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Just Answers - Negotiating and Sales Skills Are Critical
When I first started getting active in creative real estate, my skill set at negotiating was very weak. I had done the telemarketing thing for American Express as a financial planner and had studied and learned a few techniques. On the surface one might think that would be
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
a perfect tie-in to talking to sellers about their properties and their financial situation. I can promise you it wasn't.
Yes, I did pick up asking general sales techniques like never asking close-ended ("yes" or "no" answers) questions. Also, it still works to ask multi
Yes, I did pick up asking general sales techniques like never asking close-ended ("yes" or "no" answers) questions. Also, it still works to ask multi
; 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
le choice assumptive questions like "Would Tuesday at 6 p.m. or Thursday at 3 p.m. work better for you?". The basics were not enough.
When I first began asking sellers what their loan balance was, I may have actually received a number for an answer 50% of the time. I had
When I first began asking sellers what their loan balance was, I may have actually received a number for an answer 50% of the time. I had
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
two major obstacles facing me.
First, my belief system was cock-eyed in that having come from a financial/accountant type background, I knew without a shadow of a doubt that no one would ever just give me their house and that only a complete fool would tell me the balance
First, my belief system was cock-eyed in that having come from a financial/accountant type background, I knew without a shadow of a doubt that no one would ever just give me their house and that only a complete fool would tell me the balance
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
remaining on their loan.
Second, I didn't have a clue as to the right way to ask and I can tell you from experience that it matters greatly.
The first obstacle, belief system, was easily overcome after I met my first truly motivated seller. Okay, beliefs systems are tra
Second, I didn't have a clue as to the right way to ask and I can tell you from experience that it matters greatly.
The first obstacle, belief system, was easily overcome after I met my first truly motivated seller. Okay, beliefs systems are tra
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
hed and I must be the complete fool because that was way too easy.
The second obstacle, phraseology/negotiating, is no longer an obstacle, per se, but it is still a skill that I continually try to improve upon. The two key components, assuming you have already properly es
The second obstacle, phraseology/negotiating, is no longer an obstacle, per se, but it is still a skill that I continually try to improve upon. The two key components, assuming you have already properly es
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
ablished good rapport, are timing and the phrases you use.
Here are some quick examples of how NOT to ask a seller what the loan balance is:
* What do you owe?
* Are you willing to sell it for what you owe?
* How much equity would you say you have?
* etc., etc.
Here are some quick examples of how NOT to ask a seller what the loan balance is:
* Are you willing to sell it for what you owe?
* How much equity would you say you have?
* etc., etc.
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
Now, don't get me wrong. If you use these phrases and similar ones enough times and with enough confidence, you will be able to get a numerical answer on occasion (as opposed to some of the not so friendly responses I received early on).
Contrast the above phra
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
es to these:
* How much is left on the loan?
* So, the property's not owned free and clear?
* etc., etc.
The first set of questions personalizes the issue and attaches the debt, and thus the problem, with the seller. The second set of questions creates d
* How much is left on the loan?
* So, the property's not owned free and clear?
* etc., etc.
The first set of questions personalizes the issue and attaches the debt, and thus the problem, with the seller. The second set of questions creates d
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
tachment and since it's no longer "their debt" or "their problem" or "what they owe", it's just simply a number and not a problem to share.
Since I first picked up on this one little tactic, I would estimate I get all the information I want on 99 out of 100 calls with alm
Since I first picked up on this one little tactic, I would estimate I get all the information I want on 99 out of 100 calls with alm
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
st no real effort. Granted, it does take time and practice to develop decent phone skills. The ability to naturally create rapport and flow with the call, yet still get the information you want will come with time. My point is that it's important to begin testing and track
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
ing different approaches. If you do this, you will notice some very interesting results.
Here's another example when asking about whether or not the seller would consider a carryback (financing it for you). I'd suggest actually trying this one out just to verify the reali
Here's another example when asking about whether or not the seller would consider a carryback (financing it for you). I'd suggest actually trying this one out just to verify the reali
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
y. If I ask a seller something like:
* Would you consider owner finance?
* Would you do a carryback?
* Would you carry paper on this?
* etc., etc.
What do you think my responses will be? Yes, I know that we like to use our fancy terminology once we've m
* Would you consider owner finance?
* Would you do a carryback?
* Would you carry paper on this?
* etc., etc.
What do you think my responses will be? Yes, I know that we like to use our fancy terminology once we've m
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
stered it. I'm probably as guilty as anyone in that regard. However, what the above questions accomplish is forcing the seller into a corner. Either they have to admit they don't understand, and thus appear foolish, or simply say "no". Which do you think happens most often
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
?
Compare the above questions with something like:
* Are you in a position where you could take payments?
* Would it be possible for me to make payments for a while and pay off your loan later?
These questions almost always lead to a "yes" or a "tell me
Compare the above questions with something like:
* Are you in a position where you could take payments?
* Would it be possible for me to make payments for a while and pay off your loan later?
These questions almost always lead to a "yes" or a "tell me
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
ore" type response. You'll be amazed at the difference.
These are just two quick examples of how the phrases you choose can affect your results. Take a minute to consider how many questions you ask and how much information you attempt to extract from a seller in a single
These are just two quick examples of how the phrases you choose can affect your results. Take a minute to consider how many questions you ask and how much information you attempt to extract from a seller in a single
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
all. Knowing what to say and when to say it will improve your performance more than you can imagine.
I highly recommend picking up some books and/or taking some courses on sales and negotiating. Roger Dawson has great materials available on this web site... y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
I highly recommend picking up some books and/or taking some courses on sales and negotiating. Roger Dawson has great materials available on this web site... y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
//www.texasrealestateclub.com/courses.html#negotiating" target="_new">http://www.texasrealestateclub.com/courses.html#negotiating and you can visit his site at www.rdawson.com.
I'd also recommend reviewing our recomme
I'd also recommend reviewing our recomme
.
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
ded book list for materials on sales and negotiating which can be found here... http://www.texasrealestateclub.com/booklist.html.
Grab some books by Tom Hopkins, Zig Ziglar, and other top sales a
Grab some books by Tom Hopkins, Zig Ziglar, and other top sales a
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
d negotiators and begin the quest. I firmly believe no other action will make you as much money as fast as developing these skills and practicing them.
Regardless of your specific approach to your business, these skills will absolutely be used in every aspect of your life
Regardless of your specific approach to your business, these skills will absolutely be used in every aspect of your life
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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