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Advice You - For Consistent Profits Operate A 'Sales Process'
High-power direct-sales companies always have a very clearly defined sales process because using it makes a great deal of money. I know because I've worked for five of them.
The men and women who make up the sales force
The men and women who make up the sales force
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
are given clear instructions on what they have to do. If they carry out what they have been taught, both they and the company make a lot of money. The systems are reliable. They have been developed and refined, usually
; 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
ver many years.
Each phase of the operation is defined and measured. Then daily / weekly / monthly, the numbers are examined and any anomalies dealt with. The profitability reaches right up the company's management hier
Each phase of the operation is defined and measured. Then daily / weekly / monthly, the numbers are examined and any anomalies dealt with. The profitability reaches right up the company's management hier
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
archy, with each level being paid a certain percentage of the sales volume according to their degree of responsibility.
This disciplined organization contrasts strongly with the way many small businessmen handle the sal
This disciplined organization contrasts strongly with the way many small businessmen handle the sal
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 part of the job. Here, the usual method of task prioritisation might be described as 'tyranny of the urgent', sometimes called firefighting. In this model, there is little structure, sales are not predictable, the volu
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
e of orders varies for no obvious reason.
In your business, do you know what causes sales inquiries to come in? Is there a repeatable process to achieve this?
The main parts of a structured sales process:
First th
In your business, do you know what causes sales inquiries to come in? Is there a repeatable process to achieve this?
The main parts of a structured sales process:
First th
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
ere is the stage which brings the companies' products to the attention of its market. A sales-led business knows exactly what it has to do to generate inquiries and then turn them into orders.
Typically in the sort of c
Typically in the sort of c
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
mpany I was referring to above, the company spends little of its own money on this. Instead it shows the sales people how they can generate prospects and customers themselves.
Since the company is saving on lead generat
Since the company is saving on lead generat
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
on and marketing costs, it is in a position to pay large commissions. This has a powerful effect, because it induces very high motivation in many of the sales people which is a main reason why such companies achieve stro
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
ng sales results.
The methods used to generate prospects are, cold calling, leaflet dropping, direct mail, small ads in newspapers and referrals, from existing customers. These methods are effective and cost little or n
The methods used to generate prospects are, cold calling, leaflet dropping, direct mail, small ads in newspapers and referrals, from existing customers. These methods are effective and cost little or n
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
thing.
Another important part of the sales process is the presentation. This is taught by an experienced manager and practiced by the salespeople until they perform it with skill. So is the pitch, the words, which are u
Another important part of the sales process is the presentation. This is taught by an experienced manager and practiced by the salespeople until they perform it with skill. So is the pitch, the words, which are u
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
ed in the presentation. They are carefully learned along with closing techniques and ways to deal with any objections the customer has.
Strong sales management also plays a role. Usually the people in this position have
Strong sales management also plays a role. Usually the people in this position have
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
a very strong sales record and a no-nonsense attitude. They are under a lot of pressure to maintain high sales figures, because their pay is structured with big incentives for good performance and penalties if the numbe
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
s drop.
Overall what you can say about using a sales process is that it is a professional, almost industrialized, way of making money. Many of the vagaries of business have been eliminated by using a systematic approach
Overall what you can say about using a sales process is that it is a professional, almost industrialized, way of making money. Many of the vagaries of business have been eliminated by using a systematic approach
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
With a clearly identified sales process you have more control. The measurements of sales activity quickly show which cause leads to what effect and you can intervene to make appropriate adjustments. It is far more likel
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
y to work than the boss simply urging the sales staff to 'Try harder' in an unstructured sales situation.
The characteristics of sales-led businesses:
* Their highest priority is obtaining orders.
* They ha
The characteristics of sales-led businesses:
* Their highest priority is obtaining orders.
* They 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 a clear idea of who their customers are.
* They know what their customers' reasons are for buying from them.
* They operate a sales process.
Stages of the Sales Process
* Selecting the target market
* I
* They know what their customers' reasons are for buying from them.
* They operate a sales process.
Stages of the Sales Process
* Selecting the target market
* I
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
entifying a pool of prospects
* Communicating a sales message to those people
* Setting up meetings with good leads
* Progressing these to completed sales
* Maintaining contact with customers to be certain of cus
* Communicating a sales message to those people
* Setting up meetings with good leads
* Progressing these to completed sales
* Maintaining contact with customers to be certain of cus
.
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
tomer
satisfaction
* Obtaining additional business and referrals from these customers
* Feeding back information to their own companies to make improvements possible
* Measuring sales activity so that problems ca
* Obtaining additional business and referrals from these customers
* Feeding back information to their own companies to make improvements possible
* Measuring sales activity so that problems ca
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
be identified and
corrected early.
I'm not suggesting that you should transform your business to exactly this model. But there are many learning points you can take from it if your motivation is to make a lot of money
I'm not suggesting that you should transform your business to exactly this model. But there are many learning points you can take from it if your motivation is to make a lot of money
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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