Advice You - Business

Wouldn't you agree that every sales job is unique? Aren't there significant differences in products and services sold, target markets, target geographies, company cultures, lead sources, sales cycle lengths, and more? Given these many differences, ho

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

w can you accurately define the parameters that will produce success in your company's sales job?

The questions asked in this article do not identify every possible factor you should consider as you analyze your company's sales posi

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

Examples of combination products may in

tion(s). However, reviewing these questions should spark useful thoughts concerning desirable salesperson characteristics. At minimum, if you carefully consider each question, you will become more consciously aware of key requirements than you were p

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

reviously.

If you are a salesperson, you can also benefit from considering these questions, as they can help you identify target prospects and further refine your sales approach.

1. Nature of the Customer

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

i>What are your target markets?

Are they horizontal or vertical?

Do you sell to consumers, corporations, schools, state and local governments, etc.?

What level(s) in the organization do you sell t

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

Combination pro

o? (Purchasing, Engineering, Business Unit Manager, C-Level Executive, etc.)

Target markets drive numerous sales parameters including the typical sales cycle length, prime selling seasons, and specific knowledge or experience that may be

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

required to earn credibility with prospects and customers. Wouldn't you agree that selling effectively to C-level executives (CEO, CFO, CIO, etc.) and other high-ranking officials requires different attributes and skills than selling to purchasing a

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

ents?

2. Nature of the Offering

Are your offerings complex or relatively simple?

Are they tangible or intangible?

Do they consist of stand-alone products or services, or bundles of prod

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

ucts and services?

Does your company have a small portfolio of offerings or a large portfolio of offerings?

The nature of the offering(s) will determine the most effective Sales Style (see item #5), the importance of Le

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

arning Rate to sales success, and desired prospecting and opportunity qualification approaches.

3. Sales Environment

What kind of environment do your salespeople work in?

Are they office-based or home ba

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

sed?

Is most of their selling done over the telephone or in person?

Salespeople that work from a home office usually perform best if they are independent self-starters, whereas office- based salespeople may have the opt

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

Following aspects would a

ion of receiving more frequent direction and support from their sales manager.

4. Geography

How many sales locations does your company have?

Where are they located?

Different sales approache

dd to the challenges in developing combination products:

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

s are usually required to sell successfully in different locales such as downtown Manhattan (NY), Baton Rouge (LA), and Los Angeles (CA).

5. Sales Style

Which sales styles (Consultative, Relationship, Display, Hard Closer

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

) are most effective in your target markets? The nature of the customer and the complexity of the offering(s) should be considered when answering this question.

6. Relationship Preference

Is your company more

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

concerned about:

Finding new customers?

Increasing account penetration and/or managing long-term relationships?

Both?

If both, please estimate a percentage for each.

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

Salespeople usually prefer one type of sales role to the other. If you truly want to accomplish both new business and account penetration sales goals, you may want to consider staffing two different sales positions.

7. Sales Cy

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

Professional from academic institutions, pharmaceutical industries, health care indust

cle Length

How often do your salespeople have opportunities to close sales?

Several per day?

Several per month?

Several per year?

If a salesperson recei

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

ves gratification from closing sales, he or she won't be happy in a role that offers just a handful of opportunities per year to exercise this skill. This kind of salesperson is often better suited to selling products or services that have shorter sa

.

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

les cycles and higher volumes of opportunities.

8. Prospecting

Do prospects come to your salespeople, or must your salespeople seek them out?

If the answer is "both", estimate a percentage for each.

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

Companies that provide selfless information through particip

If your sales position requires a lot of outbound prospecting, your salespeople will need more energy, mental toughness, and a positive attitude.

Seven additional parameters are covered in Part 2 of this article.

Copyright 2005 -- Alan Rig

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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Many ask what's the best way of making money. I think it's leveraging money and skills. Teach yourself by learning how small amounts of money and energy can make you much more. Spend the time training yourself to think differently from the masses.

In response to a number of market drivers, manufacturers of non-halogen flame retardant additives and original equipment manufacturers have been challenged to prophecy for their product lines as they consider a future that is clearly undefined and subject to potentially limitless change due to regulatory oversight. However, some key trends have developed over the past few years and these also lead to changes in development direction, product rationalization and introduction, and changes in market requirements. These trends are developing due to the expressed needs within the marketplace for key product requirements including: environmental concerns, regulatory concerns, end user requirements, and end of life concerns.

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