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Periscope — May 2011 Issue

 

New Business Opportunities for Companies Serving Pharma

May 2011

The PharmSource PERISCOPE provides valuable insight into sales issues and trends for companies that sell goods or services to bio/pharma. It helps you recognize new business opportunities, and overcome sales obstacles.  Enjoy the May issue.

The PharmSource Team

377 overall leads for pharma vendors were reported by the PharmSource Lead Sheet in April 2011:

Lead Type April 2011 YTD
Non US 136 575
Early Dev 139 341
Late Dev 47 229
Large molecule 78 263
Small molecule 151 494
Newly-funded 70 342
New sourcing 10 75
Parenteral 98 345
Oral 90 296
Total Leads 377 1,459

Below are two actual leads from recent issues of the PharmSource Lead Sheet (PLS), the weekly, web-based information service that delivers new business opportunities and key market intelligence information to companies serving Bio/Pharma. It includes new information on products in development, acquisitions, alliances, financing transactions, and more, and delivers up to 70+ fresh leads each week in pharma/biotech companies around the world. Use the PLS to stay on top of opportunities as soon as they’re announced, to keep attuned to market activity and trends, and as a key resource for targeted marketing.

For The Week Of
May, 8th 2011



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This section of the PERISCOPE summarizes just a small sampling of the many recent appointments of new people to high-level positions in pharma/biotech. For more information of this nature, see the “Key Appointments” section of the weekly PharmSource Lead Sheet.


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By James W. Obermayer

[Editor’s Note:In this month’s sales article, author James Obermayer talks about the lynchpin to sales success as being a solid lead generation program that delivers qualified leads (e.g. the PharmSource Lead Sheet). Combined with an effective prospect follow-up plan and tracking resources, this gives you, as Jim says, “…the ability to create a customer at a faster rate than your competitors.” JLM]

Sometimes it doesn’t make any difference how much sugar you add to something —  it won’t change the outcome. Sprinkle a little or a lot of sugar on bull, and it won’t change the taste; you can’t make it into candy.  You have to start with meaningful ingredients. Let’s take sales lead management (yeah, I know it’s a stretch, but read a bit more). C-level managers want to spend only enough on marketing to make forecast. That’s it. Anything more from their perspective and the money is wasted. [Many] CFOs and CEOs only have a hint of an idea on branding. To them branding is just another way for marketing to spend money without being held accountable.

For most companies adding a CRM and Marketing Automation System to the sales process is like sprinkling sugar on the problem. They know they need to do something, and heck, everyone else is doing it, but managing sales leads crosses so many department barriers that it resists change. Even the best CRM and Marketing Automation Systems can only do so much. Why is that?

We all agree that the fundamental purpose of a company is to create a customer and that can only come about when marketing or sales creates a demand for the company’s products; time for Peter Drucker (when all else fails quote the master), who said, “A company’s primary responsibility is to serve its customers. Profit is not the primary goal, but rather an essential condition for the company’s continued existence. There is only one valid definition of business purpose: to create a customer.”

Creating and managing a customer when they have raised their hand and shown an interest, whether from a salesperson’s cold call or a marketer’s lead generation program, will succeed or fail based on one single criteria: unfailing follow-up.  Failure to sell is ultimately based on the old sales saw that says, “All things being equal people buy from people they know, all things being unequal, people buy from people they know.”

If you fail to follow-up and start a conversation it isn’t a surprise when you lose the sale. 75% to 90% of all customers who seek information from a company are never followed-up with anything more than a brochure or an email.  And yet the typical B2B product takes from 3-6 touches (conservatively) to turn someone into a customer.

To create a culture of unfailing follow-up requires a mandate from management to both sales and marketing, tracking systems (CRM) and information delivery systems (MA).  Companies that have a 100% inquiry follow-up can cut their marketing budgets by 50% and still increase sales within 90-120 days.  Marketing Automation programs are inexpensive tools (sugar) that provide insurance for lead follow-up when the salesperson fails.

Take a solid lead generation program that delivers qualified leads, mix in rules for 100% sales lead follow-up by salespeople, a CRM system for tracking and accountability, and sprinkle a marketing automation program into the mixture—and you have the ability to create a customer at a faster rate than your competitors. In this case you’ve sprinkled sugar on the process and it does come out as candy!

About the Author
James W. Obermayer is a principal in Sales Leakage Consulting, Inc., a California-based sales and marketing strategy consulting firm, and a principal of Cerius Consulting. In addition, he is the author of Managing Sales Leads, Turning Cold Prospects into Hot Customers and Sales & Marketing 365. He is also co-author of Managing Sales Leads, How to Turn Every Prospect into a Customer (over 12,500 copies sold).  Obermayer also has written more than 80 articles on sales and marketing management, and is a frequent speaker at conferences, training seminars and corporate sales meetings. Jim can be reached at jobermayer@salesleakage.com or 1-714-998-1737.

