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Advice You - Positive Practices For Hard Times In Sales
Paul, a fifty-something invest/ment banker (with two secretaries, a corner office and a big paycheque), got the surprise of his life when the foreign bank/financial organization eliminated his strategic business unit and he was out of a job. Paul heard a presentation I gave about how your inner voice influen
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
ces your relationships, and he phoned me to begin some coaching sessions. His story is a wonderful example of how to survive, and even thrive, during hard times.
Paul is now working as an invest/ment advisor (a very competitive field), building a portfolio of clients. This is difficult work and, for some, c
Paul is now working as an invest/ment advisor (a very competitive field), building a portfolio of clients. This is difficult work and, for some, c
; 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
ould be demoralizing. Yet, there is no self-pity about Paul. He is an elegant and friendly person, and here are the lessons he is learning. May they inspire us all.
‘Not Knowing’ Is An Advanced Life Skill
While Paul has lots of expertise in invest/ment banking, he had some sales experience, and
‘Not Knowing’ Is An Advanced Life Skill
While Paul has lots of expertise in invest/ment banking, he had some sales experience, and
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
very little in selling his expertise directly one on one. In his new role, he set out immediately to become an instant expert on giving invest/ment advice, and buying and selling stocks and bonds, reading voraciously and attending as many product training lectures and workshops as he could find. However, he
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
feels frustrated because he isn’t at the “expert” level yet and is aware of how much he doesn’t know.
His strategy for coping might seem full of paradox, since he is mastering the art of “not knowing” by letting go of his need to be an instant expert. This is strange territory for Paul and his learner’s mi
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
ndset helps guide him in this uncharted place. Curiosity, patience, humility and a sense of adventure are the companions that steady him as he accepts his temporary non-expert status.
Find a Mentor/Coach
Paul hunted out the top salesperson in his firm to ask his advice on how to build a practice.
Find a Mentor/Coach
Paul hunted out the top salesperson in his firm to ask his advice on how to build a practice.
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
He helped Paul see that his former connections to wealthy people wouldn’t work here. Downtown doctors, lawyers, and corporate professionals are usually over marketed and often have less to invest than assumed. He suggested that Paul look for thriving small- to medium-sized entrepreneurial businesses, and
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
to call on them in person -- not by phone, or e-mail, or by making an appointment. This approach of just showing up is completely counterintuitive to the former high-powered invest/ment banker ~ he was used to appointments, people calling on him, and not feeling like he was begging, waiting around, or wast
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
ng his time.
And it’s working. Slowly, yet steadily, business owners are inviting him in for conversations, coffee, and advice. He is building a niche of ideal clients.
As we work together, Paul is getting a clearer sense of his internal chatter and how his various “inside team members” (the many voices
As we work together, Paul is getting a clearer sense of his internal chatter and how his various “inside team members” (the many voices
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
, both positive and negative, that form the chatter) help or hinder him in growing his business. This understanding gives him the ability to call on the helpful members of this inside team when he needs them, particularly when he is prospecting.
Listen To Your Thursday Voice
Every Thursday, one o
Listen To Your Thursday Voice
Every Thursday, one o
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
f Paul’s inside players, what he calls his “Thursday Voice,” kicks him out of the safety of his downtown office and into the independent car dealers and autobody businesses (his current target market) that line the streets in the west end. At first, he thought he’d rather die than do this, but the “Thursda
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
y Voice” was insistent.
He knows that that guys who look like him (banker types in expensive suits) are an unusual sight among the autobody shops, so he dresses very well. He is polite; he is humble; he is friendly; he has an attitude of curiosity and service.
Some Thursdays are a bust. Some Thursdays
Some Thursdays are a bust. Some Thursdays
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
roduce hilarious stories. One Thursday, a shop owner who wouldn’t see him until Paul showed up for the seventh time, ended up opening his portfolio and asking Paul his advice. Another Thursday a very well-connected owner met with him, liked him, and referred him to a few other wealthy autobody owners.
The
The
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
lesson here is to listen to whatever persistent inner voice propels you to take some chances, and to be grateful that you have that voice.
Life Is Not Fair … And Fairness Is Not The Issue
When life deals you a blow, you can easily be hobbled by self-pity, convinced that you have a harder time than
Life Is Not Fair … And Fairness Is Not The Issue
When life deals you a blow, you can easily be hobbled by self-pity, convinced that you have a harder time than
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
other people.
While this may temporarily be true, no matter what your particular circumstances, resources, and aspirations, the inexorable turning of the wheel of life means that everyone has challenges, problems, irritations and setbacks. And for everyone, life goes on. As the expression goes, “it’s alway
While this may temporarily be true, no matter what your particular circumstances, resources, and aspirations, the inexorable turning of the wheel of life means that everyone has challenges, problems, irritations and setbacks. And for everyone, life goes on. As the expression goes, “it’s alway
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
s something,” and it always will be.
Paul’s clear understanding of the human condition gives him the detachment he needs to respond with action rather than despair when he meets an unexpected challenge.
When life throws you a curve, take a minute or two to whine (might as well explore your full range of e
Paul’s clear understanding of the human condition gives him the detachment he needs to respond with action rather than despair when he meets an unexpected challenge.
When life throws you a curve, take a minute or two to whine (might as well explore your full range of e
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
otion), then pick yourself up, brush yourself off, and see what this latest twist has to offer in the way of adventure, grace and insight.
It is always something, and isn't that grand?
Practice Gratitude
As a fifty-something, Paul is grateful for his hard-earned reputation as a fair and ethical b
It is always something, and isn't that grand?
Practice Gratitude
As a fifty-something, Paul is grateful for his hard-earned reputation as a fair and ethical b
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
usinessman. This reputation got him his current job. Headhunters told him that it could take 18 – 24 months for him to find another executive level position, and he wasn’t willing to wait. He was grateful for the headhunter’s honesty.
He is grateful that people -- mentors, prospects, customers -- are will
He is grateful that people -- mentors, prospects, customers -- are will
.
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
ing to spend time with him.
He is grateful that his wife is supportive of his new venture and of his current pay cut. He is grateful that he had the discipline to save money when times were good.
He is grateful that his outlook on life is optimistic and hopeful, not bitter.
He is grateful that his accumu
He is grateful that his wife is supportive of his new venture and of his current pay cut. He is grateful that he had the discipline to save money when times were good.
He is grateful that his outlook on life is optimistic and hopeful, not bitter.
He is grateful that his accumu
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
lated wisdom and experience are valuable and can make a difference in others’ lives.
He is grateful to the independent car dealers and autobody business owners. Without them, he wouldn’t be having adventures on Thursdays.
Talk Back: I’d love to hear some of the positive practices you use during hard times
He is grateful to the independent car dealers and autobody business owners. Without them, he wouldn’t be having adventures on Thursdays.
Talk Back: I’d love to hear some of the positive practices you use during hard times
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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