Useful Advices - Business

What are the similarities between the championship sports teams and revenues driving sales teams ?

Passion!!!!!

Sports championships are won by each player who is passionate about the

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

sport he/she plays. They are driven by the passion to win, beat the best and be the best. Secondly, they are coached by the best coaching staff with similar passion. They are all “doer

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

Examples of combination products may in

s and achievers”. Being average is not acceptable to them.

Similarly, the elite business/sales teams are passionate about selling. They “enjoy” being with the customers, instead of si

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

ting behind their desks and making proposals.

These are “doers and achievers”.

They collaborate with their customers to find solutions to the customer’s needs.

On the other hand, 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

average or poor sales team is typically a huge “Quote & Hope” machine. They typically sell looking from outside and offering cheapest price.

In most cases, the sales managers’ respo

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

Combination pro

se to “quote& hope” team is to send their “key” people to one or more days “standard” seminar- on site or off site. These “trainees” spend the time away from their work, collect a bunc

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

h of “speaker’ generic notes”- and go back to their daily routines, doing what they have been doing. New skills, learnt at the seminar, are not immersed in their work habits, there is n

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

cultural change, and the results remain more or less the same.

The first step to building an elite sales team is to start with the professionals who choose the sales career as a first

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

choice. Hiring the sales professionals with right attitude is the first and foremost challenging task of sales managers. In professions such as sports, acting, and music (to name a few),

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

the most successful people make an early conscious decision about wanting to be in that profession, and they understand what they must do to become the best.

However, business leaders m

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

ust also realize that the best actor wins an Oscar only when he/she is directed by the top notch director. The best players need best coaches to win the championships.

Investing in your

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

Following aspects would a

sales team, and providing them the best training ensures championship level performance, and therefore the revenues growth.

A business coach may not have industry specific experience,

dd to the challenges in developing combination products:

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

ut he/she will assist in guiding your team to focus on the value based selling. A demonstrated experienced coach will monitor, guide, and invoke passion in your selling process- for lon

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

g term customers’ loyalty and your business growth. Compared with traditional consultancy and seminar based trainings, business coaching is a living partnership with the sales team, and

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

the sales managers. Just a like a swimming coach, your team must still perform, but the coach will walk along the pool.

The successful sales strategy comprises of the following key e

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

lements: PUT TOGETHER A TEAM WHO WANTS TO BE IN SALES - WITH PASSION FOR SELLING.

-Sales professionals who despise being stuck behind the office desk, and make proposals

-Sales profes

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

Professional from academic institutions, pharmaceutical industries, health care indust

ionals who would rather spend time outside (the office), meeting customers and building relationships. INVEST IN YOUR CUSTOMER RELATIONS.

-Sales professionals who establish credibility

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

and ‘earns” customers confidence

- When the customers have a need, they must “want to call you first”! RECOMMEND SOLUTIONS RATHER THAN SELLING.

-Encourage your team to focus on under

.

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

tanding the needs of their customers, and collaborate with them to propose solutions. BUILD A REPUTATION OF PROFESSIONAL AND PERSONAL INTEGRITY.

-Personal behaviour drives professional

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

Companies that provide selfless information through particip

integrity.

The revenues and earnings growth is driven by the corporate culture that thrives on building customer relations, and partnerships to help their customers grow their business

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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As in several previous SuperBowls, the biggest single advertiser at this Superbowl XLI was Anheuser-Busch, with nine spots. Their Bud Light brand alone fielded six 30' commercials. Now, of course, Bud Light is already the market leader of this category. And this may be the reason why they seemed so complacent with their Superbowl advertising. Humor is all good and fine, but cannot, in and of itself, be expected to provide any reason for customers of competitive light or normal beers to convert to Bud Light. All in all, a disappointing performance for a brand that is bountiful in opportunity, as the leader of a growing category.

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As a new service business, you need a strong portfolio to attract clients. But you need clients to build a strong portfolio. Should you deep-discount your services to get those first clients?

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