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Useful Advices - Managing Your Prospects: Funnel Management as a Critical Component to Your Success
Bob Fitzpatrick was one of the most intense managers I have ever met. When he hired me at Lanier, he interviewed me from 7:30 a.m. until 5:30 p.m. After the interview I went home and collapsed in the bed. Three months after Bob hired me I was the number one salesperson in his Southeast Region.
One day he flew into Panama City, Florida from Atlanta to ride in the field with me. His visit was unannounced so I just followed my regular schedule for that day.
One day he flew into Panama City, Florida from Atlanta to ride in the field with me. His visit was unannounced so I just followed my regular schedule for that day.
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
It was a Tuesday and our first stop was at one of my prospects that had a copier on trial. The prospect was the Pinnacle Port Condominiums twenty-six miles from our office. When we walked in the door I was greeted by the receptionist and told to go on back. I introduced Bob to the manager and the first words out of his mouth were, “I see more of Marvin than most of my employees.” After we left Pinnacle Port we went to the Panama City Beach Police Station.
; 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
As soon as we walked in, the officer on duty told us to go on back. I then introduced Bob to the Police Chief, Lee Sullivan. His first comment to Bob was, “I see more of Marvin than most of my officers.”
On that one day in the field, we visited five companies and, completely unsolicited by me, they all said basically the same thing: I was there more than most of their employees. When I was driving Bob to the airport at the end of the day, he looked at me
On that one day in the field, we visited five companies and, completely unsolicited by me, they all said basically the same thing: I was there more than most of their employees. When I was driving Bob to the airport at the end of the day, he looked at me
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
nd jokingly said, “Marvin, people don’t buy from you because they like you. They buy from you to get rid of you.”
In every situation I had continued to add value by having a face-to-face meeting with every prospect at least once a week. At each meeting I made sure I had a legitimate reason to be there. I closed every one of the sales we visited that day.
Where prospecting ends, territory management begins. How you manage your territory, or your base of p
In every situation I had continued to add value by having a face-to-face meeting with every prospect at least once a week. At each meeting I made sure I had a legitimate reason to be there. I closed every one of the sales we visited that day.
Where prospecting ends, territory management begins. How you manage your territory, or your base of p
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
rospects, will determine how successful you are.
One of the greatest problems most salespeople have is losing track of prospects. This is especially true if the prospects are not going to buy in the near future. This is why salespeople have a tendency to experience peaks and valleys when it comes to sales performance. Salespeople work hard to close their hot prospects and then have to turn around and find more.
FACE-TO-FACE PROSPECT CONTACT
The only eff
One of the greatest problems most salespeople have is losing track of prospects. This is especially true if the prospects are not going to buy in the near future. This is why salespeople have a tendency to experience peaks and valleys when it comes to sales performance. Salespeople work hard to close their hot prospects and then have to turn around and find more.
FACE-TO-FACE PROSPECT CONTACT
The only eff
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
ctive way to manage your relationships with your prospects is face to face. I understand this can be challenging for salespeople with large geographic territories. A great rule of thumb is that to maintain a greater than seventy-five percent closing ratio, you need to maintain face-to-face contact with your prospects. If you cannot maintain a face-to-face contact with your prospects, then your closing ratio will probably fall to less than thirty-five perce
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
nt.
ADD VALUE ON EVERY CALL
Every time you meet with a prospect you should add value. Make sure you never find yourself in a position of calling on a prospect just to see where they are in their decision making process. Some examples of adding value are:
? Bringing a solution to a problem they may be having.
? Providing the prospect with additional relevant information such as an article.
? Introducing an additional resource such as an engineer.
? Gi
ADD VALUE ON EVERY CALL
Every time you meet with a prospect you should add value. Make sure you never find yourself in a position of calling on a prospect just to see where they are in their decision making process. Some examples of adding value are:
? Bringing a solution to a problem they may be having.
? Providing the prospect with additional relevant information such as an article.
? Introducing an additional resource such as an engineer.
? Gi
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
ving a prospect an appropriate gift.
? Involving an outside vendor or strategic partner.
