Drug Rep Time

How to succeed in Pharmaceutical Sales.

Only 3% are buying now.

Across the board the statistics show that: 3% are buying now, 6-7% are open to it, 30% don’t think about it, 30%  don’t think they are interested, 30% know they are not interested. Compare that to your answers to the previous post. So go back to the stadium where you have 1000 doctors who came to listen to you but don’t have to stay. What do you need to say to move the crowd up the ladder: to convert those who are open to it to “buying now”, those who are “not thinking about” it to “open to it”, etc. The answer is you either got to appeal to their fears or to feed their burning desire to learn/ educate them. I will dedicate my next posts to those big two.

April 9, 2008 Posted by | Inside your doctor's mind, Marketing and Sales strategies | | Leave a comment

The stadium pitch.

I would like to introduce you to a great concept created by an outstanding marketer, Mr. Chet Holmes. It’s called “The stadium pitch”. This concept, once mastered, will arm you with a powerful understanding of the psychology of your prospects. Let’s imagine that you sell XYZ and that you have an audience of 1000 doctors who agreed to give you their attention for as long as you can retain it. You have a unique chance to address that audience and to convince them to write your outstanding XYZ product, but the caveat is that nothing will keep them in their seats and they are free to get up and leave at any time during your pitch. Turns out that no matter what you sell ( cars, furniture, office equipment, ED medications or ice cream ) there always will be 5 categories of prospects: 1. Those who are ready to by right now. They are sooo ready that you only need to offer; 2. Those who are open to “the idea of buying”. They are mostly ready to change, but may not yet be “buying now”; 3. Those who are “not thinking about it”. They are not against it, not for it, but just ” not thinking about it right now”; 4. Those who “think they are not interested”. They are not looking for any change and are happy with what they got at present; 5. And, finally, the last group is ” definitely not interested”. They are aggressively “anti-XYZ” ( please, do me a favor, leave them alone). Let’s go back to the stadium and answer the question: What percentage does each of the five categories represent? I want you to estimate and assign a % to each group in the comment section. This post will be continued once I see some answers. Of note, the statistics across all businesses is about the same, no matter what you sell. So, please, do not say “It depends…”. Just give us your estimates.

April 5, 2008 Posted by | Inside your doctor's mind, Marketing and Sales strategies | , , | 8 Comments