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Advice You - The Art of Fact-Finding – Turning Needs Into Wants
I timed myself this morning in making our bed. I’ve got it down to 1? minutes and I’m so proud but please don’t tell my wife.
The reason I do it quickly is that it’s simple and rather boring.
Some things in life are really simple. When we do simple things, such as make the bed, we go into autopilot, in other words we automate it so it takes as less of our conscious attention as possible. That way
The reason I do it quickly is that it’s simple and rather boring.
Some things in life are really simple. When we do simple things, such as make the bed, we go into autopilot, in other words we automate it so it takes as less of our conscious attention as possible. That way
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
we can focus on something else. We speed up simple processes because they’re boring.
Now fact-finding with our customers in a face to face interview is quite simple. Collecting information to populate a form is not difficult. Hard facts are needed to fill in a form most of the time. Once we have the facts, we as fully trained and educated financial advisers, know the products the customer nee
; 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
s and telling is simple too.
Telling is not selling – especially not rapport selling.
Rapport selling fact-finding involves getting into the tricky bit. Not just asking questions to get facts but asking a variety of questions simulating a discussion to open up opportunities with our customer, finding softer information to help us link our products to them personally. Knowing what drives them to d
Telling is not selling – especially not rapport selling.
Rapport selling fact-finding involves getting into the tricky bit. Not just asking questions to get facts but asking a variety of questions simulating a discussion to open up opportunities with our customer, finding softer information to help us link our products to them personally. Knowing what drives them to d
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
what they do, get them feeling concerned about their shortfall of cover, excited by a goal they had in the back of their mind.
Above all, get them wanting what we have to sell. Turning needs into wants is the tricky bit but the most rewarding for them and us.
So how do we do this?
You need some skills and some process. Skills come in your ability to ask the right question, make this come over a
Above all, get them wanting what we have to sell. Turning needs into wants is the tricky bit but the most rewarding for them and us.
So how do we do this?
You need some skills and some process. Skills come in your ability to ask the right question, make this come over a
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
a conversation and a genuine interest in your customer and to have first class listening skills.
The process is this:
• Prioritise the customers needs, and take one at a time
• Discover the situation around the need
• Turn the need into a want
• Gain commitment
Like any process, you can adapt as you go but it’s important to follow some structure. What’s more important is that
• Prioritise the customers needs, and take one at a time
• Discover the situation around the need
• Turn the need into a want
• Gain commitment
Like any process, you can adapt as you go but it’s important to follow some structure. What’s more important is that
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
our customer goes along with you. Ask them to join in your journey. Tell them where you’re going to take them. Explain the process in benefit terms so they know exactly what’s going to happen and what is expected of them.
“I’d like to spend some time exploring your current situation by asking lots of questions. I’ll be doing lots of listening if that’s ok as you talk about yourself, your situati
“I’d like to spend some time exploring your current situation by asking lots of questions. I’ll be doing lots of listening if that’s ok as you talk about yourself, your situati
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
n, your goals and dreams and the issues you have surrounding your personal finances. That way I’m able to give you the very best service and advice. Is that OK Mr Brown?”
Prioritise needs
Have a priority of needs which, hopefully, your customer has agreed with and actually prioritised for you. Typically this is the reason for them seeing you or being referred to you in the first place. Companies
Prioritise needs
Have a priority of needs which, hopefully, your customer has agreed with and actually prioritised for you. Typically this is the reason for them seeing you or being referred to you in the first place. Companies
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
use all sorts of acronyms to help you decide needs and each fact find page is usually devoted to a particular need.
• PIMPSIO - Protection, income replacement, mortgage, pension, savings and investment, other
• PEPSI – protection, earnings replacement, pension, savings and investment
• SLIM – savings, life protection, insurance, mortgage Above all though, the customer decides the priority, not yo
• PIMPSIO - Protection, income replacement, mortgage, pension, savings and investment, other
• PEPSI – protection, earnings replacement, pension, savings and investment
• SLIM – savings, life protection, insurance, mortgage Above all though, the customer decides the priority, not yo
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
. And you take one need at a time.
Discover the situation
Fact finds are usually populated with the usual situation type information. Name, policy details, amount of cover, date of retirement, shortfalls of cover needed etc etc. Now you need this of course, but you also need softer information. You need their feelings about the cover they have, what they know about alternatives, you need their p
Discover the situation
Fact finds are usually populated with the usual situation type information. Name, policy details, amount of cover, date of retirement, shortfalls of cover needed etc etc. Now you need this of course, but you also need softer information. You need their feelings about the cover they have, what they know about alternatives, you need their p
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
iorities, their objectives, their aims for their family. You want to discover what they thought of their previous adviser, how much the state provides when they retire or die.