This article was reprinted with the author’s permission.

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By Rochelle Togo-Figa

One of the most effective ways to get more business is to follow up with the prospect. Sadly, 80% of sales opportunities are missed because people do not follow up consistently. Studies have shown that most prospects who do not buy in the short-term usually make a purchase within 12 months. When they make the purchase, it’s going to be with the person who has stayed in touch with them on a consistent basis. Prospects do business with people they know, trust, and who understand their needs.

Some of the reasons salespeople don’t follow up are:

  • There is no organized system in place.
  • They’re afraid they’ll appear too pushy.
  • They’re afraid they’ll be rejected.
  • They don’t know what to say.
  • They call once or twice, and move on to the next thing.

Here’s the good news—although for some of you it may seem like bad news: it takes AT LEAST 5-10 follow-ups to close the average sale. Yes, that’s the truth. So, if you’re routinely giving up after 2-3 tries, you’re giving up way too soon. They may not be ready to buy from you now, but if you remain fresh in their minds you’ll be the one they’ll buy from when they are ready.

Here are 7 easy, simple ways to turn follow-up into sales:

  1. Create Follow-Up Systems: Select a follow-up system for tracking your accounts that works for you. There are several systems that can help you track your accounts efficiently and effectively. A personal computer: There are contact management programs designed for organizing and tracking your accounts. ACT, Goldmine, and Outlook have contact management programs. A notebook: Use a single sheet in your notebook for each client and enter the dates of your calls along with notes. Keep your top 10-20 hot prospects in the front of your notebook, alphabetized by client name. The old-fashioned tickler system: Set up your folders numerically by dates starting with 1-31. Use a single sheet for each new prospect, and write down the name, phone numbers, address, email address, and any pertinent notes about the account. Then file it in your tickler file system by date of your next contact with them. A business card file: Although the space is limited, you can write tiny notes on the card. The card file can be used before information is entered on computer. Use the system that works best for you.
  2. Follow-Up Sales Tools: It’s pretty standard to use the telephone and e-mail for those 5-10 follow-ups with a prospect. Begin to embrace other ways of staying visible to the prospect over a period of time. Some other tools that work are sending letters, faxes, brochures, and literature. Be creative and use testimonial letters from satisfied clients, invite them to a seminar or to lunch, send them a small item with your company name printed on it, or if appropriate, give tickets to a sports event, the theater or a seminar.
  3. Touch-Base Email: It takes 5-10 touches to close the business, so don’t give up. Writing a “soft” touch base email is a non-pressure way of letting prospects know you’re thinking of them. Remind them they expressed interest in your product or service. Let them now you’d be happy to meet and specify a time you’re available to talk. Let them know if they’re not ready that it’s perfectly fine with you—you’re there for them when they are.
  4. Personalize Your Follow Up: There are numerous ways to personalize your follow-up contact with prospects. You can write a hand-written note thanking them for the meeting, or inviting them to meet for coffee or lunch. A hand-written note is a personal touch the prospect will appreciate in a world that’s becoming more and more electronic.
  5. What to Say When You Follow-Up: If you’re following up by phone, write out an outline of what you want to say so you come across as confident and prepared. If the prospect asked you to call them on a specific date, make sure to mention that in the message whether they answer the phone or you leave a message. If they’re not there when you call, this is more apt to make them feel obligated to call you back. If you reach them, say, “Hello, Mr. Jones, this is Jane Smith of ABC Company. The reason I’m calling you today is that when we last met on March 4th, you suggested I give you a call today to set up an appointment. Would next Tuesday at 3 pm work for you or would Friday at noon be better?”
  6. Develop the Habit of Persistence: The key ingredient to effective follow-up is persistence. Persistence with the right attitude leads to more business. With persistence, obstacles and problems can’t stop you, and most importantly, other people can’t stop you. Your ability to follow up will determine your success in sales.
  7. Don’t Get Stopped by NO: You have to be willing to do what it takes to move past the seventh “no” or “I’m not ready yet” to get the sale. A “no” is nothing personal. The prospect is saying “no” to the product, not to you. Think about the fact that when you really want something important, nothing stands in the way. Why not bring those same qualities to your business? How many “No’s” are you willing to take before you give up the sale?

ASSIGNMENT:

  • Make a list of prospects you’ve met with who expressed interest but haven’t bought from you yet.
  • Select one of the follow-up systems to track your prospects. Then set up a schedule of dates when you’ll be following up with them and enter those dates in your system. You’re now organizing your follow-up calls.
  • Send “soft touch-base” emails to these prospects. Make sure the email you write is friendly, brief and non-pressuring.
  • Write a personal hand-written note to several prospects letting them know you enjoyed meeting them and invite them to meet for coffee.
  • Be organized, creative, and persistent and don’t get stopped by “No.” Remember it takes AT LEAST 5-10 follow-ups to close the sale!

