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Useful Advices - Drop Discounts and Earn Top Dollar
Every dollar you discount is a dollar of pure profit you're giving away. Therefore, your efforts to remove discounts will be richly rewarded.
When buyers see list price, they expect discounts to follow. By changing the way you address the relationship between pricing and discounts, you can stop giving aw
When buyers see list price, they expect discounts to follow. By changing the way you address the relationship between pricing and discounts, you can stop giving aw
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
ay heavy discounts and escape the commodity pricing pressures in your business.
Here are 4 simple techniques that you can use to wring every dollar you deserve out of your next sale.
Amplify the Pain
First, find and amplify your buyer's pain. Before any discussion of price, your buyer must be truly mot
Here are 4 simple techniques that you can use to wring every dollar you deserve out of your next sale.
Amplify the Pain
First, find and amplify your buyer's pain. Before any discussion of price, your buyer must be truly mot
; 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
ivated to make a change. In other words, make sure the buyer understands just how much it is costing them to NOT implement your solution.
The life insurance business has used this approach for years, because nobody wants to think about dying. The agent asks the prospective insured to think about all of t
The life insurance business has used this approach for years, because nobody wants to think about dying. The agent asks the prospective insured to think about all of t
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
e effects of being inadequately insured. Do you have enough money set aside right now to pay for a decent burial? How will the mortgage be paid next month? Who will pay for the children's college? These types of questions heighten the awareness of the buyer to the gravity of their decision, which increase
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 the perceived value of the solution as well as creating a sense of urgency to make a positive decision.
But wait, you say, not all buying decisions are pain-oriented. Very true. Many of our buying decisions are tied to gain of some sort, whether financial, power, prestige, or comfort related. Still, th
But wait, you say, not all buying decisions are pain-oriented. Very true. Many of our buying decisions are tied to gain of some sort, whether financial, power, prestige, or comfort related. Still, th
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
se gain drivers can be made even more effective by bringing in the pain elements. All you need to do is consider the flip side with the prospect.
For instance, if you are considering a new mattress on the basis of increased comfort, what will happen if you don't get the mattress? Will you, or do you now
For instance, if you are considering a new mattress on the basis of increased comfort, what will happen if you don't get the mattress? Will you, or do you now
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
suffer from back or joint problems? Will you wake up tired, drag through your day, and be unproductive at work? Will you waste more time sleeping than you need to, because of lack of quality sleep time?
When you consider questions like these, the new mattress doesn't just become a luxury. Instead, it's a
When you consider questions like these, the new mattress doesn't just become a luxury. Instead, it's a
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
necessary tool that will cost you many productive hours at work and in your relationships if you fail to have it. With pain, we now have a motivated buyer with a sense of urgency.
Quantify the Problem
The next step for maximizing your selling price is to quantify the buyer's problem. Often the buyer wi
Quantify the Problem
The next step for maximizing your selling price is to quantify the buyer's problem. Often the buyer wi
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
l need a little help with this. Some things are easy to quantify. For example, what would it cost if a company's website goes down and visitors can't access company information or conduct transactions? That may be easier to quantify than putting a dollar figure on what a bad night's sleep might cost you 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
he next day.
You can quickly quantify any situation by going through a best case/worst case/likely case scenario. For instance, the best case situation for your website to go down would probably be in the middle of the night, perhaps on a weekend. You'd loose some traffic, but only a very small percentag
You can quickly quantify any situation by going through a best case/worst case/likely case scenario. For instance, the best case situation for your website to go down would probably be in the middle of the night, perhaps on a weekend. You'd loose some traffic, but only a very small percentag
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
compared to overall weekly traffic. The worst case might be to lose your website right after your company is featured on CNN. While this could happen, the probability is rather small. Now it's easier for the buyer to understand that a likely scenario could be to lose their website during a normally-heavy
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
traffic time, perhaps mid-day or early evening. With such a likely scenario clearly in mind, it's easy to understand how financially painful the loss would be.
Package Your Solution
A third tactic for maximizing your selling price is to package your solution. Don't price out components separately, but
Package Your Solution
A third tactic for maximizing your selling price is to package your solution. Don't price out components separately, but
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
show a single price for fixing the buyer's problem. The price should include all of your offerings that are necessary to deliver the complete fix.
Once you've bundled your solution for a single price, it's hard for your buyer to shop elsewhere. The more of your offerings that your buyer needs, the more d
Once you've bundled your solution for a single price, it's hard for your buyer to shop elsewhere. The more of your offerings that your buyer needs, the more d
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
fficult it will be to find another source that can duplicate that same set of offerings. Buying them a la carte from multiple sources will almost always prove to be more difficult, if not more expensive.
I'm amazed at how many companies believe they have to provide line-item pricing because their buyers
I'm amazed at how many companies believe they have to provide line-item pricing because their buyers
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
ask for it. Of course they ask for it! That's so they can nit-pick each item and squeeze out a bigger discount. Most companies are a little high on some items and a little low on others, but still offer a great overall value. Your prospect will never point out the under-priced items, but you can bet they'
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
l grind you on the ones that are a little high.
Pick a Proud Price
As you set the price for your offering, the last thing to consider is the cost of the problem the buyer quantified earlier. Remember that you're presenting a neatly-wrapped solution package to a buyer who's motivated to solve a painfully
Pick a Proud Price
As you set the price for your offering, the last thing to consider is the cost of the problem the buyer quantified earlier. Remember that you're presenting a neatly-wrapped solution package to a buyer who's motivated to solve a painfully
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
-expensive problem. Their problem should be a lot more expensive than the price you want to ask, preferably by a factor of 3 or more. Feel free to name your price, and pick a good one!
It shouldn't be exorbitant, but it doesn't have to be the cheapest in town. You deserve to make a good buck relative to
It shouldn't be exorbitant, but it doesn't have to be the cheapest in town. You deserve to make a good buck relative to
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
the problem you're fixing. This is no time to be shy and leave money on the table. And if you haven't been able to point out how their problem is costing them much more than the price of your solution, don't be surprised when you don't get the order.
Summary
To earn top dollar for what you offer, you'll
Summary
To earn top dollar for what you offer, you'll
.
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
need to amplify your buyer's pain, quantify their problem, package your solution, and make sure the cost of their problem is always much higher than the price of your solution. It's worth working a little harder to defend your pricing because another name for discount is pure profit. Use these techniques
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
and you won't have to give either away anymore.
© 2005 Paul Johnson. All rights reserved.
Note: This article is available for reprint at no charge. We only ask that you include our copyright notice in your reprint, along with the About the Author (byline) information we provide at the end of the article
© 2005 Paul Johnson. All rights reserved.
Note: This article is available for reprint at no charge. We only ask that you include our copyright notice in your reprint, along with the About the Author (byline) information we provide at the end of the article
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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