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Digg It - The Danger of Success
Keep Your Prospecting Muscles in Shape!
The other day I was visiting with one of my neighbors for the first time in a couple of years. We live in an area where we wave to each other a lot, but don't seem to
The other day I was visiting with one of my neighbors for the first time in a couple of years. We live in an area where we wave to each other a lot, but don't seem to
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
talk much. As the conversation continued we started talking about how our respective companies were doing. He owns a chemical blending company with about 50 employees that is doing quite well.
I explained
I explained
; 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
that our sales consulting and training business was doing pretty well also, and then he asked me the universal question I always seem to get. Do you know of anyone who is a good sales manager I can hire?
It
It
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
seems as if a lot of smaller companies need a good sales manager. I wish we could manufacture sales managers, we would make a fortune.
As we talked further he said that he was looking for someone who can ex
As we talked further he said that he was looking for someone who can ex
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
and their markets and grow their business with new customers. That of course set off an alarm in my brain, because that means Prospecting.
At this point I mentioned that what he needs is not so much a sales
At this point I mentioned that what he needs is not so much a sales
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
manager as someone who can prospect effectively. He chuckled slightly said I was right and then said "I have forgotten how to Prospect."
Now here is a man who started this company himself. At the beginnin
Now here is a man who started this company himself. At the beginnin
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
he was the head of production, operations, and sales. He did everything including prospecting so well that the business has grown to where it is today in just about 12 years. Yet he claims to have forgotte
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
how to Prospect.
My response was that he probably hasn't forgotten how, his prospecting skills have simply atrophied. He agreed.
One of the biggest problems all of us face is the danger of success. We go
My response was that he probably hasn't forgotten how, his prospecting skills have simply atrophied. He agreed.
One of the biggest problems all of us face is the danger of success. We go
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
out, grow a territory or market with hard work and lots of Prospecting. Then as we are reaping the benefits of all that effort we begin to discontinue the very things that brought us that success.
And the f
And the f
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
irst thing virtually all sales people stop doing is Prospecting. Primarily because it is the one aspect of sales that exposes us to the most amount of rejection. Yet it is also the one area that can bring u
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
the most reward. So the "risk" to Prospecting is matched and often surpassed by the "rewards." That is a great risks to reward ration - sure beats the lottery.
So how do we maintain a balance in our sales
So how do we maintain a balance in our sales
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
lives? Good question. With our BLITZ CALL® System for prospecting, for example, we suggest that you decide on a specific number of prospecting calls to make per week . Then simply make that number. We emp
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
asize that you should not be concerned about what happens on each call. But you must make that number of calls.
We suggest you decide how many Prospecting calls to make, by using our method of Statistical "
We suggest you decide how many Prospecting calls to make, by using our method of Statistical "
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
Prospecting" Control (S"P"C). Here is how to do just that.
• First, decide how many new customers you want in the next 12 months.
• Second, determine how many people you have to call on right now to get th
• First, decide how many new customers you want in the next 12 months.
• Second, determine how many people you have to call on right now to get th
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
t number of new customers taking into account your sales skills, product line, markets, and so on.
• Finally, take that number and divide it by 40. 40 is the number of weeks most sales people are actually s
• Finally, take that number and divide it by 40. 40 is the number of weeks most sales people are actually s
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
lling in a year.
The answer is the number of calls you need to make per week.
For example, let’s say I want 40 new customers this year and my current closing rate is 20%, that is for every new customer I ha
The answer is the number of calls you need to make per week.
For example, let’s say I want 40 new customers this year and my current closing rate is 20%, that is for every new customer I ha
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
e to call on 5 Prospects. So in order to get 40 new customers, I will need to get 200 new Prospects.
Divide 200 by 40 and that tells me I have to make 5 Prospecting calls a week. Now that is pretty easy fo
Divide 200 by 40 and that tells me I have to make 5 Prospecting calls a week. Now that is pretty easy fo
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
r any field sales professional.
Pretty simple. If you do this you won't have the up and down cycles so many people run into in sales. Keeping a constant flow of new prospects in your pipeline makes life a
Pretty simple. If you do this you won't have the up and down cycles so many people run into in sales. Keeping a constant flow of new prospects in your pipeline makes life 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
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
ot easier. Also, as you get better and better at Prospecting, you will have to make fewer and fewer Prospecting calls.
When you have an effective prospecting skill, don't let it atrophy simply because your
When you have an effective prospecting skill, don't let it atrophy simply because your
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
usiness grows and you don't want to Prospect any more - times change. Now you know how to keep your prospecting muscles in shape
Sell Well and Often
Bill Truax
Bill@BlitzCall.com
© Copyright 2006 WJ Trua
Sell Well and Often
Bill Truax
Bill@BlitzCall.com
© Copyright 2006 WJ Trua
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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