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Cases - High-Tech Selling: Is It Really That Difficult?
Selling high-tech products and services is much more difficult than selling most other products and services: Truth, or just a popular myth?
Selling anything that is not a known commodity can be difficult. However, most of the difficulty is crea
Selling anything that is not a known commodity can be difficult. However, most of the difficulty is crea
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
ted by salespeople themselves. Here are some of the reasons why high-tech Sales seems so difficult - and how the typical selling process just reinforces that myth.
1. Most salespeople are unable to describe their product or service clearly and b
1. Most salespeople are unable to describe their product or service clearly and b
; 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
iefly enough.
Most people take 20 to 30 seconds to decide whether they want what the salesperson is selling. Prospects get frustrated and annoyed at the salesperson who doesn't communicate with immediate clarity.
An effective prospecting offer
Most people take 20 to 30 seconds to decide whether they want what the salesperson is selling. Prospects get frustrated and annoyed at the salesperson who doesn't communicate with immediate clarity.
An effective prospecting offer
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
hould ideally be about 45 words. It takes many top salespeople about 2 hours to design an effective and concise prospecting offer. Most salespeople don't even know where to start.
2. Pressing prospects for an appointment before they are ready to
2. Pressing prospects for an appointment before they are ready to
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
buy greatly reduces the probability of ever getting the sale.
Most salespeople believe that they should convince any prospect that has an apparent need for their products and services to buy. However, most prospects are not ready to buy the firs
Most salespeople believe that they should convince any prospect that has an apparent need for their products and services to buy. However, most prospects are not ready to buy the firs
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
t time that the salesperson calls. Driven by the mistaken belief that they should be able to convince the prospect, the salesperson presses for an appointment.
The best route to ultimate success is to call each prospect every 3 to 4 weeks until
The best route to ultimate success is to call each prospect every 3 to 4 weeks until
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
hey are ready to specify or buy your type of product or service - limiting each prospecting call to a maximum of 45 seconds.
3. Premature selling efforts leave a lasting negative impression, and dramatically reduce the odds of ever doing busines
3. Premature selling efforts leave a lasting negative impression, and dramatically reduce the odds of ever doing busines
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
with that prospect.
'Forced' appointments and communications result in closed sales less than 14 percent of the time. When feeling pressured, prospects who don't commit to doing business on the first visit are even less likely to ever buy- then
'Forced' appointments and communications result in closed sales less than 14 percent of the time. When feeling pressured, prospects who don't commit to doing business on the first visit are even less likely to ever buy- then
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
the probability of ever getting the sale drops to 5 percent.
4. Most high-tech salespeople first approach a prospective customer at the end-user level in the organizations that they sell to.
Most line managers don't have the authority to buy -
4. Most high-tech salespeople first approach a prospective customer at the end-user level in the organizations that they sell to.
Most line managers don't have the authority to buy -
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
they are 'influencers' who recommend. They usually don't have access to the funds, either.
The top 1% of the salespeople we studied usually initiate their sales process at the Vice President level. That requires a specifically tailored approach
The top 1% of the salespeople we studied usually initiate their sales process at the Vice President level. That requires a specifically tailored approach
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
5. High-Tech salespeople are fascinated with the features and benefits of their products and services.
Most prospects only want to know what your products and services can do for them. If they determine that what you have is what they want, th
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 will want to know how your particular product works - the features. Most salespeople honestly - and mistakenly - believe that prospects need to be educated before they can make an intelligent decision.
6. Most high-tech salespeople focus on co
6. Most high-tech salespeople focus on co
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
crete product specifications and ignore their prospects' two primary motivators - trust and respect.
In High-Tech sales, a common mistake is to deal with prospects on the basis of specifications, good presentations, logical arguments, convincing
In High-Tech sales, a common mistake is to deal with prospects on the basis of specifications, good presentations, logical arguments, convincing
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
documentation, and factual economic justifications. Most prospects - including engineers and senior managers - have different motives. Their first priority is to deal with a salesperson that they fully trust and respect.
Only the top 1% of the
Only the top 1% of the
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
alespeople know how to establish that kind of relationship in the first half hour of meeting their prospects - and to continuously reinforce it.
7. Most high-tech salespeople acknowledge that they are weak closers.
Salespeople assume that with
7. Most high-tech salespeople acknowledge that they are weak closers.
Salespeople assume that with
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
nough education and information, prospects will logically determine that their product/service is valuable and worth buying. The top 1% of salespeople close a sale after the prospect has effectively closed himself. Starting with agreements made d
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
ring the initial prospecting call, they arrive at dozens of mutual commitments throughout the sales process. The sum of those commitments is a closed sale - with absolutely no pressure on either party.
High-tech salespeople who are strong on pro
High-tech salespeople who are strong on pro
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
duct knowledge and weak on the 1-to-1 sales process help perpetuate the myth that high-tech Sales is Difficult. The truth is that selling high-tech products and services is easy, when an effective selling process is utilized with each and every i
.
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
dividual involved in the buying decision.
High Probability Selling has trained salespeople in 76 different industries, including many types of high-tech products. I have personally managed sales staffs for several hardware and software companies
High Probability Selling has trained salespeople in 76 different industries, including many types of high-tech products. I have personally managed sales staffs for several hardware and software companies
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
I have personally closed many millions of dollars in high-tech sales, including semiconductor production equipment, circuit board assembly equipment, electronic display hardware, technical information services, and manufacturing systems software
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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