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Digg It - Sneaky Sales Tactics
The reason why you have a job in sales is because our markets are constantly getting more competitive. Every year, every month, and every day products are coming out better, faster, and closer together. Almost as soon as your company dreams up a great new idea
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
for product or feature, your competition seems to think of it too and get it to market.
If this weren't the case, it would be much cheaper for our corporations to just hire order takers or setup e-commerce websites to let people buy everything unassisted.
If this weren't the case, it would be much cheaper for our corporations to just hire order takers or setup e-commerce websites to let people buy everything unassisted.
; 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
We often find ourselves in sales situations involving serious competition. To win the most business you are capable of in a competitive marketplace, you must know the right sales tactics to use at the right time.
So what do you do? Engage when you have clear
So what do you do? Engage when you have clear
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
superiority.
Sounds simple, but a lot of people ignore this one. When pursuing customers, you want to engage your competition only when you have the superior solution to win the battle with. Do this right, and you'll win most of your sales. And if everyone d
Sounds simple, but a lot of people ignore this one. When pursuing customers, you want to engage your competition only when you have the superior solution to win the battle with. Do this right, and you'll win most of your sales. And if everyone d
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 this, there would be few or no fights.
However, not everyone does this.
And when they do, many do it poorly.
Sales Tactic #1
Most salespeople know something about their competition. The top fe
However, not everyone does this.
And when they do, many do it poorly.
Sales Tactic #1
Know Your Enemy Better Than He Knows Himself
Most salespeople know something about their competition. The top fe
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
know their competitors as well or better than they know themselves. These top salespeople know the following important things about their competitors:
- Their product & company strengths.
- Their product & company weaknesses.
- Which buyers t
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
ey are likely to win with.
Which buyers they are vulnerable to lose with.
Who their flagship customers are.
Who their customers from hell are.
Sales tactics that they commonly use.
When you know these things as new prospects
When you know these things as new prospects
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
come up, you'll be in position to quickly decide "should I pursue this piece of business?" Pursuing the right business and avoiding the wrong business is one of the simplest ways to be highly successful in sales. This is not always easy to do though because we
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
often have pressures from our peers and those we work for to pursue any and every lead with pulse. Do what you know is right, and watch your close ratio increase.
Oh, and how do you find these things out about your competiton? Spy on them. No, I don't mean b
Oh, and how do you find these things out about your competiton? Spy on them. No, I don't mean b
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
eak into their office in the middle of the night. Spying is easy with the internet and a telephone.
Simply use the web (and other publicly available info sources such as an annual report) to find out the names of some of your competition's customers. Then ca
Simply use the web (and other publicly available info sources such as an annual report) to find out the names of some of your competition's customers. Then ca
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
l these companies up posing as someone who is looking to buy the same product as they bought. Since voicemail is common these days, you may need to setup an unlisted number at home with a voicemail that you can configure yourself to make your identity appear re
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
l.
A few conversations held in this manner will yield 100 times the value of what you will ever learn from the trade press or your competitor's brochures. Use your newfound knowledge to decide whether and when to engage your competition.
Once you've deci
A few conversations held in this manner will yield 100 times the value of what you will ever learn from the trade press or your competitor's brochures. Use your newfound knowledge to decide whether and when to engage your competition.
Once you've deci
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
ed to engage, you will want to maintain your upper hand. You do this by consciously deciding to weaken your enemy before the battle starts.
Sales Tactic #2
At the beginning of a sale, your customer may be looki
Sales Tactic #2
Verbally Diminish Your Competition
At the beginning of a sale, your customer may be looki
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
g at a number of different vendors. You can build your stature and diminish that of your top competitor by positioning them as yesterday's news.
The tactic works like this. You ask your prospect what vendors they are evaluating or looking to buy from. Most p
The tactic works like this. You ask your prospect what vendors they are evaluating or looking to buy from. Most p
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
rospects will tell you who they are looking at. Once they have told you who they are looking at, choose one of the weaker competitors from their list and say "Oh, Mad-Dog Systems is a good company. I have heard some good things about them".
Your prospect wil
Your prospect wil
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
take note of this, and will want to pay some extra attention to the one that you "fear". The prospect will also note that you didn't mention who he expected to hear as your #1 competitor, and may be surprised by that.
Your prospect may even ask you about y
Your prospect may even ask you about y
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
ur top competitor: "So What do you know about Thunderbird Technologies?" Here's where you go in for the kill. You will want to reply by acting surprised and saying "Thunderbird Technologies? We hardly see them being evaluated by our customers anymore."
At th
At th
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
s point, you may be further asked "Why?" you don't see them in your deals anymore. Here is where you have a couple of good weaknesses of theirs ready to cite as reasons why they are falling behind in your marketplace.
This technique enables you to repositio
This technique enables you to repositio
.
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
your top competitor as an also-ran without looking like you are slamming your competition.
Don't give your competition any more strength than they already have. Even if you are the number 2 or 3 vendor in your marketplace, act as if you are the number 1 ven
Don't give your competition any more strength than they already have. Even if you are the number 2 or 3 vendor in your marketplace, act as if you are the number 1 ven
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
or (or at least number one in your defined niche). And if you followed above rule and engaged only where you have superior strength, then you will be the number 1 vendor for the deals that you decide to go after.
© 1999-2004 Shamus Brown, All Rights Reserved
© 1999-2004 Shamus Brown, All Rights Reserved
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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