Main Subject - Business

No matter what you’re selling, all objections can fit into one or more of the following categories:

1. Fear of failure—“Can I do this? Will this really work?”

2. Lack of support—spouse, parents or friends unsupportive

3. Can’t make the commitment—don’t have time, conflicts with existing obligations, childcare concerns, etc.

4. Not enough motivation—the discomfort of the prospect’s current situation is not great enough that s/he wants to make changes

5. Financial concerns—fear that the prospect can’t afford it or will be extremely stretched trying to. Is it worth the investment?

Notice that I listed financial concerns last. Cost is often the first object

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

ion that is put up, but usually it’s not the true reason, deep down, for rejecting a product or service. I’ll explain more about this topic later. With an idea of where objections stem from, let’s talk about when the optimal time is to handle them. As I already mentioned, the ideal scenario is for all your prospect’s questions and concerns to be answered as a natural course of your exchange—not after you’ve gone through your entire presentation. Nothing de-energizes your persuasive efforts more than lingering doubts and concerns that remain unresolved in your prospect’s mind. When you are “interviewing” your prospects, use your open-ended questions to help th

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

Examples of combination products may in

em open up and shed light on any possible areas of concern. With this approach, you are opening the door to bring up and cover such issues on your terms. This persuasive strategy is not a matter of manipulation; by virtue of the roles you each play—you as the one offering a solution and the prospect as the one seeking a solution—it is more practical and effective for both parties to get what they want.

There are two challenges at play when, after you’ve gone through your presentation, a prospect still voices concerns. First of all, you did not discover enough information to accurately anticipate and diffuse concerns while they were still seeds in your prospe

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

ct’s mind rather than rooted plants. Secondly, if the prospect has to bring it up and begins questioning you, merely by nature of the dialogue, you are now on the defensive. This flipping of roles will never place you in a strong persuasive position. Worse, if you do project even a hint of defensiveness or insecurity toward your prospect or product, that in and of itself can breed more doubt in the prospect’s mind than perhaps the original concern did. How awful to lose a sale based on mistaken perceptions! And yet, these details make or break sales all the time.

Let’s talk about price for a moment. It seems to be everyone’s top concern, doesn’t it? Independ

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

ent researchers found that 68 percent of prospects admitted that price was not the determining factor, but they also admitted that they knew by experience that stating that the price is too high is the best way to get rid of a salesperson. Price, in fact, is seldom the sole reason for buying or not buying something. When asked the reasons why they did buy something, 94 percent of interviewed customers mentioned non-price issues as being the most important factor for their purchase. If you think about it, it doesn’t make sense to buy something just because the price is good. What if it’s not something desirable, useful or necessary? Would you buy it just becau

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

Combination pro

se of its price? When you do a good job of helping people see how your product will improve their lives, change their lives or move them from their current situation to their desired situation, price is usually the least of their concerns. It all goes back to the emotions—the pain of their current situation sharply contrasts with what they want and hope for in the future and is thus the true motivator. At that point, you could name almost any price and they would buy. I say this not to suggest in any way that you should take advantage of that psychological tendency but simply to underscore that price is not the issue.

Now, let’s look at the worst-case scenar

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

io: Even after the best presentation you could muster, your prospect still has issues. If you ever find yourself in this situation, there are a number of considerations to bear in mind. First and foremost, ask yourself if this is a conflict you can even resolve. Suppose you find out the real reason why your prospect is hung up on the price is that s/he just declared bankruptcy. In that case, obviously, no matter what you do or say, you have no control over the situation. If it is an issue that is solvable, however, then let your prospect talk. Just hearing her/him out will diminish her/his need to contend over price. Conversely, if you become upset, impatient

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

or condescending, you will just make your prospect cling to the price issue.

Always remain calm and empathetic in the face of resistance. This behavioral strategy will come across as more professional, credible and trustworthy. A calm and caring demeanor also gives your prospect room to save face if s/he changes her/his mind. Never back your prospects into a corner. It’s a good idea to start out at square one and review with your resistant prospects the many different ways in which your product meets their needs. Help your prospects step back again and see how your product will move them from their current situation to their ideal situation. If, in the end,

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

they remain adamant, never close the door. Extend to them the opportunity and invitation to come talk to you again should they ever change their mind or have further questions. And lastly, don’t beat yourself up. There are those people who are just going to resist, even if you said and did everything perfectly. This rejection is usually based on their own past experiences and perceptions, so don’t take it personally.

How do we handle those common put-offs like “I need to think this over,” “I need to sleep on it,” “I have to talk to my wife first”? If your prospects are insistent, respect their wishes, but be sure you’re following up again within twenty-four

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

hours—forty-eight hours at the absolute most. If you let too much time lapse between your initial encounter and your follow-up, you communicate to your prospects that it’s not important. Then they feel like they’re off the hook. If you’re not the one calling them, it is very likely you’ll never hear from your prospects again. A key thing you have to remember when following up is that the emotion of the original dialogue has dissipated. You must bring it back in order to close the deal. This is why sales that aren’t closed at the first meeting are harder to close down the road. It’s somewhat of an irony, but the shorter the sales time, the better. The longer

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

a prospect has to “think about it,” the less likely it is that you’ll have a deal. So remember that, when following up by phone, you’re going to have to exert that persuasive energy all over again to recapture your prospect’s excitement and enthusiasm. Moreover, you will no longer have the advantage of being able to do so in person. Also, you have less time to do so since your conversation by phone will generally be shorter.

