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Main Subject - What to Do When You Hit the Invisible Sales Revenue Ceiling
Have you ever hit a level of revenue that you just couldn't seem to break through?
If you have, then you know how frustrating it can feel
You may even spike above this ceiling periodically. But, lik
If you have, then you know how frustrating it can feel
You may even spike above this ceiling periodically. But, lik
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 water seeking its own level, your revenue results seek a sub-par level.
I once walked into a situation much like this. I assumed the position of Vice President in a relatively young company. I was
I once walked into a situation much like this. I assumed the position of Vice President in a relatively young company. I was
; 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
immediately tasked with making the changes needed to solve the revenue problem.
The company, after nearly 2 years of business-to-business selling of their service, had met only 40% of their revenue e
The company, after nearly 2 years of business-to-business selling of their service, had met only 40% of their revenue e
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
pectations.
Finance told me they were "behind" projections and needed to catch up. And the executive team wanted to know how long it would take. And the CEO said we didn't have much time.
In this ca
Finance told me they were "behind" projections and needed to catch up. And the executive team wanted to know how long it would take. And the CEO said we didn't have much time.
In this ca
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
se, corporate had created a unique and valuable position in the marketplace. They had a sustainable competitive advantage. The service application worked, the product was needed and their offering was
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
dramatically different from its competitors. Their Strategic Positioning was in place and healthy.
So why the invisible ceiling?
Sales leadership had failed to understand their meaningful business m
So why the invisible ceiling?
Sales leadership had failed to understand their meaningful business m
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
etrics. This was the primary reason, as it is in most cases. They had not isolated the essential competencies and components. Therefore, their people couldn't self-compete to reach and maintain revenu
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
goals.
They failed to develop practices and processes that allow an individual to identify, train to and measure their own competencies and performance metrics.
In other words, they attempted to sh
They failed to develop practices and processes that allow an individual to identify, train to and measure their own competencies and performance metrics.
In other words, they attempted to sh
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
ortcut the "Blocking and Tackling" process to routinely meet revenue goals.
When you hit a revenue "ceiling," you have to go into diagnostic mode.
Ask the critical questions:
Which one of your Key
When you hit a revenue "ceiling," you have to go into diagnostic mode.
Ask the critical questions:
Which one of your Key
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
erformance Indicators is causing you to fall short?
There may be several, but only one is the main culprit. As an example, the company I mentioned was fundamentally fine in turning first appointments
There may be several, but only one is the main culprit. As an example, the company I mentioned was fundamentally fine in turning first appointments
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
into proposals. And they were maintaining an "average" closing ratio. Their sales cycle was within acceptable benchmarks.
Both competencies had room for improvement, but they were not the "smoking g
Both competencies had room for improvement, but they were not the "smoking g
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
un" at the scene of the crime. So what was the one culprit in this case?
What if I told you they were only generating 2 new appointments per week per sales rep?
Their average revenue per sale at thi
What if I told you they were only generating 2 new appointments per week per sales rep?
Their average revenue per sale at thi
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
level of activity, when related to other competency and performance numbers, produces a 40% return.
Anyone can understand that something has to change operationally to grow the revenue. And what one
Anyone can understand that something has to change operationally to grow the revenue. And what one
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
item jumps off the page? In this case, as in many others, activity is the path of least resistance. They just needed to be taught how to generate routine opportunities in the least amount of time.
E
E
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
eryone settles to his or her own level of "result".
That may be OK, but only if your comfort zone is consistently at or above the company's expectations. And when it's not, "Houston, we have a proble
That may be OK, but only if your comfort zone is consistently at or above the company's expectations. And when it's not, "Houston, we have a proble
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
m."
These kinds of problems cause a shortfall of revenue and unnecessary employee turnover, both of which carry "hard-dollar" consequences. I attribute it to having a "comfort zone" that is not all t
These kinds of problems cause a shortfall of revenue and unnecessary employee turnover, both of which carry "hard-dollar" consequences. I attribute it to having a "comfort zone" that is not all 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
at comfortable.
So, there you are. You're having a hard time figuring out where it hurts. So you take an aspirin and hope it goes away.
Seek to understand how to break through this undefined ceiling
So, there you are. You're having a hard time figuring out where it hurts. So you take an aspirin and hope it goes away.
Seek to understand how to break through this undefined ceiling
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
. View your job as a business, your business, and evaluate it. Use the kind of diagnostic lens entrepreneurial business people use to scrutinize their enterprises.
Now, you can develop your own syste
Now, you can develop your own syste
.
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
s and processes, if you want. But maybe you'd rather not try to re-invent the wheel.
In which case, invest in mine.
Either way, the first step in busting through an invisible revenue ceiling is to i
In which case, invest in mine.
Either way, the first step in busting through an invisible revenue ceiling is to i
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
dentify and measure your essential core competencies. Then, develop powerful training systems to improve those competencies.
And you'll outperform your "comfort zone," your peers and your competitors
And you'll outperform your "comfort zone," your peers and your competitors
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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