THE BEST DIFFERENTIATOR
A large number of face-to-face meetings with a prospect are the best way to differentiate yourself from your competition.
An interesting phenomenon occurs when you increase the number of face-to-face meetings that you have with qualified prospects. Our research has shown that the closing ratio increases an average of eight percent per additi
? Involving an outside vendor or strategic partner.
THE BEST DIFFERENTIATOR
A large number of face-to-face meetings with a prospect are the best way to differentiate yourself from your competition.
An interesting phenomenon occurs when you increase the number of face-to-face meetings that you have with qualified prospects. Our research has shown that the closing ratio increases an average of eight percent per additi
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
nal face-to-face meeting. Below are the typical increases in closing ratio for each additional visit.
*Important note – The closing ratios listed below are for qualified prospects.
Number of face to face meetings Closing Ratio
After eleven visits the closing ratio will typically remain
*Important note – The closing ratios listed below are for qualified prospects.
Number of face to face meetings Closing Ratio
Three to Four 25% Five 33% Six 40% Seven 45% Eight 50% Nine 60% Ten 65% Eleven 70%
After eleven visits the closing ratio will typically remain
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
at about seventy-five percent.
WHO IS A QUALIFIED PROPECT?
When I first got into sales, I was introduced to an acronym that has always helped me to determine whether a prospect was qualified or not. You are dealing with a qualified prospect if you can answer positively to the three criteria listed below.
Money – does the prospect have a budget to buy your product and can the prospect afford the product?
Authority – Are you in contact with someone
When I first got into sales, I was introduced to an acronym that has always helped me to determine whether a prospect was qualified or not. You are dealing with a qualified prospect if you can answer positively to the three criteria listed below.
Money – does the prospect have a budget to buy your product and can the prospect afford the product?
Authority – Are you in contact with someone
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
who will be making the decision to purchase?
Need – Does the prospect have a need for your product that will force the prospect to buy within a reasonable time frame?
If you can yes to these questions then you are dealing with The MAN and you are dealing with a qualified prospect.
HOW DO YOU KEEP TRACK OF YOUR PROSPECTS?
To manage your prospects and your territory, you need a system. The system needs to be simple and effective. One of the best territor
Need – Does the prospect have a need for your product that will force the prospect to buy within a reasonable time frame?
If you can yes to these questions then you are dealing with The MAN and you are dealing with a qualified prospect.
HOW DO YOU KEEP TRACK OF YOUR PROSPECTS?
To manage your prospects and your territory, you need a system. The system needs to be simple and effective. One of the best territor
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
y management systems is the funnel. A funnel allows a salesperson to track prospects and move them forward in the sales process.
THE PROBLEM WITH MOST SALE FUNNELS
The problem with most sales funnels is that they do not force the salesperson to take action. Prospects end up sitting in a salesperson’s funnel until they close or the salesperson takes them out. A typical sales funnel is set up based on an individual prospect’s status.
WHAT TYPE OF FUNNEL S
THE PROBLEM WITH MOST SALE FUNNELS
The problem with most sales funnels is that they do not force the salesperson to take action. Prospects end up sitting in a salesperson’s funnel until they close or the salesperson takes them out. A typical sales funnel is set up based on an individual prospect’s status.
WHAT TYPE OF FUNNEL S
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
HOULD YOU USE?
An effective funnel should force a salesperson to take action. The prospects should be added to the funnel, not based on what the salesperson has done, but where the prospect is in their buying process. If I meet with a prospect today and they tell me they are going to buy next week I need to treat them differently than a prospect who is going to buy twelve months from now. How often I see a prospect needs to be determined by when they are
An effective funnel should force a salesperson to take action. The prospects should be added to the funnel, not based on what the salesperson has done, but where the prospect is in their buying process. If I meet with a prospect today and they tell me they are going to buy next week I need to treat them differently than a prospect who is going to buy twelve months from now. How often I see a prospect needs to be determined by when they are
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
oing to buy, not whether I have qualified or proposed them.
