Tags |
|
|
Links |
|
|
Useful Advices - Sales Tactics to Beat Your Competition
This month I want to share a success from a friend and customer of mine. You'll find in this story two important sales tactics for beating your competition.
From Chris Chalmers of Quova Inc:
From Chris Chalmers of Quova Inc:
"We sell a commodity produ
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
ct (geographic data) that is available from a variety of competitors and public sources. Recently, we lost a major account to a competitor, and based on our long-standing relationship with them, they consented to debrief us on what went wrong.
; 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
bviously we had an account management issue, and there had been a service problem or two. But the clincher was our competitor was perceived as "more helpful" and "more expert" because they were offering all sorts of unsolicited suggestions abou
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
t how to use the product.
"That was a real surprise - Shouldn't the customer already know what they were going to do with the product? Otherwise they wouldn't have bought it, right? How much advice can you give when your product is a simple
"That was a real surprise - Shouldn't the customer already know what they were going to do with the product? Otherwise they wouldn't have bought it, right? How much advice can you give when your product is a simple
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
ommodity?
"So we tried our competitor's approach in our next sales cycle. When the customer was talking about their perceived needs and uses of the product, we used to sit mildly and take notes. This time, we launched into a barrage of qu
"So we tried our competitor's approach in our next sales cycle. When the customer was talking about their perceived needs and uses of the product, we used to sit mildly and take notes. This time, we launched into a barrage of qu
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
stions about the intended use our product, interspersed with short stories about how other customers were using it.
"What about this application? Have you ever considered this alternative? Here's how someone else in your situation is usi
"What about this application? Have you ever considered this alternative? Here's how someone else in your situation is usi
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
ng it.." and so on. Instead of going into detail about the functionality of our application, which was simple and undifferentiated, we went into detail about the usage of our product, which was highly differentiated.
"Much to m
"Much to m
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
surprise, it worked! Now WE were perceived as 'experts' and 'adding value' to the product - even though it was still a commodity that our competitor was selling for a lower price. Our coach really wanted to do business with us, and we were abl
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
e to defend a higher price point and get our deal closed."
Thanks for sharing your story with my readers and me Chris. You and your sales team were smart to adopt your competition's tactics to beat them at their own game.
Thanks for sharing your story with my readers and me Chris. You and your sales team were smart to adopt your competition's tactics to beat them at their own game.
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
ales Tactic - Asking questions
Aggressively asking questions is one of the most effective sales techniques you can use. Asking question uncovers the prospect's pains, wants and desires.
In Chris's words:
Aggressively asking questions is one of the most effective sales techniques you can use. Asking question uncovers the prospect's pains, wants and desires.
In Chris's words:
"we launched int
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
a barrage of questions about the intended use our product"
...instead of sitting mildly and taking notes while the prospect spoke about their needs.
Most salespeople don't go far enough with their questioning. Its not just ab
...instead of sitting mildly and taking notes while the prospect spoke about their needs.
Most salespeople don't go far enough with their questioning. Its not just ab
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
out open versus closed questions. You need to take it further. Find out how they want to use your product in detail. Find out what excites them. Find out what they are afraid of. Find out the one or two important things that are driving them to
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
make a purchase.
Asking questions offers the potential to increase rapport and build stronger bonds faster with your prospects. When you ask a person what is important to them, they feel more known and understood by you as they answer. This
Asking questions offers the potential to increase rapport and build stronger bonds faster with your prospects. When you ask a person what is important to them, they feel more known and understood by you as they answer. This
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
increases their receptivity giving you more opportunities to communicate in a way most effective for your prospect.
Story telling offers the power to transform your product from a nebulous idea into r
Sales Tactic - Telling Stories
Story telling offers the power to transform your product from a nebulous idea into r
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
al vision for your prospects. Features certainly have little selling power. Benefits give you a bit more selling power than features do. It is story telling though that packs the big punch because it wraps the what, why, and how of your product
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
all together into an entertaining package that holds their attention.
Stories don't have to be long. Very effective sales stories need only be a sentence or two. In Chris's case, the stories were short:
Stories don't have to be long. Very effective sales stories need only be a sentence or two. In Chris's case, the stories were short:
"interspersed with short
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
stories about how other customers were using it"
...because his sales team wanted to stay on their agenda of asking questions and finding all about the prospect's proposed use of their product. This was a very smart move because
...because his sales team wanted to stay on their agenda of asking questions and finding all about the prospect's proposed use of their product. This was a very smart move because
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
when you tell longer stories, you risk losing control of the sales call if you let the prospect ask you a lot of questions.
Stories position you and your company as capable experts. You imbue yourself with the success of your customers. Your
Stories position you and your company as capable experts. You imbue yourself with the success of your customers. Your
.
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
prospect sees what is possible and believes that you can help them get what they want because you are discussing a customer who is getting their desired results.
Learn from Chris Chalmers' example. Incorporate more stories into your selling
Learn from Chris Chalmers' example. Incorporate more stories into your selling
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 improve your questioning techniques to find out what your prospects want, why they want it, and what they will do with it. Work on these skills and closing gets so easy its almost a nonevent.
© 1999-2004 Shamus Brown, All Rights Reserved
© 1999-2004 Shamus Brown, All Rights Reserved
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
HTTP = HTML link (for blogs, profiles,phorums):
<a href="http://www.usefuladvices.org.ua/article/38902/usefuladvices-Sales-Tactics-to-Beat-Your-Competition.html">Sales Tactics to Beat Your Competition</a>
BB link (for phorums):
[url=http://www.usefuladvices.org.ua/article/38902/usefuladvices-Sales-Tactics-to-Beat-Your-Competition.html]Sales Tactics to Beat Your Competition[/url]
Related Articles:
The Key to Distributing Articles
3 Key Secret Components For Wholesale Profit Success
Bookmark it:
|