It might sound cruel, but there's more than one way to skin a cat, just as there's more than one way to make more sales in medical selling.
What used to be the secret ways to increase revenue could have been the hindrance to making it right now.
Know these 5 approaches that used to work wonders in medical selling but were slowing revenue down these days.
- Focusing On Products, Not Market
The recent selling models have moved from being products focused on customers focused.
But medical sales has to serve two customers: prescribers and patients.
The emergence of institutional selling and patient focus selling had changed the landscape to pharma selling.
The emergence of institutional selling and patient focus selling had changed the landscape to pharma selling.
Institutional trading, for example, requires the sales rep to work with different decision-makers at a different level.
Clearly, focusing on products is not going to work in this situation.
What makes sense is to focus on the market and patients, and to work closely with parties involved as partners.
Gone were the days where sales reps make calls to clinics or hospitals and write the orders.
What makes sense is to focus on the market and patients, and to work closely with parties involved as partners.
- Selling And Not Partnering
Gone were the days where sales reps make calls to clinics or hospitals and write the orders.
The decision to purchase or not had been influenced by too many variables that to cover each variable is almost impossible and not worth the while.
That's why today, many pharma companies find ways to work with healthcare organizations and non-governmental bodies.
That's why today, many pharma companies find ways to work with healthcare organizations and non-governmental bodies.
By doing this, they keep themselves close to what customers want, both prescribers and patients, at the same time.
They don't need to second guess or run a nationwide survey to know what they need to offer.
The partners will tell them...
It works well in General Practitioners (GP) setting but having that said, GPs are also moving into group practice whereby there is more than one GP who makes the decision.
The partners will tell them...
- Focusing On A Few Individuals
It works well in General Practitioners (GP) setting but having that said, GPs are also moving into group practice whereby there is more than one GP who makes the decision.
It becomes like a mini-private hospital.
And that makes focusing on just a few individuals work for the short term.
And that makes focusing on just a few individuals work for the short term.
If there's a change, like the death of a GP, the whole balance shifts and business becomes unstable once again.
It makes more sense to broaden the horizon and look beyond one clinic or one prescriber if the medical sales rep is in for the long haul.
Thinking that medical sales are one rep show is so yesterday!
It makes more sense to broaden the horizon and look beyond one clinic or one prescriber if the medical sales rep is in for the long haul.
- Think Medical Sales As A One Rep Show
Thinking that medical sales are one rep show is so yesterday!
Even GPs nowadays prefer to talk to Senior Management to test how serious a pharma company is in partnering with them.
Pharma companies used to live by the notion of there's a super sales rep for each product portfolio, and area.
Pharma companies used to live by the notion of there's a super sales rep for each product portfolio, and area.
But that was the old model.
To really excel in the medical industry today, selling needs to involve all departments in a pharma company; from sales to marketing to legal.
To really excel in the medical industry today, selling needs to involve all departments in a pharma company; from sales to marketing to legal.
Every department needs to get involved.
Prospects see a company as a whole, and not only a single department.
Companies and products easily outlive reps.
- Approach Selling As A Short Term Gain Not A Long Term Business
Companies and products easily outlive reps.
Medical sales reps come and go, quickly.
Products and pharma companies do not.
It's funny to see how individual pharma companies approach medical selling as a short term gain where once they make a profit, they seem to lay back and let go.
I have an excellent example in this part of the world where a pharma company wins a government sales tender for its product and starts to rest on its laurel, at least for the next two years.
It's funny to see how individual pharma companies approach medical selling as a short term gain where once they make a profit, they seem to lay back and let go.
I have an excellent example in this part of the world where a pharma company wins a government sales tender for its product and starts to rest on its laurel, at least for the next two years.
Last year, it lost the bid and found it hard to penetrate the private sector which was well covered by its competitor during the tender tenure.
That can happen to any company that thinks good times last forever.
That can happen to any company that thinks good times last forever.
Just look at how many pharma companies are crumbling due to a patent cliff - a bright, classic example of ignoring the long term view of the business.
These are just five approaches that I deem detrimental to pharma companies' sales revenues. They used to work well years ago, but things don't stay static in the pharmaceutical industry and marketplace. Knowing these approaches, at least, help medical reps predict the next step to bring in more sales.
These are just five approaches that I deem detrimental to pharma companies' sales revenues. They used to work well years ago, but things don't stay static in the pharmaceutical industry and marketplace. Knowing these approaches, at least, help medical reps predict the next step to bring in more sales.
Or gives them ideas about their next move with their medical sales jobs.
Do you have anything to add?
Do you have anything to add?
What's your take on this?
Share them here!
Related reading: 5 marketing functions of the medical sales rep that increase sales
Related reading: 5 marketing functions of the medical sales rep that increase sales
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