Useful Advices - Business

Does your selling style address the most fundamental needs of your prospects? What are the most important factors to someone making an important buying decision?

Universities and mar

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

ket research firms have conducted numerous studies to determine the most important buying decision factors for people who make significant purchases. We gathered as many of those stud

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

Examples of combination products may in

es as we could find, and did simple correlation analyses to average out the results. Here are the results, in order of importance.

Weighted Values* of Buying Decision Factors(c)

1.

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

evel of Trust in the Salesperson: 87 2. Level of Respect for the Salesperson: 82 3. Reputation of the Company or Product: 76 4. Features of the Product or Service: 71 5. Quality a

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

d Service: 58 6. Price (non-commodity): 16 12. Like the Salesperson (rapport): 3 *(Weight = percentage of people listing each factor in their top 5)

The average salesperson knows

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

Combination pro

ow to effectively present 4 of the 7 factors cited above: Reputation (#3), Features (#4), Quality and Service (#5), and Rapport (#12). They try to handle the two most important buying

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

decision factors, Trust (#1) and Respect (#2), by establishing Rapport (#12).

Building "Rapport" is an inherently manipulative tactic. Ironically, typical salespeople attempt to est

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

blish Trust and Respect, non-manipulative factors, by manipulating people. Building rapport doesn't establish trust and respect, it diminishes trust and respect. That's why only 3% of

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

all buyers surveyed rate 'Like the Salesperson' as an important buying decision factor.

If Trust and Respect are so important, why don't most salespeople learn how to establish relat

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

onships of trust and respect with their prospects and customers? We've come to the conclusion that there are three reasons:

1. Most salespeople don't know that it can be done.

2. If

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

they learn a process that develops that kind of relationship, they feel uncomfortable using it because it's very unconventional.

3. Trust and Respect are very personal emotions, and

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

Following aspects would a

sharing emotions is commonly regarded as only suitable for intimate relationships. Most salespeople have a fear of intimacy. Yet, we've found that less than 1/2 of 1 percent of prospe

dd to the challenges in developing combination products:

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

ts and customers have a fear of intimacy.

Let's suppose you're faced with a very important buying decision. Let's say you have decided to relocate thirty miles away from where you li

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

e now, so that you and your spouse will both have shorter commutes to work. So, you need to sell your current home and buy a new one. To whom would you entrust the sale of your most v

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

lued possession? Are you going to entrust the sale of your house to a charming and friendly Realtor who tells you that they have the best marketing system, the best skills, the best n

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

gotiating ability, and affiliation with the biggest real estate firm? Or, will you hire the Realtor whom you trust and respect the most to sell your most valued possession?

Regardles

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

Professional from academic institutions, pharmaceutical industries, health care indust

s of whether you sell to consumers or B-2-B, all sales are made to people. When the sales are significant, most people want to buy from someone they trust and respect. Why? Fear of lo

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

s is the most important buying motivation. You could lose tens of thousands in the hands of an untrustworthy Realtor. At work, choosing an unreliable vendor could cost you a raise, a

.

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

romotion, or your job.

If you learn a process that establishes relationships of mutual trust and respect with prospects during your first conversation with them, you will have the ul

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

Companies that provide selfless information through particip

imate competitive advantage. If not, hope to be the most persuasive salesperson your prospects meet- and hope that someone who practices High Probability Selling isn't 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

HTTP = HTML link (for blogs, profiles,phorums):
<a href="http://www.usefuladvices.org.ua/article/39913/usefuladvices-The-Ultimate-Competitive-Advantage--Trust-and-Respect.html">The Ultimate Competitive Advantage: Trust and Respect</a>

BB link (for phorums):
[url=http://www.usefuladvices.org.ua/article/39913/usefuladvices-The-Ultimate-Competitive-Advantage--Trust-and-Respect.html]The Ultimate Competitive Advantage: Trust and Respect[/url]

First of all, to catch the consumers' attention the advertisement should be unique, memorizing and the most important – direct! Unique advertisement is clear: an advertiser should use his/her creative mind to come out with something unusual and eye/ear-catching. Memorizing ads can be reached by the mix of sounds that can be identical in nature, phonological techniques, like rhythm, rhyme and other if you take radio- or television-advertisements.

For some, planning a business exit can be a predictable, methodical process. We know the competition; we understand market demands, know when we want to sell and might even know the actual date. But for far too many business owners, the business exit comes as a harsh reality and often unplanned event.

Tags

Links

Useful Advices - The Ultimate Competitive Advantage: Trust and Respect

Related Articles: