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Useful Advices - Seven Deadly Sales Mistakes That Cost Business Owners Big Money - And What To Do About Them
1. LOOKING for a “quick fix” to close more sales – sales aren’t closed, they’re opened.
Solution: You must learn how to open the sale; build rapport with your prospective customer and develop an understanding of their business or of their lifestyle first. Only when you have some un
Solution: You must learn how to open the sale; build rapport with your prospective customer and develop an understanding of their business or of their lifestyle first. Only when you have some un
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
derstanding of where they’re coming from can you even hope to advocate a solution that they will be interested in.
For years sales trainers have been talking about “closing the sale” and employers still advertise for salespeople who can “answer objections and close the sale”. Every
For years sales trainers have been talking about “closing the sale” and employers still advertise for salespeople who can “answer objections and close the sale”. Every
; 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
week recruitment adverts appear in newspapers seeking salespeople who are “strong closers” to sell products with high consumer demand.
OK, so if the product is in high demand, why do you need to be a heavy closer to sell it? If you’re using “closing” techniques that come from a ma
OK, so if the product is in high demand, why do you need to be a heavy closer to sell it? If you’re using “closing” techniques that come from a ma
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
ual with a copyright notice more than 15 years ago, you’re out of touch! Your buyer is not going to appreciate you using any manipulative tactics to get them to buy.
Would you like your accountant to be using 15-year old tax laws to do your tax return?
2. DECEPTIVE PROSPECTING TAC
Would you like your accountant to be using 15-year old tax laws to do your tax return?
2. DECEPTIVE PROSPECTING TAC
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
TICS – don’t sound like a bad network marketer.
Solution: before you call a potential new buyer, consider what their reaction to your call might be. People are busy today so calling to ask if you can drop by for a chat or to talk about a mystery is pointless. Why should someone giv
Solution: before you call a potential new buyer, consider what their reaction to your call might be. People are busy today so calling to ask if you can drop by for a chat or to talk about a mystery is pointless. Why should someone giv
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
up their time unless they believe you can do something for them?
What are you going to say that will cause them to stop their current train of thought, stop what they’re doing and open their diary to enter a meeting with you. You will need to spend some time planning what to say.
What are you going to say that will cause them to stop their current train of thought, stop what they’re doing and open their diary to enter a meeting with you. You will need to spend some time planning what to say.
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
hat you have to do is identify the key product benefits that will apply to this buyer before you call and then use those benefits in your conversation in order to gain the appointment.
3. NOT CORRECTLY IDENTIFYING PROSPECTS – don’t bother selling to folk who don’t need what you sel
3. NOT CORRECTLY IDENTIFYING PROSPECTS – don’t bother selling to folk who don’t need what you sel
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
l.
Solution: develop a buyer profile; know who is likely to want what you sell and what their buying process is. Identify the key person or people and look to provide answers to their wants and needs. If you can’t reach the key person, whoever you can reach has to become your ally
Solution: develop a buyer profile; know who is likely to want what you sell and what their buying process is. Identify the key person or people and look to provide answers to their wants and needs. If you can’t reach the key person, whoever you can reach has to become your ally
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
r advocate. Talk in their terms!
4. FOCUSING ON THE PRODUCT NOT THE CUSTOMER – what they’re buying is the sizzle not the sausage.
Solution: learn to talk about benefits and what that benefit will do to ease their pain or solve their problem; how it will make or save them money. To
4. FOCUSING ON THE PRODUCT NOT THE CUSTOMER – what they’re buying is the sizzle not the sausage.
Solution: learn to talk about benefits and what that benefit will do to ease their pain or solve their problem; how it will make or save them money. To
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
do this you must be able to relate how each aspect of everything you sell benefits the customer.
If people quickly grasp the idea and benefits of your business, it’s considered to be infectious. Do people nod knowingly as you describe your company’s products or services, or do they
If people quickly grasp the idea and benefits of your business, it’s considered to be infectious. Do people nod knowingly as you describe your company’s products or services, or do they
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
look puzzled and quickly excuse themselves? If it’s the latter, you’re not selling benefits.
