Useful Advices - Business

Do you know how to apply the power of the X factor for Sales Management? The X factor is the simple multi

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

plication of events and sales strategies that lead to sales. If business or salespeople apply this equation to sales co

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

Examples of combination products may in

ntacts, they are released from the bonds of time and energy.

The power of X in mathematics takes advantage of multipli

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

cation. In computers, we use the X to signify the multiplication of something. Sales management can apply the same powe

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

r when a sales team is allowed to multiply their sales efforts instead of simply adding single efforts over and over ag

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

Combination pro

ain. The difference between addition and multiplication is the difference between success and mediocre results. Success

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

ful sales professionals apply the power of multiplication, X instead of + or addition.

The Multiplication Sales Cha

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

llenge

If you are asking yourself, why all businesses or salespeople don’t apply the principle of multiplication,

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

it is a good question. The challenge of this question lies with the way salespeople are taught to sell. Most salespeopl

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

e are taught to perform one task at a time and follow the best practices over an over again. The teaching of more calls

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

on more contacts is the principle of addition, not multiplication. Making more calls will certainly improve sales and

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

Following aspects would a

make more time for selling. However, there is a better way to improve sales.

Multiply Success Using Technology and

dd to the challenges in developing combination products:

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

Automation Tools

The advancements in technology allow us to reach more people and businesses by multiplying our ef

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

forts. We can adopt automated sales strategies with many contact management systems. Additionally, we can broadcast to

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

multiple contacts with email marketing, pod casting, direct mail and any automated sales strategy that multiply our sal

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

es efforts.

One of the greatest multiplication sales strategies is referral based marketing. Referrals multiply a sale

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

Professional from academic institutions, pharmaceutical industries, health care indust

s teams’ efforts dramatically. A referral uses the power of multiplication through customer contacts. Instead of making

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

sales calls ourselves, we can empower the power of multiplication from our customers.

If your sales team is not adopt

.

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 X factor in sales, you are limiting success. Expand your horizon in sales and use the power of X. One wa

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

Companies that provide selfless information through particip

y to boost referrals is through sales contests that rewards a sales team for collecting referral letters and references

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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One alternative to starting a business “from scratch” is to buy an existing business. We must, however, balance the acquisition cost against what the cost of a startup might have been.

In this article I would like to lay to rest an urban myth that only 7% of a presentation is based on the words that you use. This figure is used by presentation trainers and coaches around the world, but it just is not true.

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Useful Advices - The X Factor in Sales Management

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