unit 33 Stephenson Road, St Ives, Cambs, PE27 3WJ

T: 0870 16 24 121 F: 0870 16 24 122

E:

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

Companies that provide selfless information through particip

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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Managing conflict is a normal aspect of business operations. Although managers do have to dedicate much of their time to conflict management, successfully doing so can be good for the long-term performance of the company.

We see and register things selectively based on our own filters and needs. That's why it's so important to be able to put yourself into the minds and shoes of your potential clients and figure out what's most likely to catch their attention because they relate to it in some way.

Business events can help small businesses to generate additional income. Besides the fact that an event requires a lot of planning and organizing as well as the business has to invest money without knowing how much of that investment will make it back into its bank account.

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Useful Advices - What's Your Attitude to Sales

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