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Digg It - So You Think You Know Why People Buy From You?
Quick, answer a question: Why do people buy from you?
Bzzzzz. Wrong, if you answered with,
• “Uhhh . . .”
• Any description of your product or service.
You get an “Incomplete” if you answered,
• “Because we have great service
Bzzzzz. Wrong, if you answered with,
• “Uhhh . . .”
• Any description of your product or service.
You get an “Incomplete” if you answered,
• “Because we have great service
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
.”
• “We have the best quality.”
This might seem rather basic to some of you, but if you quit reading I promise you're cheating yourself. Unless you have an inside-and-out understanding of all the possible reasons people buy fro
• “We have the best quality.”
This might seem rather basic to some of you, but if you quit reading I promise you're cheating yourself. Unless you have an inside-and-out understanding of all the possible reasons people buy fro
; 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
you, you're likely inviting objections. That's because you're probably selling what you want to sell, or talking about what the company's marketing department tells you are “benefits.” People buy for their reasons, not yours. You
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
r goal on calls is to learn, remind them of, and understand their reasons for being interested in you, and ultimately buying.
An Example
Let's look at an example. A copy machine salesperson calls a smaller company, hoping to sel
An Example
Let's look at an example. A copy machine salesperson calls a smaller company, hoping to sel
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
a copier. He speaks with the Office Manager who typically makes decisions like this one. After asking a few basic qualifying questions he learns the office has four people in it, and they now have a big old monster of a copy mach
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
ine that has been in the office for about eight years.
Thinking he has a hot prospect, the rep launches into a pitch about the latest techno-copier that does everything but write the documents for you. He overwhelms the listener
Thinking he has a hot prospect, the rep launches into a pitch about the latest techno-copier that does everything but write the documents for you. He overwhelms the listener
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
ith a point-by-point description of each of the “benefits”-or what he thinks are benefits (they indeed are, to some people).
The prospect says, “What we have is working just fine now.”
He retorts with some rendition of the “feel
The prospect says, “What we have is working just fine now.”
He retorts with some rendition of the “feel
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
-felt-found” technique and rams into a brick wall. He writes this one off, and moves to the next. Same pitch, same result.
What Went Wrong?
So is the rep not skilled at closing? How about overcoming objections? Neither. You coul
What Went Wrong?
So is the rep not skilled at closing? How about overcoming objections? Neither. You coul
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
make a case for him not being a skilled questioner, but that might not be fair. The fact is, he doesn't have a clear understanding of why people buy from him-from their perspective, not his.
You see, in this case, the Office Man
You see, in this case, the Office Man
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
ager was a technophobe. She just traded in her IBM Selectric for a computer for gosh sakes! And, she is paying $300 per year, plus a per copy charge for a maintenance contract on her current dinosaur copier-about half of what a ne
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
, smaller, more reliable machine would cost to buy!
And that's not all. The prospect was really quite interested in the fact that the machine the rep was pitching could do enlargement and reduction. Her's couldn't, and she had to
And that's not all. The prospect was really quite interested in the fact that the machine the rep was pitching could do enlargement and reduction. Her's couldn't, and she had to
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
personally go down to the Quick Copy to have them done, and it was a tremendous hassle. But, the rep had already mentioned so many other “benefits” that were actually perceived negatives to the prospect, that she didn't think it w
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
ould be worth it to talk about that one feature. However, in isolation, it could have sold her.
Even if you think you have a clue about why people buy from you, do the following exercise. And do it often, since situations change
Even if you think you have a clue about why people buy from you, do the following exercise. And do it often, since situations change
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
egularly.
Here's an exercise we work on in training seminars. It lays the foundation for everything else we do.
1. Identify all the different levels and types of buyers and influencers for what you sell. Describe them by title a
Here's an exercise we work on in training seminars. It lays the foundation for everything else we do.
1. Identify all the different levels and types of buyers and influencers for what you sell. Describe them by title a
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
nd/or function. For example, depending on the organization, you might have an Advertising Director as the buyer. In smaller companies it could be an Office Manager, or maybe even the President.
2. Taking each of these types of pe
2. Taking each of these types of pe
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
ple, identify how they're typically evaluated in their job. A Purchasing Manager is evaluated differently than a sales manager-the former on conservation, while the latter on production. Why should we think about this? We all have
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
a desire to survive-at the very least-in our jobs, and most of us want to thrive. Knowing how someone is measured in their environment provides insight to what makes them tick.
3. Regarding your types of product/service, what do
3. Regarding your types of product/service, what do
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
they want and need most? Be as specific as possible. Saying, “They want good quality,” doesn't cut it. If you can't see, feel, hear, touch, or taste it, how can you describe it? Good quality manifests itself in the form of “A mach
.
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
ine that requires virtually no servicing other than routine maintenance.”
4. Conversely, what do they want to avoid? Again, be specific, descriptive. Don't say “poor service.” Better: “They hate having to wait three hours to get
4. Conversely, what do they want to avoid? Again, be specific, descriptive. Don't say “poor service.” Better: “They hate having to wait three hours to get
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
n answer to a basic technical question.”
Answering these questions is just a start. After you've compiled your list, then you use the answers to create questions to determine if, indeed, these possible benefits truly are benefits
Answering these questions is just a start. After you've compiled your list, then you use the answers to create questions to determine if, indeed, these possible benefits truly are benefits
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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