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Advice You - Sell More, Make More by Knowing Your Competition
How well do you know your competition?
I have talked with sales professionals who couldn’t even make a list of their competitors. There is no doubt that you should be a stone cold, flat out expert on the competition in several aspects:
1.Their strengths
2.Their liabilities (all competitors have them)
3.How the
I have talked with sales professionals who couldn’t even make a list of their competitors. There is no doubt that you should be a stone cold, flat out expert on the competition in several aspects:
1.Their strengths
2.Their liabilities (all competitors have them)
3.How the
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
y are structured
4.Their product lines, service offerings, packages, track record, pricing, etc.
All that being said we need to talk about my definition of competition:
Any person, place, condition or circumstance that competes with the possibility of you making the sale.
Under this definition, the competition has a
4.Their product lines, service offerings, packages, track record, pricing, etc.
All that being said we need to talk about my definition of competition:
Any person, place, condition or circumstance that competes with the possibility of you making the sale.
Under this definition, the competition has a
; 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
much broader scope. It could be any (or all) of the following:
You. What? How can you be your own competition? Well easy… you can be the person who competes with the possibility of making the sale in any number of ways. It may be an unclear message, poor communication skills, lack of preparation, lack of differentiation etc. But rest
You. What? How can you be your own competition? Well easy… you can be the person who competes with the possibility of making the sale in any number of ways. It may be an unclear message, poor communication skills, lack of preparation, lack of differentiation etc. But rest
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
asy there, partner. The whole point of Sales Science™ is to help eliminate anything that you are doing to compete with yourself for the sale – to help you stop shooting yourself in the foot. (Now you know why your foot was always hurting).
Do It Themselves. Have you noticed how many prospects think they can “do it themselves”? Sure th
Do It Themselves. Have you noticed how many prospects think they can “do it themselves”? Sure th
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
ey can. And it’s a lot more appealing than working with you. At first glance, it’s FREE. It’s worked fine in the past. There’s no risk. And it could be a real money-saver – heck, maybe they can start doing it themselves all the time!
Do Nothing. Ah, this is VERY popular. Stephen Covey, in discussing time management, breaks out one of
Do Nothing. Ah, this is VERY popular. Stephen Covey, in discussing time management, breaks out one of
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
hose fancy 4-quadrant diagrams that all highly-paid consultants and authors use in their books. He talks about the Urgent vs. the Important. His first quadrant is Urgent AND Important. These are things a restaurant owner will need to buy before the Health Inspector visits next week. This is also a relatively easy sale. Covey’s second q
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
adrant is Important but NOT Urgent. This is how many of your prospects will initially view your product or service. And unless you prove otherwise, they’re right
The Actual Competition. These are other providers of the same or similar products and services. Although it is important to understand a lot about how you stack up, it is mor
The Actual Competition. These are other providers of the same or similar products and services. Although it is important to understand a lot about how you stack up, it is mor
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
e likely you’ll be up against one of the previous three forms of competition.
So how can you beat all this competition? There are several things I would like you to think about to help you move to the top of the food chain – to move away from being the grazing antelope and become more like the strong lion.
First – what makes you uniq
So how can you beat all this competition? There are several things I would like you to think about to help you move to the top of the food chain – to move away from being the grazing antelope and become more like the strong lion.
First – what makes you uniq
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
e? Or do you have the same old blah-blah stuff? For example, how do you answer the following question?
“What do you do?”
Most salespeople, unfortunately, come up with this:
“I am in sales for XYZ company.”
Zzzzzzzzzzzz... Do you hear me dozing off? Do you see me getting a case of MEGO (My Eyes Glaze Over)?
You must have a way of a
“What do you do?”
Most salespeople, unfortunately, come up with this:
“I am in sales for XYZ company.”
Zzzzzzzzzzzz... Do you hear me dozing off? Do you see me getting a case of MEGO (My Eyes Glaze Over)?
You must have a way of a
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
ticulating what you do that is more interesting and compelling!
There are three areas that should be considered and a statement prepared for when they happen:
1.How you explain what you do to someone you meet by chance (they could be a prospect). This is what we call the unexpected speech – but by gosh, it happens all the time. So yo
There are three areas that should be considered and a statement prepared for when they happen:
1.How you explain what you do to someone you meet by chance (they could be a prospect). This is what we call the unexpected speech – but by gosh, it happens all the time. So yo
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
should expect it!
2.The phone explanation. How do you explain what you do over the phone?
3.The in-person sales appointment.