One effective way to minimize the likelihood of sending someone home who still hasn’t made a decision is to make a very clear “qualifying statement” right up front. A qualifying statement occurs when you define at the outset exactly how

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

Following aspects would a

you are going to spend your time together. Additionally, you define what your expectations are for each other and what you hope to get out of the meeting. In essence, you are “qualifying” your time together and how it will be spent. An example of a qualifying statement would be: “Mrs. Smith, what I’d like for us to do today is find out exactly what you’re looking for, get all of your questions answered and see if this is a good fit. If we both feel good about it, we’ll get the ball rolling for you. If it’s not a good fit, we’ll be up front about that, too, and maybe I can make some other recommendations for you.”

Qualification is an excellent approach becaus

dd to the challenges in developing combination products:

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

e it disarms your prospects. You’ve told them exactly what to expect, so they can relax. They won’t be caught off guard when you begin asking lots of questions because they’ll understand why you’re asking them. Also, using the word “we” is often helpful instead of “I” and “you” so that your prospects feel like you’re collaborating together. By using the “we” voice, you will come across as more of an advisor than someone who is trying to sell your prospects something. Most importantly of all, this approach is designed to give you an answer, one way or the other, in that very same meeting. In other words, there won’t be any loose ends remaining when you and you

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

r prospect walk away from each other. Here is another example of a qualifying statement: “Let’s make an agreement, Mr. Jones. I’m not a high-pressure consultant, so you don’t have worry about me trying to get you involved with anything you don’t want. All I want to do today is show you how to increase your income in your business and how it will work for you. Please do me a favor and let me know today if this is a good fit. Fair enough?”

Power Tools of Power Closers

In this section, I’d like to outline five different powerful tools that are used by all power closers. Anyone who masters these skills who does not possess them already will surely see profound

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

results. The first concept is that power closers are intensely goal-oriented. Talk about goals and goal-setting these days seems to have become very clich?. In spite of this tendency, super-successful individuals who are driven to accomplish well-planned and clearly defined goals are distinguished from those who are mediocre. They know exactly what the bottom line is and exactly what they have to do to meet it. Not only this, but successful sales people typically push the bottom line so they increasingly out-produce previous records. The only reason they are successful in pushing the limits is because they are measuring. If you don’t know the facts, figures o

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

r standards, you’re trying to shoot a target in the fog. Then, not only do your prospects know the figures, but they also visualize their success. They can see themselves clearly in their mind’s eye accomplishing their goals. “Pre-programming” their success helps them fuel their ambition, desire and commitment. As a result, they have given themselves “permission to win.”

Another key tool of power closers is responsibility. No matter what happens, they accept 100 percent responsibility for their results. When challenges present themselves, power closers deal with them rather than make excuses. Nothing weakens your position more than when you’re always shiftin

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

Professional from academic institutions, pharmaceutical industries, health care indust

g the blame to someone else. It takes a bigger person to own up to the results, whether good or bad. I remember a sales representative who was just getting started in a full commission sales job. He had been given a draw to help him learn the business. He thought he would be on the draw for most of the year. When the sales manager told him the draw was done, he told the rep, “It’s time to start selling like you mean it.” The rep was floored. He thought he had more time to get his ducks in a row, but now he had to take full responsibility for his income and his success. At the time, he was very upset with his sales manager. Six months later, he said it was the

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

best thing that had ever happened to him.

Power closers believe in themselves and in their product. You cannot get a customer to believe in your product more than you do. Top salespeople love what they are selling. Before taking on a sales task, ask yourself: Can I really put my heart into this? Remember, engaging your prospects’ emotions is crucial to closing the sale, and if you’re not enthusiastic, they’re certainly not going to be. Your prospects have to feel good about the product in order to purchase it, and you have a major impact on how they’re going to feel about the product. Whether you like it or not, you are part of the package. They may not be

.

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

taking you home with them, but your prospects will take home the attitude you project and instill in them. Enthusiasm alone will close deals. I have seen the belief and enthusiasm of closers work wonders in the time-share industry. The energy time-share sellers create and the belief in their product they exhibit puts many prospects into a vacation home.

Power closers are always honest with themselves and with other people. The average person can pick up on insincerity and falsehood. A power closer will always conduct her/himself with honesty and integrity just as a matter of principle. Power closers will not try to sell something that they know is not in the

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

Companies that provide selfless information through particip

ir customers’ best interest. Coupled with this integrity is the fact that power closers sincerely care about their customers. They are attentive to their customers’ needs and concerns and respond to them with empathy. When dealing with a power closer, a prospect is never uncertain about where s/he stands. The power sales rep is also the prospect’s friend, advisor and advocate. I have seen real estate agents triple their business based on honesty and integrity. They tell prospects about the pros and cons of each house, each neighborhood and each pricing structure. Not only do these power agents get customers for life, but they also receive countless referrals.

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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