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Main Subject - The First Principle of Sales
'Nobody can buy your product or service if they don't know you exist'
That's pretty obvious isn't it? There is a bit more depth to the corollary; 'The more people who know of your company the more business you will get'
The principle is easy to see with websites.
That's pretty obvious isn't it? There is a bit more depth to the corollary; 'The more people who know of your company the more business you will get'
The principle is easy to see with websites.
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
Suppose you have an attractive offer, the product is in demand and the price is right, but no traffic. You won't sell a thing.
But, to go to the opposite extreme, if you can make most of the population aware of who you are, what you do and how to contact you, you'll get a massive amount o
But, to go to the opposite extreme, if you can make most of the population aware of who you are, what you do and how to contact you, you'll get a massive amount o
; 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
f business.
Pizza Hut advertises, before and during The Simpsons - peak time TV, with an audience of millions. That is exploiting this principle to the maximum.
Now let's consider how this relates to the typical entrepreneur, inventor or small business owner. If that's you, how many of
Pizza Hut advertises, before and during The Simpsons - peak time TV, with an audience of millions. That is exploiting this principle to the maximum.
Now let's consider how this relates to the typical entrepreneur, inventor or small business owner. If that's you, how many of
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
your potential customers know that you are ready, willing and able to help them?
I've put this question to hundreds of delegates at my 'Selling for Engineers' seminar. It can take a fair bit of consciousness-raising before the true scale of the opportunities becomes apparent.
For a bit of
I've put this question to hundreds of delegates at my 'Selling for Engineers' seminar. It can take a fair bit of consciousness-raising before the true scale of the opportunities becomes apparent.
For a bit of
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
fun, I introduce the concept across like this:
'Here's a number, 6,700,000,000. That's how many people there are on planet earth'. Then I ask, 'How many of those people have heard of Coca Cola - or Microsoft, Nike, Honda?
And then I enquire, 'How many of them have heard of your business
'Here's a number, 6,700,000,000. That's how many people there are on planet earth'. Then I ask, 'How many of those people have heard of Coca Cola - or Microsoft, Nike, Honda?
And then I enquire, 'How many of them have heard of your business
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
'
This generally gets a laugh and someone is bound to hold up their hand making the zero gesture. For most of the other participants their customers number only a handful.
Since you can't sell to people who don't know you exist, task one for increasing sales is to let your market know wha
This generally gets a laugh and someone is bound to hold up their hand making the zero gesture. For most of the other participants their customers number only a handful.
Since you can't sell to people who don't know you exist, task one for increasing sales is to let your market know wha
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
t you do and how to contact you.
At this point I sometimes get the comment, 'Our customers know where we are if they need something'.
But things never stay the same, new organisations are born, old ones become dissatisfied with their existing suppliers, personnel change. The market place
At this point I sometimes get the comment, 'Our customers know where we are if they need something'.
But things never stay the same, new organisations are born, old ones become dissatisfied with their existing suppliers, personnel change. The market place
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
isn't static there are always new opportunities.
Besides, we exist in a global village these days. Nowhere on the planet is more than 24 hours away by plane. With phone and email it's only seconds.
So we can proceed in two ways; first look hard to find more prospects in your local area. S
Besides, we exist in a global village these days. Nowhere on the planet is more than 24 hours away by plane. With phone and email it's only seconds.
So we can proceed in two ways; first look hard to find more prospects in your local area. S
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
econd, consider where else in the world you can service. You may not need any local office, agent or staff; for many organisations the internet makes them redundant.
Make a start like this; where are your main customers? In that geographic location, how many other organisations are there w
Make a start like this; where are your main customers? In that geographic location, how many other organisations are there w
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
hich could potentially use your products or service?
There are many sources of information. In the past, you'd take a huge directory and pore over it to extract prospects. Now you can do all that on-line with little effort and usually free of charge.
Simply use your favourite search engin
There are many sources of information. In the past, you'd take a huge directory and pore over it to extract prospects. Now you can do all that on-line with little effort and usually free of charge.
Simply use your favourite search engin
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
and enter the name of a location and a relevant product or service. Example, This is what Google gave me today: Results 1 - 100 of about 656,000 for Electric motors Yorkshire.
Or look for a directory of your product and the area <(your product)(area) directory>. If you find one, compare
Or look for a directory of your product and the area <(your product)(area) directory>. If you find one, compare
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
d with the first method, you will save time going through the listings.
Either way, you'll have plenty to get started with. Then you can consider if there are other districts / cities / regions / countries where there are users of what you supply.
If you are serious about wanting more bus
Either way, you'll have plenty to get started with. Then you can consider if there are other districts / cities / regions / countries where there are users of what you supply.
If you are serious about wanting more bus
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
iness. Here is a very simple method which always, repeat, ALWAYS works.
Every day, contact a few new prospects, briefly introduce yourself and tell them what your business does and send them some information.
Suppose you called 5 new people a day, which could be done in half an hour, and
Every day, contact a few new prospects, briefly introduce yourself and tell them what your business does and send them some information.
Suppose you called 5 new people a day, which could be done in half an hour, and
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
you kept this up for a month. 5 X 20 days equals 100 new contacts. If there is even a little demand for what you do, a percentage of the people you reach will be interested. Let's assume it's only 5%. Now you have got 5 extra customers after a month.
Apply some self-discipline, keep the p
Apply some self-discipline, keep the p
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
rogram going, and after a second month you have 10 customers you wouldn't have had before. Pretty soon you are going to need some help to deal with all the jobs that are coming in and your turnover will be climbing.
And on the subject of money, what has this process cost? Apart from phone
And on the subject of money, what has this process cost? Apart from phone
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
alls and perhaps the printing of flyers, there has probably been no other expense. You haven't paid for advertisements or a marketing consultant.
Sounds good doesn't it, a lot more customers at little or no cost? Then why don't more business people follow this simple plan?
There is a coll
Sounds good doesn't it, a lot more customers at little or no cost? Then why don't more business people follow this simple plan?
There is a coll
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
ection of answers - 'don't have the time', 'you can't do that in our industry', 'it's unprofessional', 'it wouldn't work', 'people hate unsolicited calls'. But in reality, what these protests amount to more than anything is fear of the unfamiliar.
Anybody who has done sales the hard way, d
Anybody who has done sales the hard way, d
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
oor-knocking around houses, industrial estates or cold-calling on the phone for a really tough sale, such as advertising space, insurance or real-estate listings knows that even if it's not always fun, it works. And that is with difficult products.
But if you offer something that is not wi
But if you offer something that is not wi
.
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
dely promoted, you'll be surprised at how interested and welcoming prospects are.
They don't say 'go away and stop bothering me', typically they want to know more, and ask for information to be sent or for someone to call and see them.
You don't need to talk anyone into anything, just let
They don't say 'go away and stop bothering me', typically they want to know more, and ask for information to be sent or for someone to call and see them.
You don't need to talk anyone into anything, just let
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
them know you exist.
That's all it takes.
Once you've had some sales success, you may want to continue building your selling skills - here is a more advanced approach - download my free eCourse 7 Deadly Closes
That's all it takes.
Once you've had some sales success, you may want to continue building your selling skills - here is a more advanced approach - download my free eCourse 7 Deadly Closes
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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