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Useful Advices - A Top Sales Speaker Tip for Sales Effectiveness
Imagine for a moment that it is your first day in a new sales organization and your sales manager tells you to forget about Quota – block it out of your mind. You may think they’re out of their mind. How can anyone possibly lead a sales organization or manage their individual sales effectively without focusing on Quota?
After all, in the world of outside sales, you either meet your Quota or eventually you’ll be outside
After all, in the world of outside sales, you either meet your Quota or eventually you’ll be outside
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
the door looking to meet some other sales force’s quota.
But what if I told you that’s the first step toward exponential revenue growth. Sales success is not about running after quota each month or year. Success comes from a Process; proven steps to meet benchmarked competency levels and a focus on the essential elements and powerful routines that maximize your sales effectiveness week in and week out.
Let’s first de
But what if I told you that’s the first step toward exponential revenue growth. Sales success is not about running after quota each month or year. Success comes from a Process; proven steps to meet benchmarked competency levels and a focus on the essential elements and powerful routines that maximize your sales effectiveness week in and week out.
Let’s first de
; 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
fine what we mean by a “core competency.” We will then introduce the 3 Core Competencies, and spend our time understanding how they can dramatically increase your success.
The term Core Competencies refers to those essential elements in the sales process that most directly impact your success. These elements are controllable and measurable, and sales professionals can be trained to be proficient in these areas. Unfort
The term Core Competencies refers to those essential elements in the sales process that most directly impact your success. These elements are controllable and measurable, and sales professionals can be trained to be proficient in these areas. Unfort
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
nately, many sales organizations and individuals lose focus – distracted by peripheral activities or sophisticated systems that track dozens of different activities when only a handful really matters.
Without a foundation built upon these essential elements or Core Competencies, and because of all the distractions and roadblocks an organization is susceptible to today, results can be mediocre or less.
Take a look at the
Without a foundation built upon these essential elements or Core Competencies, and because of all the distractions and roadblocks an organization is susceptible to today, results can be mediocre or less.
Take a look at the
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
following list of actions that are common in a sales process, and select the items that you believe are absolutely essential to your success.
- Closing Sales
- Developing Prospect Lists
- Setting new Business Appointments
- Running 1st Appointments
- Working Sales Prospects through the Sales Pipeline
- Post-Sale Marketing
- Developing Referrals
- Reporting and Paperwork
- Document
- Closing Sales
- Developing Prospect Lists
- Setting new Business Appointments
- Running 1st Appointments
- Working Sales Prospects through the Sales Pipeline
- Post-Sale Marketing
- Developing Referrals
- Reporting and Paperwork
- Document
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
ng Testimonials
Now many of these tasks are important, but they are not all Core Competencies. Yes, it is important and useful to ask for referrals and develop testimonials from satisfied customers, but your success hinges mostly on the mastery of – and attention to – the (3) Core Competencies.
One simple way to determine whether a routine or task is truly a core competency is to ask what activities are directly relate
Now many of these tasks are important, but they are not all Core Competencies. Yes, it is important and useful to ask for referrals and develop testimonials from satisfied customers, but your success hinges mostly on the mastery of – and attention to – the (3) Core Competencies.
One simple way to determine whether a routine or task is truly a core competency is to ask what activities are directly relate
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
d to sales revenue. After all, sales revenue is how we sales people measure success. That’s our scorecard at the end of the month.
We can do that through a series of questions around each element listed above.
Question #1:
Is it an essential component to the sales mission or is it just an ingredient in the recipe?
Consider a golfer’s essential competencies from tee-off to last putt. Is the core competency the b
We can do that through a series of questions around each element listed above.
Question #1:
Is it an essential component to the sales mission or is it just an ingredient in the recipe?
Consider a golfer’s essential competencies from tee-off to last putt. Is the core competency the b
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
ll – or the club? Or is it the golf swing and putting stroke?
Question #2:
Can it be measured routinely and accurately with a napkin, pencil, and calculator?
Can you set a realistic performance benchmark tied to revenue goals? You know you have achieved this when you can tell a new hire in the sales organization the (3) simple numbers that will guarantee monthly sales success.
Question #3:
Can you apply “Ti
Question #2:
Can it be measured routinely and accurately with a napkin, pencil, and calculator?
Can you set a realistic performance benchmark tied to revenue goals? You know you have achieved this when you can tell a new hire in the sales organization the (3) simple numbers that will guarantee monthly sales success.
Question #3:
Can you apply “Ti
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
mely Training” and “Powerful Routines” around each core competency?
We know what ‘sales training’ is, but do we understand why sales training fails?
‘Timely training’ is NOT a seminar or one-time event. It requires appropriate structures for learning and application, defining useful short-term objectives, measuring progress, working closely with qualified trainers for follow-up and support, and most importantly, organi
We know what ‘sales training’ is, but do we understand why sales training fails?
‘Timely training’ is NOT a seminar or one-time event. It requires appropriate structures for learning and application, defining useful short-term objectives, measuring progress, working closely with qualified trainers for follow-up and support, and most importantly, organi
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
ational commitment. ‘Timely training’ is focused on one competency at a time until the appropriate milestone performance metric is realized.
So, if you can say it is directly tied to revenue (or your end result), is a skill set that can be trained to for improvement and can be measured, consider it a Core Sales Competency.
Perhaps a golf analogy will help illustrate the power of the Business of Core Competencies. A se
So, if you can say it is directly tied to revenue (or your end result), is a skill set that can be trained to for improvement and can be measured, consider it a Core Sales Competency.
