Useful Advices - Business

This time of year many business people are looking ahead to next year with optimism and determination to make record revenue targets. It’s as if by turning the calendar from December to January someh

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

ow all things will be great and obstacles that seem too big this year will magically disappear. Well if this year didn’t quite match up to the expectations, intentions and well wishes for a great 200

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

Examples of combination products may in

5, here are 5 tips that will help you develop opportunities for your sales force.

Define the meaning of the word “lead”. Take your best sales reps and clearly define the definition of a qualified le

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

d. What types of companies should you go after? Who should your sales team be making appointments with? Should you target the names by title or function or both? What are their most common busines

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

s pains? In other words, make it so that your sales force can pick out a prospect in a line-up if they had to.

Determine the right amount of leads per sales rep. More leads aren’t necessarily bette

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

Combination pro

r. Sales reps have to divide their day into current customer demands, administrative tasks, and prospecting. The more a sales rep is stretched, the less effective they become. Make sure you create

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

system that puts the rep in front of only the best prospects so that they have more quality time to sell as opposed to following up on dead-end leads that only waste the rep’s time.

Determine your i

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

mpact message. Time is money and your messages must be developed with the greatest impact for the task at hand. Think about every, yes every step, in your sales process. Complex sales can take a lo

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

ng time to develop. That’s why each and every touch point of the process should be selling the next step in your sales process. From advertisements, to the web site, from the sales letters down to t

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 first phone call, each one of these should have a specific impact message.

Qualify the lead. Most companies don’t qualify the leads well. That’s why after a while most reps don’t jump on a lead g

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

iven to them by the marketing department. There is an inherent problem with measuring both the marketing and sales departments by numbers. Marketing needs to justify its existence so any old person

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

Following aspects would a

that fills out a web form or responds to an ad gets tagged as a lead. And sales needs to justify the number of calls, appointments etc. so they are constantly trying to close. Both departments don’t

dd to the challenges in developing combination products:

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

determine the stage of the buying cycle that the prospect is at until it’s too late. Both departments lose – marketing really didn’t have a hot lead as the reps thought, and sales gets discouraged be

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

cause they want ready and willing buyers right now.

• Make sure your lead is a decision maker or strong influencer.

• The budget is available or the person can make it available.

• Your solution

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

will solve their pain.

• They have expressed a real interest to explore a solution to their need right now.

Conduct a task commitment cost/benefit study. Direct selling is costly. Most studies sh

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

w that face-to-face B2B sales calls are in the neighborhood of $500 or more. That’s why most companies make their highly paid sales team make cold calls. Determine if it’s in the best interests of y

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

Professional from academic institutions, pharmaceutical industries, health care indust

our revenues and profits to have this kind of business model. If 90% of your revenues come from of a sales rep’s face-to-face selling time – 10% of their week is literally asking for the sale - would

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

n’t you want them spending more quality sales time with their prospects?

• What’s the best use of the sales rep’s time?

• Who should cold call?

• Who should nurture leads?

• Should you create an i

.

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

ternal call center or hire a Business Process Outsourcing firm?

• Will sales reps blow the sale by always trying to close, close, close the prospect during the formative lead nurturing cycle?

By tak

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

Companies that provide selfless information through particip

ing the time to qualify your leads; and assign the appropriate team at each stage of the game, you will find your company in a better position to catch more prospects at the time that they want to buy

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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Corporate gift baskets are ideal to express your gratitude and goodwill to clients and employees. If you have a group of delegates coming in for a conference, corporate gift baskets are good to welcome or thank them. During the holidays, sending corporate gift baskets to your most valued employees who have assisted you through a rough period of business is also a great gift idea.

By taking the time to give a new client or even your current clients a thank you gift basket, you will not only be pleasing your client, but you may also gain a few new clients from the gift. That is why it is advised that you at least consider giving thank you gift baskets to your clients, even if it is just for a trail period.

Sometimes what you do in the last few minutes of your store being open speaks volumes about how you feel about your customers. Go the extra mile in the last few minutes and win customers for life.

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