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Business Articles - What's Your Value Proposition?
Frankly who cares?
Your prospects sure don't!
Some of your customers maybe; your competitors, when it serves their needs.
OK, yes, the marketing team that "developed" does, b
Your prospects sure don't!
Some of your customers maybe; your competitors, when it serves their needs.
OK, yes, the marketing team that "developed" does, b
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
ut didn't you say the other day that they have never been on a client call?
What really counts in the real world (you know where sales are made), is the prospects' and clients' perception and definition of value.
Sadly too man
What really counts in the real world (you know where sales are made), is the prospects' and clients' perception and definition of value.
Sadly too man
; 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
sales people leave the office everyday (some days) armed with nothing more than their brochures, clearly highlighting the Value Proposition, ready to regale unsuspecting prospects who thought they were going to sit down with so
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
meone who said they can help them in one way or another.
Almost all executives we have spoken with tell us that the worst sales meetings they have had to endure have been where a sales rep comes in asks a limited number of irre
Almost all executives we have spoken with tell us that the worst sales meetings they have had to endure have been where a sales rep comes in asks a limited number of irre
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
evant (vis-?-vis the prospect's real objectives) questions, and then proceeds to "deliver" their Value Proposition.
This is not to say that having a value proposition is bad, but it has to be one that resonates with the prospec
This is not to say that having a value proposition is bad, but it has to be one that resonates with the prospec
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
, not one that resonates with a marketing intern or contract writer. The challenge for many is to get past their view and focus the discussion on the prospects' view in order to build value in the buyer's mind.
Buyers come in m
Buyers come in 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
any shapes and sizes, with an equal number of objectives, agendas and motivations. To believe that a single "Value Proposition" will address any or all effectively, not only insults the prospect, but diminishes the rep, the prod
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
ct and the company in the prospects mind.
But it's not all bad, there is a way to meet the prospect on their terms and still utilize your precious proposition. You just need to step back, and take the time to explore, understan
But it's not all bad, there is a way to meet the prospect on their terms and still utilize your precious proposition. You just need to step back, and take the time to explore, understan
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
d and shape the prospects definition of value, based on their realities not on yours. Done right, rest assured you'll have a chance to unsheathe your proposition.
First challenge is to understand who you are working with. "C" l
First challenge is to understand who you are working with. "C" l
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
vel executives evaluate and define value in a different way than those in the middle ranks, say managers or directors. Because they have different objectives and views, you must communicate your value in different terms. A Vice
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
resident is much more likely to perceive and define value in terms of revenue and expenses. For instance a VP of Sales is going to look for things that can increase sales and reduce the cost of sale, or put another way, increasi
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
ng sales and margins. While a regional Sales Manager will look for features and functions that will help them succeed, and be much more price conscious. The Manager is more likely be limited by a defined budget, while the VP, wi
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
l look at price based on value relative to results, i.e. more sales, less cost per sale. We have all gone into situations where we were told "there is no budget", yet the VP came up with budget because they saw the ROI, understo
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
od that they could increase sales now, make their numbers for the year and even with the cost of your service was able to improve margins. Their perception of value was greater than their initial view on budget.
Another key poi
Another key poi
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
t is to work with the prospect, especially executives, to mutually develop the case for the purchase. By focusing on the client, getting them to articulate their goals and challenges in attaining them, you can get them to associ
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
te value with you, your product and the benefit to both them personally and to their company. Unfortunately this takes work in the form of asking questions and more questions, and together developing the answers that build value
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
for you product.
Unfortunately you left the office with a brochure, your marketing team's value proposition and all the answers to your questions, but none for the prospect. Selling is a sport that requires two participants, a
Unfortunately you left the office with a brochure, your marketing team's value proposition and all the answers to your questions, but none for the prospect. Selling is a sport that requires two participants, a
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
d at least one has to be a buyer.
It is important to remember that buyers start out with a concept of what they feel deliver value to them based on their current and future objectives. If you don't engage with them in a way tha
It is important to remember that buyers start out with a concept of what they feel deliver value to them based on their current and future objectives. If you don't engage with them in a way tha
.
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
t will help them associate value, as they define it, or better yet, as you mutually develop it through a series of meaningful interactions, your value proposition will fail to deliver value for you and your company due to lack o
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
sales.
If your sales are going to be based on your objectives exclusively, at the exclusion of the prospect's objective, you will run the risk of the prospect the client will see no value, perceived or real in your proposition
If your sales are going to be based on your objectives exclusively, at the exclusion of the prospect's objective, you will run the risk of the prospect the client will see no value, perceived or real in your proposition
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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