ASSIGNING PRIORITY TO A PROSPECT
If a prospect is ready to buy right away then they need to be given more attention than a prospect that will not be buying for a long time. The problem is that most salespeople lose track of their prospects that are going to buy right away. The solution is to place your prospects in a funnel that assigns them priority based on when they are going to buy. Also inc
ASSIGNING PRIORITY TO A PROSPECT
If a prospect is ready to buy right away then they need to be given more attention than a prospect that will not be buying for a long time. The problem is that most salespeople lose track of their prospects that are going to buy right away. The solution is to place your prospects in a funnel that assigns them priority based on when they are going to buy. Also inc
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
luded in the decision, is to place a priority level on a prospect by how qualified they are for your product. When you are managing your territory you should always strive to have a large number of prospects in your funnel that meet your minimum standards for investing a substantial amount of time. Listed below are some qualifiers for deciding on a prospect who meets your minimum standards:
? Revenue potential of the sale.
? Creditworthiness of the prosp
? Revenue potential of the sale.
? Creditworthiness of the prosp
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
ct.
? Where the buying decision will be made.
Listed below is a system for assigning value based on when a prospect, which meets your minimum standards, is going to buy.
Prospects Buying Time Frame Priority Assigned
Now to Three Months A
Three to Six Months B
Six Months to One Year C
WHAT DOES THE PRIORITY MEAN?
The priority you assign a prospect determines the amount of time and attention you focus on that prospect. It can also help you det
? Where the buying decision will be made.
Listed below is a system for assigning value based on when a prospect, which meets your minimum standards, is going to buy.
Prospects Buying Time Frame Priority Assigned
Now to Three Months A
Three to Six Months B
Six Months to One Year C
WHAT DOES THE PRIORITY MEAN?
The priority you assign a prospect determines the amount of time and attention you focus on that prospect. It can also help you det
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
ermine the amount of internal resources you should allocate to the prospect. Eliminating prospects, which do not meet your minimum standards, from your funnel is critical.
HOW OFTEN SHOULD YOU SEE A QUALIFED PROSPECT?
Once you have assigned a priority to a prospect, it is easy to decide how often to see them. Let’s go back to our closing ratio chart. If you see a qualified prospect a minimum of eleven times your closing ratio will be seventy five percen
HOW OFTEN SHOULD YOU SEE A QUALIFED PROSPECT?
Once you have assigned a priority to a prospect, it is easy to decide how often to see them. Let’s go back to our closing ratio chart. If you see a qualified prospect a minimum of eleven times your closing ratio will be seventy five percen
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
t. Most major purchases in the United States have a minimum of a twelve-week selling cycle. The chart below outlines how often you should see a qualified prospect:
Priority of Prospect Frequency of face-to-face meetings
A Once per week
B Every other week
C Once per month
If you set these as your minimum standards then you are virtually guaranteed a seventy-five percent closing ratio.
DESTRUCTION PRECEEDS CREATION
I recently consulted with a co
Priority of Prospect Frequency of face-to-face meetings
A Once per week
B Every other week
C Once per month
If you set these as your minimum standards then you are virtually guaranteed a seventy-five percent closing ratio.
DESTRUCTION PRECEEDS CREATION
I recently consulted with a co
.
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
pany that sells telephone systems. In one of our first sales meetings we all agreed to the minimum standards for a qualified prospect, including potential revenue of $10,000. I then met with each salesperson to review their funnels. One of the first salespeople I met with was a young go-getter by the name of Marcus. Marcus came into our meeting extremely excited because he had worked hard to fill his funnel with accounts. He had fifty-three accounts in his
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
funnel. The first thing I did was eliminate fifty-one of them. He only had two prospects in his funnel that had potential revenue of $10,000.
The good news for Marcus was that he now had time to concentrate on the two qualified prospects in his funnel. Two weeks later, he closed a large law firm for over two hundred thousand dollars in revenue.
As Marcus came to realize, if you focus on fewer, better-qualified accounts, your results will be much greater
The good news for Marcus was that he now had time to concentrate on the two qualified prospects in his funnel. Two weeks later, he closed a large law firm for over two hundred thousand dollars in revenue.
As Marcus came to realize, if you focus on fewer, better-qualified accounts, your results will be much greater
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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