5. TALKING, NOT LISTENING – how can you listen when you’re talking?
Solution: You must learn to ask questions – use open, closed and “tell me about …” to gather information and look for pa
5. TALKING, NOT LISTENING – how can you listen when you’re talking?
Solution: You must learn to ask questions – use open, closed and “tell me about …” to gather information and look for pa
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
in! Otherwise you’re trying to “convince” – who wants to be convinced? Guaranteed to get claw-backs. Essentially you’re getting into a struggle with the customer and this is a struggle you’ll never win.
6. IGNORING THE CUSTOMER ONCE THE SALE IS MADE – forgetting service, and back-e
6. IGNORING THE CUSTOMER ONCE THE SALE IS MADE – forgetting service, and back-e
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
d business opportunities. (Back-end business is the business you generate from a client after you’ve made the first sale to them.)
Solution: you must understand the lifetime value of a customer. Take two simple examples: The men’s hair salon (OK – Barber’s Shop) I go to once a mo
Solution: you must understand the lifetime value of a customer. Take two simple examples: The men’s hair salon (OK – Barber’s Shop) I go to once a mo
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
th. Over 15 years, that’s a total of 180 haircuts; so over ten years I’ve spent over $2,500.
My Optometrist. My wife and I both wear glasses and over the same ten year period we’ve averaged one pair of glasses each per year. I guess we’ve spent over $5,000 with our Optometrist in t
My Optometrist. My wife and I both wear glasses and over the same ten year period we’ve averaged one pair of glasses each per year. I guess we’ve spent over $5,000 with our Optometrist in t
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
hat time. Plus my mother and my sister shop there.
My point? They’ve created close to $8,000 in business from my family alone, not to mention the dozens of referrals we’ve generated for them.
What value is your customer worth in revenue and referrals over five or ten years?
7. IG
My point? They’ve created close to $8,000 in business from my family alone, not to mention the dozens of referrals we’ve generated for them.
What value is your customer worth in revenue and referrals over five or ten years?
7. IG
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
ORING TESTIMONIALS AND REFERRALS. In other words, always using cold prospecting techniques to find new clients.
Solution: develop “warm” enquiries and leads. New business can come from a variety of sources:
Cold calls Advertising including Direct Mail and the Internet Loose refe
Solution: develop “warm” enquiries and leads. New business can come from a variety of sources:
Cold calls Advertising including Direct Mail and the Internet Loose refe
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
ence groups like the school P&F, family, friends
Tight reference groups such as referral clubs and business associations.
Develop a referral strategy for your business. Try a “customer loyalty” scheme such as get one free after paying for five. Offer customers entry into prize dra
Develop a referral strategy for your business. Try a “customer loyalty” scheme such as get one free after paying for five. Offer customers entry into prize dra
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
ws for referring new customers. I know of a hairdresser who buys you dinner at the Hilton for introducing 5 clients.
I know I said seven mistakes but let me make just one more observation…
I frequently see businesses spend huge sums of money on marketing – brochures, adverts, dire
I know I said seven mistakes but let me make just one more observation…
I frequently see businesses spend huge sums of money on marketing – brochures, adverts, dire
.
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
t mail etc because their belief is that if they increase their enquiry rate, they will make more sales. That only works if their salespeople are capable of converting those enquiries into business.
Before you spend money on marketing in the attempt to gain more sales, consider how
Before you spend money on marketing in the attempt to gain more sales, consider how
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
any sales opportunities you’ll miss if your staff can’t convert the extra leads you generate into business.
Wouldn’t you be better to invest in some quality training to make sure you significantly improve your conversion rate? After all, a missed sales is a sale for your competitor
Wouldn’t you be better to invest in some quality training to make sure you significantly improve your conversion rate? After all, a missed sales is a sale for your competitor
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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