So how would you explain what you do to someone you have just met? “I am in sales for XYZ .” NO! The goal is not to bore them; it’s to intrigue them and catch their attention.
I sell copiers
Let’s say you s
So how would you explain what you do to someone you have just met? “I am in sales for XYZ .” NO! The goal is not to bore them; it’s to intrigue them and catch their attention.
I sell copiers
Let’s say you s
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
ell copiers. You could say “I sell copiers.” Yawn!
Here is another approach. “I am an expert on reproduction in the office.” That will get you a look which can be described as “What the heck did you just say????”
You as the sales professional then say, “I consult with clients and show them how to get the very most bang-for-the-buck f
Here is another approach. “I am an expert on reproduction in the office.” That will get you a look which can be described as “What the heck did you just say????”
You as the sales professional then say, “I consult with clients and show them how to get the very most bang-for-the-buck f
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
om their office copiers.” STOP.
Hopefully they will then say, “How do you do that?” See, now a conversation has started.
Have you mentioned that you sell Ricoh or Minolta or Brand X? Nope. (Remember, nobody cares about YOU). You have done something more important. You have gotten their attention. Now we’re not saying you should follo
Hopefully they will then say, “How do you do that?” See, now a conversation has started.
Have you mentioned that you sell Ricoh or Minolta or Brand X? Nope. (Remember, nobody cares about YOU). You have done something more important. You have gotten their attention. Now we’re not saying you should follo
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
a script. (Frankly, we’d shoot ourselves first.) What we are saying is that you need to develop a short, catchy message that you can deliver at the “drop of a hat” that gets response.
There are a ton of you... or not
I met a man at a function and I asked him what he did and he said “I own a delivery service and we deliver packages a
There are a ton of you... or not
I met a man at a function and I asked him what he did and he said “I own a delivery service and we deliver packages 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
cross town.” I said, “Oh that’s interesting. There are a ton of those. How are you different?” He looked like a deer caught in my headlights and said “What do you mean?” I said “What makes you unique?” He could not answer the question and fumbled and stammered and hemmed and hawed.
A sales professional must be able to articulate uniqu
A sales professional must be able to articulate uniqu
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
ness and what they do in a special way.
If your product or service is not unique on the surface, you need to dig deeper and find a way to articulate how your VALUE to your clients is unique, and then specifically show how. We’ll get to that.
Go head to head with 2 predators at once
Let’s look at competition source numbers two and th
If your product or service is not unique on the surface, you need to dig deeper and find a way to articulate how your VALUE to your clients is unique, and then specifically show how. We’ll get to that.
Go head to head with 2 predators at once
Let’s look at competition source numbers two and th
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
ee: Do It Themselves and Do Nothing.
Since these are the two elephants in the room when you go out on appointments, it’s again silly (and costly) not to prepare to go head-to-head with these two very real forms of competition.
When I do sales seminars, one of the exercises revolves around these two specific options.
I have people ta
Since these are the two elephants in the room when you go out on appointments, it’s again silly (and costly) not to prepare to go head-to-head with these two very real forms of competition.
When I do sales seminars, one of the exercises revolves around these two specific options.
I have people ta
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
ke a sheet of paper and divide it into three columns.
The first column is labeled “Use us.” The second column is labeled “DIY.” The third column is labeled “Do nothing.”
And I then ask salespeople to specify between 7 and 10 items under each column.
Even if you never show your version of this document to a client, it’s a great cheat
The first column is labeled “Use us.” The second column is labeled “DIY.” The third column is labeled “Do nothing.”
And I then ask salespeople to specify between 7 and 10 items under each column.
Even if you never show your version of this document to a client, it’s a great cheat
.
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
sheet for YOU to understand and prepare where your product or service fits into the landscape of your prospect’s business, their priorities, and the type of choices they’re really making when they make a decision to buy from you, do it themselves, or do nothing at all.
In other words, you understand the environment into which you’re s
In other words, you understand the environment into which you’re s
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
lling.
And the more prepared you are, the better results you can expect at every phase of your sales activities.
In fact, that’s another standard formula of mine
3P = R(SA)
Got that? Preparation and thinking about the Priorities of your Prospect leads to Results from your Sales Activities! Try it you will never sell the same again
And the more prepared you are, the better results you can expect at every phase of your sales activities.
In fact, that’s another standard formula of mine
3P = R(SA)
Got that? Preparation and thinking about the Priorities of your Prospect leads to Results from your Sales Activities! Try it you will never sell the same again
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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