© Rochelle Togo-Figa.

About the Author
Rochelle Togo-Figa, The Sales Breakthrough Expert, is the creator of The Sales Breakthrough System™, a proven step-by-step process that will help you close more sales, sign on more clients and make more money with ease and velocity. To learn more about Rochelle’s services and to receive a FREE copy of her special report, 43 Ways to Close More Sales, visit SalesBreakthroughs.com or 1-714-998-1737.
This article was reprinted with permission.

Article Source: http://EzineArticles.com/1281697

This article was reprinted with the author’s permission.

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Prospect Profile highlights a newly funded bio/pharmaceutical company each month. This includes important insights into the featured company’s product pipeline, manufacturing and business relationships, and likely sourcing opportunities.

Synta Pharmaceuticals

Synta Pharmaceuticals is a public pharmaceutical company that discovers and develops treatments for cancer and autoimmune diseases.  As reported in the March 21, 2011 issue of the PharmSource Lead Sheet, Synta Pharmaceuticals raised approximately $35 million in a registered direct offering of stock.

Sourcing Opportunities

  • The proceeds of this stock offering will be used to fund R&D, clinical trials, manufacturing, intellectual property protection and enforcement, working capital, and for other general corporate purposes.  The financing may represent sourcing opportunities in clinical trials and manufacturing.

Corporate Highlights

  • 2001: The company was founded and commenced operations.
  • By the end of 2010, the company had 112 employees. 82 employees are primarily engaged in R&D activities and 30 employees are primarily engaged in general and administrative activities.
  • Corporate Headquarters (including research laboratories): Lexington, MA, 76,580 square feet of office and laboratory space.

Manufacturing Status

  • Synta Pharmaceuticals relies on third parties, including CDMOs, for:
    • Synthesis of all API.
    • Supply of drug candidates in bulk quantities and for the production of suitable dosage forms.
    • Manufacture, testing, release, supply, storing, and distribution of drug supplies for clinical trials.
  • The company currently uses a single CMO for manufacturing elesclomol and ganetespib, which has specific experience in manufacturing oncology products as well as flexible scale manufacturing capabilities.

Business Relationships

  • 2007: Synta Pharmaceuticals and GSK agree to jointly develop and commercialize elesclomol.
  • 2008: Synta Pharmaceuticals and Roche agree to discover, develop, and commercialize small-molecule drugs that target calcium release-activated calcium modulator (CRACM) channels for the treatment of rheumatoid arthritis and other autoimmune and inflammatory diseases.

Pipeline

Product
Candidate 		Indication Dosage Form Status Next
Anticipated Step
CRACM channel inhibitors Autoimmune Oral Preclinical TBA
IL 12 / IL 23 Inhibitors Autoimmune TBA Preclinical TBA
STA-9584 Cancer TBA Preclinical TBA
Elesclomol
(STA-4783)		 Cancer Parenteral Phase II Plans to initiate a Phase IIb trial in Q2 2011
Ganetespib
(STA-9090)		 Cancer Parenteral Phase II Plans to initiate a Phase IIb/III trial in Q2 2011


Finances

(In $ thousands) 2009 2010
Revenues 144,245 14,803
R&D Expenditures 51,054 40,252
General & Administrative Expenditures 12,651 11,449
Total Operating Expenses 64,941 51,701
Capital Expenditures 136 1,366


Contact Information

Synta Pharmaceuticals Key Officers
45 Hartwell Avenue Safi Bahcall, PhD, President and CEO
Lexington, MA 02421 Keizo Koya, PhD, SVP, Drug Development
Tel.: 781-274-8200 Vojo Vukovic, MD, PhD, SVP and CMO
Fax: 781-274-8228 Suresh R. Babu, PhD, VP, Drug Product Development
Web: www.syntapharma.com Iman El-Hariry, MD, PhD, VP, Clinical Research

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The PharmSource Lead Sheet is the weekly web-based information service that identifies fresh business opportunities for companies serving pharma and biotech. Respected, endorsed and depended on by the top companies, the PLS informs you of new business opportunities. It lowers your prospecting costs, raises the productivity of your sales staff, and helps keep your lead funnel full.

If you’re not yet a subscriber to the PharmSource Lead Sheet, we invite you to take a complimentary test-drive to see for yourself how this service can be a vital tool for growing your market share and building your brand recognition.

Subscribe by May 31, 2011 and

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*This offer is for new subscribers only at the Corporate subscription level or above.

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