These are just examples of their current situation.
Lots of open questions, probes and just good old fashioned silence and listening will give you this information.
Turn the need into a want
The principle here is that peop
These are just examples of their current situation.
Lots of open questions, probes and just good old fashioned silence and listening will give you this information.
Turn the need into a want
The principle here is that peop
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
e are driven away from pain and problems or towards pleasure. Think about this in your life? What spurs you on? It’s probably one of those two.
This bit is the clever bit and most tricky too. There’re three avenues you can explore that’ll get the customer thinking of wanting some solutions. They can discover the problems they face if the current situation stays put, they can see that some goals
This bit is the clever bit and most tricky too. There’re three avenues you can explore that’ll get the customer thinking of wanting some solutions. They can discover the problems they face if the current situation stays put, they can see that some goals
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
might be out of balance or off target and this can cause a problem or they might re-discover or re-ignite a goal that spurs them into taking action.
Take life and protection needs. Having a lack of this can cause people problems especially when the cause happens. They die or are off work long term with an illness. Your questions should let them consider the problems for them personally and the co
Take life and protection needs. Having a lack of this can cause people problems especially when the cause happens. They die or are off work long term with an illness. Your questions should let them consider the problems for them personally and the co
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
sequences too. Your questions can allow them to think about what sort of solution will solve these problems and turn the need into a genuine want for the products. A good mixture of questions – open and probes, summaries, pauses will bring dividends here.
Careful about going in like a bull in a china shop. You’re dealing with personal information so we do need to be sensitive. Care with your que
Careful about going in like a bull in a china shop. You’re dealing with personal information so we do need to be sensitive. Care with your que
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
tion style and tone. Use lots of “tell me…” and “I’m curious” and “I’m wondering”. Also make sure your question tone rises slightly in the sentence. Really important that because the opposite, a falling tone, suggests a command and will be interpreted as an attack or an interrogation.
And you don’t want that do you?
Take savings or investments. Having these or wanting this need area requires an
And you don’t want that do you?
Take savings or investments. Having these or wanting this need area requires an
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
end results. Why are they saving? A rainy day, a holiday of a lifetime, an income on retirement, a new car, a house. This list goes on. Your questions will let them explore these goals, vision the goal clearly, discover the pleasure achieving this goal may bring. This will be enough to turn this need into a want.
What about re-mortgages? This is big business these days. Is this a need motivat
What about re-mortgages? This is big business these days. Is this a need motivat
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
d by getting away from pain or towards pleasure? That depends really. You might ask what their concerns are with the mortgage they already have. They might be anxious about paying a higher rate of interest than other people or having to make payments for longer than they wanted. Here we have a problem.
Explore this further to see how it affects them personally and you might find them driven by t
Explore this further to see how it affects them personally and you might find them driven by t
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 desire to get a better rate of interest or the prospect of paying the loan off earlier than planned. You could explore the problems of remaining with their existing lender and maybe the personal consequences. This getting away from the pain might be their motivation.
So to bring success in the fact-find we turn the need into a want. A yearning desire for some advice. Maybe this is a little uto
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
ian, but this process armed with the right questions and acres of listening will get you along the road.
Gaining commitment
Along the way of exploring needs with your customer, you’ll want to get little dollops of commitment along the way. Subject to affordability, they’ll be interested in having a look at more detail shortly. Enquiring about affordability at an early stage is a brilliant way of p
Gaining commitment
Along the way of exploring needs with your customer, you’ll want to get little dollops of commitment along the way. Subject to affordability, they’ll be interested in having a look at more detail shortly. Enquiring about affordability at an early stage is a brilliant way of p
.
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
eventing an objection later down the line.
All the time you’re building a vision of a package of options that will take away this pain or give them the pleasure they definitely want. At the end of the formal fact find process, we need to announce that this is what we’ll show them and they can look at the options and make some decisions.
There’s not much more I can do to turn the bed-making process
All the time you’re building a vision of a package of options that will take away this pain or give them the pleasure they definitely want. At the end of the formal fact find process, we need to announce that this is what we’ll show them and they can look at the options and make some decisions.
There’s not much more I can do to turn the bed-making process
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
into a more interesting and stimulating task, unlike fact-finding. But I think I’ll stick with the 1? minutes and keep quiet. The pain of having other jobs to do around the house is too intense.
The next time you carry out a fact find, focus on the trickiest and more stimulating part – that is to turn the needs you’re discussing into wants. Remember away from pain and problems or towards pleasure
The next time you carry out a fact find, focus on the trickiest and more stimulating part – that is to turn the needs you’re discussing into wants. Remember away from pain and problems or towards pleasure
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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