Advice You - Business

You will succeed at business-to-business direct mail sales lead generation if you master three calculations, and your respons

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

e rate is not one of them. Your response rate tells you only a small part of what you are doing correctly.

I am assu

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

ing that you have a sales force, and that you use what is essentially a two-step sales process. First, you generate a sales l

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

ad. Then, your sales force closes that lead with a sale. But how do you figure out what level of response rate you want? By l

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

ooking at three of the most vital numbers in B2B direct mail lead generation, namely, qualified lead rate, appointment rate a

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

d close rate.

Qualified lead rate
Your qualified lead rate is the percentage of all inquiries that are r

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

ady to meet a sales person. In other words, the percentage of all leads who are also qualified leads. If you have 100 leads b

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

ut only 25 of them are qualified (can afford your offering, have the authority to buy, need what you are selling and are read

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

to act within your timeframe), then your qualified lead rate is 25%, the industry average. Good for you!

Appoint

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

ent rate
Your appointment rate is the percentage of qualified leads that result in a sales appointment or demonstrat

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

on. For many reasons, not all qualified leads will meet with your salespeople. The industry average is 30%. Thirty percent of

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

all qualified leads should meet with your sales people.

Close rate
Your close rate is the percentage of

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

sales appointments that translate into a sale. Sometimes this number is expressed as a ratio. If you close two out of every f

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

ur potential customers that you meet, then your close rate is 50%, or two out of four. The average in most industries is 25%,

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

or one out of four.

As you can see, the most important question in B2B direct mail lead generation is not “What is

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

ur response rate going to be?” If you have a small sales force and high close rates, you can be satisfied with low response r

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

tes. But if you have a large sales force and low close rates, you need higher response rates.

The secret is to reme

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

mber that your direct mail response rates tell you how successful you are at generating leads, and no more. How good you are

.

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

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

line and in print provided the links remain live and the content remains unaltered (including the "About the Author" message)

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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Have you ever been asked to do something unethical by one of your prospects or clients? Have you ever been pressured by a supervisor, manager or owner at your business to do something unethical? Have you ever observed unethical behavior by a prospect or client? One must always ask – what price do I put on my ethics? How can one justify a compromise of their ethics? It is essential to have some good advice on how to reduce the chance of an improper request from a client or prospect and how to respond when actually approached by an unethical prospect or client. Your strategic thinking business coach offers the following advice.

What is holding you back or slowing your progress? Having worked with hundreds of clients over the years, many question their ability to bring VALUE into the marketplace and this costs them clients galore.

Do you have an elevator speech? Does it get people’s attention? Do they ask you lots of questions when you tell them what you do? Every great elevator speech needs to answer these key questions...

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Advice You - Direct Mail Sales Lead Generation Success Involves Three Numbers

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