Useful Advices - Business

When sales people lose sales, does this mean they were lost? The words “lost” makes one think that they lost their way along a path and something happened. In reality someone else may have stolen the order from them.

When

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

I was a kid my mother would put 25 cents, carefully wrapped and tied into one of my fathers’ handkerchiefs. This was an attempt to prevent me from losing it. She made it so huge that I couldn’t possibly lose the giant wad o

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

Examples of combination products may in

material. She would send me off to school so I could use it for milk money. By the way, that was for the week! I was a kid and it was a way for my mother to insure I would not lose something.

As you know, a sale isn’t som

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

ething we can wrap and seal in a handkerchief. If it was that easy, you wouldn’t be reading this for a better solution. Let’s face it; you can’t lose something you don’t have in the first place. Although some salespeople wi

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

l think they have a sale before they actually have it in their hands, the ink is drying and the delivery truck has pulled away.

Salespeople lose sales because they get lost in the process. If you have been in sales for a

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

Combination pro

while you know that sales are almost 100% predictable. If we follow the sales process, we will always come to a conclusion that is favorable to us unless we skip a step or overlook something and it is always our fault for m

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

ssing something. This is where we get lost.

Some salespeople don’t realize how important these steps are and that there are consequences to not following the order of these steps. Because of this, salespeople get lost in t

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

he sequence and sometimes try to skip steps of the process. This is how sales are lost. For the typical sales, non-retail I recommend a six step process with a magical seventh step that shortens the sales cycle when applied

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

consistently. Some people combine these steps and that might be ok but you can’t skip any of them or your will lose. I divide the steps into two segments, Hunting and Farming because the first part is really hunting for the

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

prospect and identifying the right prospects. The second part is like farming because we are building a relationship that might take months to nurture before the opportunity becomes ripe. Here are the steps in brief order.

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

1. The prospect must pass the “IF” test. This test is applied with questions to find out “IF” they are a real prospect, the test is ‘IF” they fit the profile of our perfect customer. “IF” they do not, we find another prosp

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

Following aspects would a

ct.

2. The salesperson must then discover the “WHO” of the prospect. This is the true contact or contacts in the company or organization that we must meet with for an opportunity. This is achieved through questioning to id

dd to the challenges in developing combination products:

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

entify the right prospect person.

3. The salesperson must then identify the “W’s” or pain points of the prospect. This is also achieved through questioning and research and an appointment is often the best way to discover

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

his. These W’s are when, where, why, what issues that confirm our next step.

4. If we did our job in step three, we move over to the farming stage of the sales process which is really the “OPPORTUNITY” stage. Ideally we wa

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

nt to identify three “OPPORTUNITIES” which are solid pain points the prospect wants eliminated from their business or life. Once we have these identified, we can move to step five.

5. Step five is the easiest stage of all;

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

it is the “PRESENTATION” stage of the sale. This is where the salesperson can combine all they have learned about the prospects problems and issues and at the right time, presents their solution. If everything was followed

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

Professional from academic institutions, pharmaceutical industries, health care indust

according to the process, the solution will be on target and received warmly for the next step.

6. Step six is the “CLOSE”. If you reach this point, the sale should be a slam dunk and a sealed deal because you have followe

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

the process with a remedy for a solution the prospect wants.

7. The seventh step is magical because you can capture more business through a “REFERRAL” and a reference from the prospect and slip into the fourth step on the

.

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

next opportunity and bypass the first three steps.

Remember, if you bypass any of the sales process steps, you lose! One of the best ways to improve sales is to focus on the process and the steps salespeople take to make

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

Companies that provide selfless information through particip

sale. Breaking up the sales process into modules and teaching salespeople how to move prospects from one step to the next is the right way to keep them from losing sales. Otherwise, you might need a very large handkerchief

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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Free advertising on any website can be a great way to get exposure for your company or business. Free classified advertising websites are very effective when utilized correctly.

The show must go on as they say in show business and it is the same thing at a car wash. Those cars in line out front must be washed and these cars being dried off must be completed and moved out of the way for more. This assembly line cannot stop, as we are backing up traffic and cars are turning away due to the line. Oh no, the machine is on the Fritz. Now what?

Do you have a routine of networking? If you are not reaching out on a regular basis, how will people know about you? You have to show up to networking groups consistently and persistently to build re...

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Useful Advices - It's the Process that Sells - Not the Salesperson

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