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Digg It - Surveys and Statistics, Two Powerful Tools
The power of Statistics. Information is power. Conversely a lack of vital information can be very costly to any business.
Do you know your monthly lead traffic count? Do you actually know how many pr
Do you know your monthly lead traffic count? Do you actually know how many pr
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
ospects enter your place of business over the course of a month?
Most business people could tell what their actual 'paying customer' count is but it is amazing how many really do not have a clue how many people actua
Most business people could tell what their actual 'paying customer' count is but it is amazing how many really do not have a clue how many people actua
; 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
lly enter their place of business. Why is this information important? For a couple of reasons. These prospects are the leads which you have bought and paid for with your advertising dollars, your location or other pro
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
grams. You need to understand what your 'leads' cost the business to generate. In other words, what the value of each lead is.
Once you have this information, you can quickly determine the sales to leads effectivenes
Once you have this information, you can quickly determine the sales to leads effectivenes
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
s ratios of your sales team. Have a system for individual salespeople to track their performance ratios too.
Another great piece of information can be calculated from these stats. Based on your profit margins you can
Another great piece of information can be calculated from these stats. Based on your profit margins you can
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
easily determine the value of the average paying customer. If you want to crank up profits, begin by converting more leads into paying customers by having a trained sales force functioning at mastery. There is no sen
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
se spending more of your advertising dollars to generate extra leads only to have your sales team mishandle them and lose the sales opportunities. Possessing these stats will also allow you to calculate what you can a
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
fford to pay for a new lead.
It does not make much sense to pay $20 for a lead, where you need 10 leads to generate a sale that earns $150 in gross profit. For every $200 spent on advertising you will have generated
It does not make much sense to pay $20 for a lead, where you need 10 leads to generate a sale that earns $150 in gross profit. For every $200 spent on advertising you will have generated
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
sales activity but actually lose $50 net. What’s wrong with this picture? On the other hand, if you pay $20 for a lead and you only need 4 leads to generate the sale with $150 in gross profit, spending the same $200 w
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
ill now produce an average of two and a half sales for a gross profit of $375 and net a profit of $175. This is a much better picture, isn’t it?
The effectiveness of your sales floor along with the effective targetin
The effectiveness of your sales floor along with the effective targetin
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
of your advertising can made dramatic differences to your bottom line. If you don’t have an accurate traffic count, consider hiring a ‘greeter’ to do a count for a month. You might be surprised and even shocked at wh
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
at you discover.
Once your sales team increases their closing ratios, you can increase your advertising with the confidence of knowing your sales team will be up to the task of converting the new leads into ‘paying’
Once your sales team increases their closing ratios, you can increase your advertising with the confidence of knowing your sales team will be up to the task of converting the new leads into ‘paying’
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
customers. Don’t waste your money without a competent sales force.
The power of Surveys.
Many companies make a big deal about their great customer satisfaction records. They send out surveys to cust
The power of Surveys.
Many companies make a big deal about their great customer satisfaction records. They send out surveys to cust
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
omers that have made a purchase and solicit feedback. Many do surveys to impress the media. Some even try to skew the results.
Businesses seeking to build a sales floor that operates at mastery will take a different
Businesses seeking to build a sales floor that operates at mastery will take a different
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
approach. If you want truly valuable information that you can use to develop your sales team and add to your bottom line, try surveying the leads that entered your place of business and did not buy. E
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
mploy someone for a week every quarter to invite non buyers to fill out a short survey in exchange for an entry in a draw for a small prize or a dinner out.
Have them fill in contact information and ask for ra
Have them fill in contact information and ask for ra
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
tings on things like selection, service, courtesy of staff, pricing and so on. Limit to about 5 items. (You decide on what you would like to learn). Then ask a specific question on why they did not make a purchase. Ad
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
d one more that asks what would make their shopping time with you a better experience.
Your non buying leads will often tell you everything you need to know to crank up your sales. These surveys will often point to w
Your non buying leads will often tell you everything you need to know to crank up your sales. These surveys will often point to w
.
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
eaknesses on your sales floor. That may be a clue that they need to sharpen their skills.
Bonus Hint:
If your non buyers are telling you that your product mix isn’t right, before you consider reali
Bonus Hint:
If your non buyers are telling you that your product mix isn’t right, before you consider reali
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
gning your inventory, take a look at what market demographics your advertising is targeting. To be most effective, your advertising needs to be targeted to potential buyers of your products or services
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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