Perhaps a golf analogy will help illustrate the power of the Business of Core Competencies. A se
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
lf-professed “poor” golfer with a chronic slice might attempt to correct the problem by adjusting his stance – actually aiming away from the fairway so that the slice hopefully lands the ball in the middle.
In contrast, a low handicap golfer with a chronic slice might address the problem by adjusting their grip, rotating their hips, or adjusting the arc of their swing. In other words, good golfers address the core compe
In contrast, a low handicap golfer with a chronic slice might address the problem by adjusting their grip, rotating their hips, or adjusting the arc of their swing. In other words, good golfers address the core compe
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
tencies of the swing vs. adjusting peripheral elements.
So what are the 3 Core Competencies?
Core Sales Competency 1: Conversation to Appointment Ratio.
Don’t worry if you have never heard of let alone ‘measured or trained to’ this sales competency because if you haven’t you’re in the majority… not the minority.
Your ‘conversation to appointment ratio’ is how many conversations you must conduct with target prospects
So what are the 3 Core Competencies?
Core Sales Competency 1: Conversation to Appointment Ratio.
Don’t worry if you have never heard of let alone ‘measured or trained to’ this sales competency because if you haven’t you’re in the majority… not the minority.
Your ‘conversation to appointment ratio’ is how many conversations you must conduct with target prospects
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
o achieve 1 new sales appointment.
The national average is in the 4-18% range. That is, most sales individuals have about 10-25 conversations to book 1 or 2 new sales appointments. That’s why the sales competency of setting new targeted business appointments is the Achilles heel of most sales organizations.
In fact, that’s why I travel the country showing sales people and sales management how to improve this critical
The national average is in the 4-18% range. That is, most sales individuals have about 10-25 conversations to book 1 or 2 new sales appointments. That’s why the sales competency of setting new targeted business appointments is the Achilles heel of most sales organizations.
In fact, that’s why I travel the country showing sales people and sales management how to improve this critical
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
sales competency so they spend a lot less time to achieve more targeted appointments.
Once this competency is improved beyond your competitors, the benefits are more revenue in less time, less sales employee turnover due to low sales appointment activity and a quicker ramp-to-quota for new hire sales reps.
Core Sales Competency 2: 1st Appointment to Proposal Ratio
What’s the objective of your first sales appointment?
Once this competency is improved beyond your competitors, the benefits are more revenue in less time, less sales employee turnover due to low sales appointment activity and a quicker ramp-to-quota for new hire sales reps.
Core Sales Competency 2: 1st Appointment to Proposal Ratio
What’s the objective of your first sales appointment?
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
Have you defined what you want to happen at the conclusion of your 1st appointment? Only then can you actually set up a proficient sales methodology to achieve the defined objective more times than not. And with a pre-defined objective to your 1st appointment you can (1) set a realistic benchmark of success and (2) measure the outcome. It becomes part of your sales performance scorecard.
What is a 1st appointment to p
What is a 1st appointment to p
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
roposal ratio? It’s simply how many times you gain commitment with your prospect to take the next step, as outlined by your sales process. Depending on your solutions-based product or service and your sales methodology, your ‘Next step’ may be one of the following:
• An on-site demonstration
• A trial period of your “widget”
• A tour of your operations or manufacturing facility
• A no-obligation survey
• An evaluati
• An on-site demonstration
• A trial period of your “widget”
• A tour of your operations or manufacturing facility
• A no-obligation survey
• An evaluati
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
n and side-by-side comparison, apples to apples
• A solution-based evaluation, apples to oranges
Whatever your ‘Gateway’ is, be sure to attach a business rule and definition to it, and then most importantly measure it.
Defining and measuring this ‘Gateway’ will provide you with a ‘Reality Mirror’ of how competent you are with the initial phase of your sales process. So if you have set a realistic benchmark company-w
• A solution-based evaluation, apples to oranges
Whatever your ‘Gateway’ is, be sure to attach a business rule and definition to it, and then most importantly measure it.
Defining and measuring this ‘Gateway’ will provide you with a ‘Reality Mirror’ of how competent you are with the initial phase of your sales process. So if you have set a realistic benchmark company-w
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
ide of a 60% 1st Appointment to Proposal ratio and you have sales individuals below it, you can pro-actively provide them with targeted coaching and support tools to help them achieve the standard benchmark. And that drives more revenue.
Core Sales Competency 3: Closing Ratio
The Closing ratio is the number of proposals that result in new sales.
As a sales professional, your objective is to educate a prospect through
Core Sales Competency 3: Closing Ratio
The Closing ratio is the number of proposals that result in new sales.
As a sales professional, your objective is to educate a prospect through
.
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
ut the sales process so that the prospect can make an informed and clear buying decision. Your goal is to lead the prospect through every gateway and ultimately reach a legitimate ‘yes’ or ‘no’ at the end of the sales process.
Identifying (3) key Core sales competencies is different from the superficial values so prevalent in sales organizations today, such as “a relentless focus on quota” or “a superior drive to succee
Identifying (3) key Core sales competencies is different from the superficial values so prevalent in sales organizations today, such as “a relentless focus on quota” or “a superior drive to succee
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
d” or other such motivational mantras. The trouble is the mantras usually lack depth and substance.
First identify your critical core sales competencies that are tied to routine sales success. Your next step is to set realistic benchmarks to these sales competencies and finally, develop pin-point sales performance training and support systems to allow the majority of your sales force to be routinely ‘sales quota’ savvy
First identify your critical core sales competencies that are tied to routine sales success. Your next step is to set realistic benchmarks to these sales competencies and finally, develop pin-point sales performance training and support systems to allow the majority of your sales force to be routinely ‘sales quota’ savvy
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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