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Useful Advices - Wouldn't You Like to Close New Business Faster? Practice Answering These Four Questions!
Each time a salesperson makes prospect calls, the prospects are either consciously or subconsciously asking themselves four questions. If you can answer each of these four questions to the prospects' satisf
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
action, odds are that you will earn a share of the prospects' business at an acceptable gross margin. Fail, and price will usually become the dominate factor.
Understand, however, that you're unlikely to e
Understand, however, that you're unlikely to e
; 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
ver hear prospects actually verbalize these questions. Why?
Because most prospects respond poorly to change, so until they become extremely unhappy with their current source of supply, they will usually pu
Because most prospects respond poorly to change, so until they become extremely unhappy with their current source of supply, they will usually pu
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 up with a lot before they're willing to actually make a change. So to speed up the conversion process, you must over the course of the selling process, answer these questions whether the prospect asks the
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
m or not.
Question #1: What can you do to improve my bottom line?
Helping a prospect become more successful, solve a pressing business problem or make more money is the single most effective way to earn a
Question #1: What can you do to improve my bottom line?
Helping a prospect become more successful, solve a pressing business problem or make more money is the single most effective way to earn a
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
share of the prospect's business. If you can do this well, you'll earn the lion's share.
To accomplish this, salespeople must develop their business acumen to the point that they know more about their pro
To accomplish this, salespeople must develop their business acumen to the point that they know more about their pro
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
spects' business than the prospect knows. Each month, read each of the trade magazines your prospects read, remove key articles and file by category. Used correctly, these articles can become an incredible
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
marketing resource.
Interview super successful customers and find out what their keys to success are. Before you know it, you'll become thought of as an expert. This is what consultative selling is all abo
Interview super successful customers and find out what their keys to success are. Before you know it, you'll become thought of as an expert. This is what consultative selling is all abo
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
ut.
Don't be too timid to ask probing interview questions. Remember: Timid Salespeople Have Skinny Kids.
Question #2: How do your company's services exceed those of my current supplier? Please be specific
Don't be too timid to ask probing interview questions. Remember: Timid Salespeople Have Skinny Kids.
Question #2: How do your company's services exceed those of my current supplier? Please be specific
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
.
To answer this question, you must research your competitors so thoroughly that you can prove to your prospects that your company's services can help them improve sales, raise gross margin, lower costs of
To answer this question, you must research your competitors so thoroughly that you can prove to your prospects that your company's services can help them improve sales, raise gross margin, lower costs of
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
doing business, save time, etc.?
And NEVER use the word service in the course of the selling process unless you mention a specific service.
Since 100% of all salespeople have told your prospect that thei
And NEVER use the word service in the course of the selling process unless you mention a specific service.
Since 100% of all salespeople have told your prospect that thei
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
r company provides excellent "service," you must be specific to successfully differentiate your advantage.
Question #3: What can you personally do for me that the salesperson who is currently servicing my
Question #3: What can you personally do for me that the salesperson who is currently servicing my
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
account either cannot do or does not do?
If your individual skills, personal services and/or business acumen are superior to what your prospects are receiving from their existing salesperson, you have a di
If your individual skills, personal services and/or business acumen are superior to what your prospects are receiving from their existing salesperson, you have a di
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
stinct advantage. Research the salesperson you're up against thoroughly enough to discover your personal advantages.
Question #4: What's in it for me?
This is the ultimate question all customers and prosp
Question #4: What's in it for me?
This is the ultimate question all customers and prosp
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
ects ask themselves before they switch sources of supply. Just about everyone operates in a highly competitive marketplace. Few customers and prospects are as astute at business as they are at performing th
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
eir craft, so they are all looking for a competitive edge. So what's in it for your prospects when they do business with you?
Again, be as specific as you possibly can. Think this question through. If you
Again, be as specific as you possibly can. Think this question through. If you
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
can't articulate specifically why your prospects will be in some way better off doing business with you and your company than doing business with your competitor, odds are that they won't change.
Answer th
Answer th
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
ese four questions effectively and the competitiveness of your prices will become far less important than it is currently.
(Order an electronic version of Bill Lee's Full Day Sales Seminar for just $199 pl
(Order an electronic version of Bill Lee's Full Day Sales Seminar for just $199 pl
.
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
us $9 S&H. To order, send an email to Bill@BillLeeOnLine.com. Specify whether you prefer VHS Tapes and CDs or DVDs and CDs. Include your mailing address and either your credit card number and expiration dat
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
e. Or, if you prefer, give us your telephone number and we will telephone you for your credit card information.)
Also available, Bill Lee's One-Hour Gross Margin Keynote Presentation on DVD. $49 plus $6 S&
Also available, Bill Lee's One-Hour Gross Margin Keynote Presentation on DVD. $49 plus $6 S&
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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