Useful Advices - Business

Every now and then salespeople hit a home run – close a big deal. When these happen you have the right to celebrate and pat

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

yourself on the back for your patience, persistence, skill and perseverance. I know the feeling of closing a big sale. I a

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

Examples of combination products may in

lso know the disappointment of not closing a big deal that I was confident was in the bag.

Most salespeople, from time to ti

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 no matter what you sell, have the opportunity or potential for a big one. It is my experience, however if you only closed

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

these big sales from time to time and nothing else in between that you would most likely starve.

Successful salespeople unde

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

Combination pro

stand the concept of hitting singles and doubles while you are working on one of those biggies. Why? Because the big deals:

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

-can take longer to close.
-generally require more work.
-can leave you with a big – lost sale hangover if they d

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

n’t close.
-require more corporate resources.
-can take time away from the routine activities of closing the smalle

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

r deals.
-require a higher level of sales skills due to the nature of who your contact is.

The critical factor in maint

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

ining balance in the mix of big deals you are working on to the smaller ones. Yes, a $100,000 deal could represent 20% of yo

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

ur quota for the year but it could also take 50% of your time. Five $20,000 deals will tend to close faster and get you to t

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

Following aspects would a

he same outcome.

What is in your pipeline? A lot of big deals? A few big deals? Just smaller ones? Again, the key is in t

dd to the challenges in developing combination products:

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

e mix. The formula I use is ten to one – ten smaller active prospects in my pipeline to every big prospect.

The emotional

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

high of closing a $100,000 even a $1,000,000 deal is a lot greater than closing five $20,000 sales but the disappointment, fr

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

stration and stress of losing one of these major deals is also greater than losing a $20,000 sale.

The secret is to get the

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

sales closed and then cultivate the client for more business. Remember it is easier, less time consuming, less costly and l

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

Professional from academic institutions, pharmaceutical industries, health care indust

ss stressful to sell more to a present client than it is to sell a new customer.

I would much rather have a higher repeat bu

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

siness ratio than a new sale close ratio. I know some sales managers might disagree with me but over the long term these rep

.

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

at and upgrade sales will cost less time and resources than every new customer. This strategy is not meant to give you perm

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

Companies that provide selfless information through particip

ission to not focus on generating new customers. You can’t upgrade a current customer until you have sold them the first time

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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While most of us have heard statistics about the financial losses surrounding identity theft, most people aren’t surprised to learn that data theft is growing at more than 650% over the past three years, according to the Computer Security Institute and the FBI. What some individuals might be surprised with thought is the growing responds by lawmakers that are carrying some very real consequences.

The tight and competitive situation in the market had been an eye opener for business to make good of their advertising and promotions. We are all aware that first impression last just like with the materials that are handed to us, we judge them by their appearance. Because of the impression given business advertisers were challenged to produce materials that will pass the taste of their clients.

Most of the disappointment, anger, and frustration people feel is when they do or say something and expect something specific to happen. When that thing doesn’t happen, their desire for control kicks in and they get all out of whack. When that response doesn’t come, just be prepared to let go, flow, and react to it the best you can.

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Useful Advices - Home Runs Are Great But You Need A Few Singles To Succeed in Selling

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