Dentist’s Office
A couple of weeks ago I was sitting in a dentist office waiting for my turn.
There were a couple of other people. I was going in for a follow up on regular check that I had a couple of weeks previous.
I noticed there is one of the guys in the waiting was wearing a suit and had a briefcase. I thought that he was probably a salesperson and someone to find out what the deal.
I’d always been interested in pharmaceutical salespeople especially the kind that have to cold call dentists and doctors offices. He told me he was in a kind of a fortunate position.
Normally what these guys do, he was pretty young, they go through the training and for the first year or two. Then they have to get all their clients purely by cold calling. You don’t get a preset list of existing clients they have to go out and create their own business.
Easy Sales Once It’s Going
If they could manage to do that they can make a lot of money. This guy was in a pretty enviable position because he was taking over somebody who retired abruptly about halfway through his career.
This is pretty rare because if you’re a successful pharmaceutical rep you can make a lot of money. It’s very very easy to make a lot of money and the reason is once you set up a bunch of clients that keep using the products all you really need to do is meet them once or twice a month and just kind of make sure everything’s okay.
The pharmaceutical industry is so powerful and wealthy these meetings, every once or twice a month to make sure the clients are okay, these meetings are usually involving a lot of money and a lot of gifts and a lot of trips and a lot of under the table shenanigans.
Why Did You Quit
It’s a very very nice job to have which is why was strange that this guy retired when he was in his mid-40s in the middle of a very lucrative career.
One of the things that everybody knew about this guy is he had always been interested in any kind of the holy Grail of persuasion or the holy Grail of sales.
He was always, he had always been looking for some kind of an ancient technique that would make everything easier to persuade people.
One of the parts of his job and every on every other person’s job is even if you have a full list of clients you still have to spend 20% of your time cold calling. There is always good to be new businesses in your territory new dentists and doctors you have to cold call to show up before the other guy does and try to get them as customers.
Cold Calling Is Difficult
Even for successful experienced salespeople cold calling only gets you about a five or ten percent closing rate. What had happened to this guy suddenly his cold calling closing rates went from 10% up to 90-95% which meant something this guy had discovered or learned had taught him how to show up to a brand-new people without even having an appointment and turning that doctor or dentist into a client.
He would show up with his briefcase full of samples and he was able to talk the doctor or dentist into becoming a full-time client of this guy. Nobody really knows how he did it because he had only made this change and he stayed with the company for another three months.
All they know is that he had always been looking for some kind of an ancient technique to become the master salesperson of all time and suddenly his cold calling percentages went from 10% up to 90%.
Vanished Without A Trace
Then he just kind of disappeared. He didn’t literally disappear but he retired from a company. He filled in all his paperwork and he just kind of stopped contacting previous sales colleagues.
There’s a lot of rumors about what happened to them some say that he just kind of went into a different industry where he can make a lot more money where he can become a lot more persuasive where he can have a lot better income with a lot less effort.
Other people say he went way up in the upper echelons of the pharmaceutical industry and is now working for some kind of a lobbying group that interfaces with Congress. He’s using his persuasion skills to persuade Congress to make the laws even more beneficial to the pharmaceutical companies.
Chilling On A Beach
Other people think that he just retired flat out. He’s living on some island somewhere.
This guy is very very happy to have sort of jumped the line instead of having to go through the first year of cold calling he just now has to take over an existing set of clients.
While this isn’t as easy as having the clients yourself a lot easier than cold calling people but even cold calling people if you can make it through the first year being an effective salesperson for a pharmaceutical sales company is a very very enviable position of being in.
The pharmaceutical companies, at least in the United States, they have massive amounts of power. They spend about 75% of all television advertising. They have a lot of influence on the American Medical Association. They have a lot of influence on the definitions of illnesses and disease and how to treat them.
Shadow Government
They have a lot of influence on Congress and the laws they pass. It’s almost as if these pharmaceutical companies are kind of a shadow government unto themselves with all the power that they have.
If you can become an effective salesperson for one of these companies that can be a very very lucrative and powerful position to be in.
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