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expectations, and the best way to do this is to know what their needs and expectations are before the conversation begins. Fortunately, sellers are more in tune with relaying product specifications—an equally important factor among buyers as the company’s regulatory history. The tendency for manufacturers to promote their brand credibility overlaps with their buying audience’s top selection criteria; however, too much concentration on this broader, more ambiguous element may inadvertently suggest to the buyer that the seller doesn’t meet the buyer’s higher priorities and is instead trying to win on reputation instead of product specifications.
investigating the key purchase criteria expected from a supplier as well as the types of excipients required for their pharmaceutical product portfolio. Excipient manufacturers (n = 189) were asked a complementary set of questions to gain an understanding of how these businesses acquire new customers and retain existing customers. The resulting data revealed a gap in the traits buyers focus on when making a purchase decision versus the traits sellers promote in their marketing communications and sales calls. This gap translates to opportunities lost or dollars left on the virtual sales floor.
Among excipient buyers looking to qualify new suppliers, the manufacturer’s regulatory track
record and the excipient product
specifications are top of mind for 31% of respondents. These qualities are followed closely by the excipient manufacturer’s brand credibility and the price of the excipient (inclusive of the product, its transportation
60 | | January/February 2015 and storage), with 30% of respondents
indicating these criteria are top of mind in selecting a new excipient supplier. When it comes to engaging new customers, excipient manufacturers stated that they tend to focus on brand credibility (51%), price (48%), and providing product samples or discussing the product specifications (40% each). The number one criterion for buyers—Regulatory/ Legal—lands in
sixth place in terms of
popularity among excipient sellers, with only 37% including information on the company’s quality systems, certifications or on-site supplier inspections in the dialogue.
What happens when the seller does not address a buyer’s top priority? Naturally, the buyer leaves the conversation with questions and perhaps speculation as to why this important element was not included in the discussion. The best way to leave off a sales conversation is with the buyer confident that your product will meet their needs and
Courting new clients is tricky, and speaking to the points prospective clients want to hear will help immensely in converting prospects to clients. Of course, just like any other relationship, it’s important to stay in touch to understand how a client’s needs change as your relationship evolves—from new to existing to longstanding. Retaining existing clients isn’t easy; thus the same advice applies to these relationships: it is essential to know what matters most to the customer when it comes to pitching a new business or renewing an existing business. It is also important to take note that excipient buyers value a slightly different set of attributes when it comes to renewing a supply contract versus establishing a new relationship.
In the same way that a store needs to adapt to the shoppers’ behaviors to maximize sales, an excipient manufacturer needs to adapt to its buyers’ behaviors to maximize the efficacy of both marketing materials and sales discussions. The starting point is in understanding the purchase criteria among your buyers and crafting marketing materials and sales dialogues that compellingly convey your company’s strengths among these criteria. Keep in mind that new prospects and existing clients evaluate their suppliers on different selection criteria and deserve to have uniquely tailored pitches to renew their contracts.
If you want to learn more about the report or about how to participate, please contact Nigel Walker, managing director, or Kate Hammeke, director of business intelligence, at That’s Nice by sending an email to nigel@
thatsnice.com or
kate.h@thatsnice.com
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