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How high is your sales trust factor?

Is it higher than the sales trust factor of your competition?

It should be, if you want to increase your success in sales.

Your trust factor represents the level of trust that buy

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

ers have in you as a seller. In the buy/sell relationship, perception is the reality under which sellers operate, and trust is based on the buyer’s perception of you.

You may be the most honest, trustworthy person in y

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

our field, but if buyers don’t perceive you to be trustworthy because of your selling behaviors, it doesn’t matter how trustworthy you are in reality.

Buyers Don’t Trust Sellers What is the greatest challenge,

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

usually unspoken, that sellers face when working with buyers?

Distrust.

The simple truth is buyers don’t trust sellers. Unfortunately, because of the way a lot of people have sold in the past and still sell today, buy

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

ers have very good reasons not to trust sellers.

We all like to think we’re trustworthy. In fact, a study has shown that we think others trust us at significantly higher levels than they really do. For example, you may

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

think that buyer A rates you as eight out of ten on the trust factor scale. When asked by a third party, however, the same buyer may actually rate you as five out of ten, the same they rate most other salespeople. Agai

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

n, the reality is that most people mistrust sellers — regardless of what they may tell you.

Trust – YOUR Competitive Advantage To win more business, especially in today’s competitive environment, it’s imperativ

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

that you create a separation point between you and your competitors based on trust. Notice I said YOU. For most products and services today, there is relatively little functional difference for the buyer among the avai

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

lable choices, even though companies continue to spend billions of dollars in advertising each year to attempt to create separation points in the minds of buyers.

Today’s buyers are so busy and exposed to so much infor

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

mation that often they either ignore or do not recognize these efforts. Buyers have a difficult time making a purchase decision because they are not able to identify one product or service that is clearly superior to th

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

e others.

It’s critical, then, that sellers focus on trust-building activities with prospects and customers and avoid trust-breaking activities. You must take it upon yourself to create a separation point in the mind o

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

f potential buyers between yourself and your selling competitors.

The best way to create this separation point is to increase your trust factor with your buyers.

You Need a Plan Given the perception of buyers,

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

trust-building is not likely to occur simply as a result of your sales process.

If you attend the same training courses as other sellers in your industry, read the same books, say the same things, and use the same sal

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

es tools and techniques, chances are you’re not going to create much of a separation with buyers based on trust.

Despite the fact that level of trust is the number one decision factor in many purchases, it is rarely ad

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

ressed. If you were to take a look at the indexes of the ten most popular sales books, how many do you think would include the word “trust” in the index? Try it. If the books you read are like the books on my bookshelf,

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

only one or two will even have the word listed in the index. The others probably have only a few paragraphs discussing the topic of trust.

So what IS your approach to overcome distrust, one of the most significant obs

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

tacles in the buy/sell relationship? Do you have a specific, well-thought out plan designed to overcome this obstacle and to build greater levels of trust with your prospects?

You must create an action plan and constan

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

tly focus on executing the plan in order to build trust. And once you’re able to increase your trust factor with buyers, you will also see an increase in your sales.

Summary — Three Key Points to Remember:

.

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

Regardless of what you believe about your own level of trustworthiness, your trust factor with buyers is low.

To increase sales, individual sellers must create their own separation point from competitors

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

rather than rely on their product, service, or company to create the separation point.

Sellers can create a separation point by building a greater level of trust with buyers versus their competitors.

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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