Useful Advices - Business

Many sales meetings are boring and a waste of salespeople’s time, say the majority of salespeople I interview. A review of what’s going on in the market is good to know, b

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

ut to be effective, sales meetings need to be a lot more than that venues for quick market updates.

Inviting a vendor’s sales representation to present a product training p

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

Examples of combination products may in

rogram never hurts, but if product knowledge were the criteria for success in sales, about 90% of the fledgling salespeople in North America who are about to lose their jobs

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

would be top performers. While product knowledge is important, it won’t turn a mediocre performer into a top producer.

What’s missing in most of the salespeople I meet is

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

a general lack of sales skill. But rarely do I see sales meetings focus on teaching salespeople how to sell more products to existing customers or how to penetrate a prosp

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

Combination pro

ect who is giving the lion’s share of his purchases to the competition.

Here are several ideas that will allow your sales force to leave their next sales meeting with enoug

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 ammunition to improve their performance:

1. Ask two or three of your top salespeople to join the manager or sales manager on a panel. Give the sales force enough advanc

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

e notice to identify several sales obstacles they are facing and jot each of them down on a separate piece of paper. At the sales meeting, call out the question and allow t

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

he panel to respond with their most effective ideas.

2. Invite three loyal customers to attend your next sales meeting and answer questions from the sales force about what

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

services they most appreciate from a salesperson and what it is about your company that makes them such loyal customers.

3. Invite each salesperson draw a number out of a

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

hat to determine the order each salesperson will present a 15-to-20-minute sales presentation on a key product line that the company is emphasizing. What makes this approac

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

Following aspects would a

h especially effective is to capture each presentation on video. When the presentations are over, replay the video and ask the audience to critique each presentation.

4.

dd to the challenges in developing combination products:

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

Ask each salesperson to present to the sales force background and details on one of his or her key prospects. Invite the sales force to make suggestions as to what the sale

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

sperson might do differently to penetrate this account.

5. Buy a copy of the One-Minute Salesperson for each salesperson to read, then at the sales meeting, go around the

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

room and ask the salespeople to tell the group what they plan to do differently after reading this little book.

6. Announce a sales contest that will reward the sales forc

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

e with a weekend getaway if they achieve a measurable goal over a measurable time frame. Goals could include:

• Bring in five new credit-approved customers who purchase a

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

Professional from academic institutions, pharmaceutical industries, health care indust

minimum of $10,000 over the next 120 days.

• Identify each salesperson’s year-to-date gross margin. Improve individual gross margin by one percentage point over the next 1

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

20 days.

• Achieve a sales goal on an emphasis product line over the next 120 days.

7. Identify specific problems your company’s typical customers frequently face and bra

.

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

instorm specific techniques to help your customers overcome them.

8. Brainstorm what your company has to offer customers in your industry that your individual competitors

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

Companies that provide selfless information through particip

cannot match. What sets your company apart from each of your key competitors?

Set a personal goal to make your company’s sales meetings more fun and more effective in 2005

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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Useful Advices - Are Your Sales Meetings Boring?

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