Tags |
|
|
Links |
|
|
Useful Advices - What's Your Magic Number?
The most successful businesses — and certainly, sales departments — have identified their Key Performance Indicators (KPI); individual gateways that directly effect the outcome of a particular process. Then they measure the comp
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
etency ratios in line with them.
Have you identified the KPIs in your sales process?
A good KPI example in the sales process might be how many times you advance the first sales appointment to the next phase, whether that’s a d
Have you identified the KPIs in your sales process?
A good KPI example in the sales process might be how many times you advance the first sales appointment to the next phase, whether that’s a d
; 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
monstration, a site visit, a survey or a proposal. Another KPI is how many times you gain a new customer once the first gateway is passed. And when you do gain a new customer, what’s the average revenue you achieve? That’s certa
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
nly an important KPI. Because if your average revenue per sale is 40% less than the average peer KPI, you might want to find out why and take focused action to improve it, as you’re leaving money on the table.
And what about t
And what about 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
e length of a sales cycle in days? Is that conditional or do you have a degree of control over it? If you have a team member that has an average sales cycle 30% shorter than the peer group, uncover and assimilate those best prac
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
ices out to the rest of the sales team. Less time, more results. That makes ‘Sales Cycle’ a valuable KPI.
On a practical level, KPIs can provide management prospect reactions to their service offering for feedback to marketing
On a practical level, KPIs can provide management prospect reactions to their service offering for feedback to marketing
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
nd product development, detect problem areas in sales performance and signal the need for strategic or tactical modifications — even an all-out intervention through pinpoint sales performance training.
Perhaps the most overlook
Perhaps the most overlook
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
ed KPI is the individual ‘Magic number’; how many new weekly sales opportunities must be generated based on neighboring KPI’s. Think of the magic number as the fuel in your gas tank needed to get from point A to point B. It’s
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
irectly proportional to how far a distance, how fast you drive and your average miles per gallon. Your sales process ‘Magic number’ is a derivative of your average revenue per sale, 1st appointment to proposal ratio, closing ra
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
io and revenue goal. It’s your ‘Activity barometer’ and it should be at 100%.
The following are some tips for improving several sales process KPI’s.
If your current 1st Appointment to Proposal ratio is below 65%:
1. Internal
The following are some tips for improving several sales process KPI’s.
If your current 1st Appointment to Proposal ratio is below 65%:
1. Internal
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
y define what your ‘Next step’ objective of the 1st appointment is; a demo, a site visit, a survey or a proposal. Then train to a process and measure the outcome.
2. Decide to start at the ‘Top’ with the fiscal authority
2. Decide to start at the ‘Top’ with the fiscal authority
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
hat can ‘Call the shots’.
3. Avoid ‘Selling’ your product on the 1st appointment. Instead, outline your diagnostic steps to evaluate the fit between your solutions parallel to their business objectives.
If your current Cl
3. Avoid ‘Selling’ your product on the 1st appointment. Instead, outline your diagnostic steps to evaluate the fit between your solutions parallel to their business objectives.
If your current Cl
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
sing ratio is below 65%:
1. Ask pertinent questions to what the Prospect Company’s decision-making process is, what the internal criteria for change is and what players need to be involved for evaluation.
2. Communicate a
1. Ask pertinent questions to what the Prospect Company’s decision-making process is, what the internal criteria for change is and what players need to be involved for evaluation.
2. Communicate a
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
imeline and set a specific date for the 2nd appointment before leaving the 1st appointment. Encourage that all management players be present at the next appointment.
3. Catalog risk factors for each management player and d
3. Catalog risk factors for each management player and d
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
evelop strategies, tactics, and tools for direct communication to them.
4. Have relevant industry and title reference letters available for ‘Real-time’ credibility.
If your current ‘Activity barometer’ is below 100%:
1. A
4. Have relevant industry and title reference letters available for ‘Real-time’ credibility.
If your current ‘Activity barometer’ is below 100%:
1. A
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
nounce the Competency of converting conversations to appointments as a Key performance Indicator for sales success.
2. Define an appointment setting training objective and set a realistic goal.
3. Develop a training p
2. Define an appointment setting training objective and set a realistic goal.
3. Develop a training p
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
ocess in line with prospecting scenarios and best practice communications.
4. Don’t sell your ‘Widget’; sell the Business reason to meet.
5. Partner with technology to transfer best prospecting practices into ‘Intelle
4. Don’t sell your ‘Widget’; sell the Business reason to meet.
5. Partner with technology to transfer best prospecting practices into ‘Intelle
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
tual capital’ promotion throughout your sales society.
Ultimately, sales trainers and management should work in concert to create a new culture by replacing random sales routines with specific KPI competency training.
Targeted
Ultimately, sales trainers and management should work in concert to create a new culture by replacing random sales routines with specific KPI competency training.
Targeted
.
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
and timely KPI training can make a critical difference to your monthly revenue scorecard. In today’s high sales performance culture migrate away from monthly and quarterly ‘Quota’ focus to daily routines and weekly goals. The o
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
portunity rests squarely on switching paradigms from the required ‘End result’ to the necessary steps (KPIs) to get there routinely. Then build supporting tools for learning and application.
And don’t forget your ‘Magic Number’
And don’t forget your ‘Magic Number’
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
HTTP = HTML link (for blogs, profiles,phorums):
<a href="http://www.usefuladvices.org.ua/article/38645/usefuladvices-Whats-Your-Magic-Number.html">What's Your Magic Number?</a>
BB link (for phorums):
[url=http://www.usefuladvices.org.ua/article/38645/usefuladvices-Whats-Your-Magic-Number.html]What's Your Magic Number?[/url]
Related Articles:
Infomercial Creation: Design To Sell
Medical Billing - FA0 Record Fields 39 Through 47
Bookmark it:
|