Monday, September 18, 2023 11:39:36 AM
Customer Centric Selling by Michael Bosworth is something I am a fan of. On of the more important principles listed in the book is that you need to “make yourself equal, then make yourself different otherwise you will just be different”.
Management has succeeded in making DAXXIFY different but not equal to this point. That is fundamentally why it is not selling as well as it should be. Recent reports by others on this board of the DAXXIFY lite plus pricing changes should address some (not all) prior shortcomings in sales strategy Other sales strategy shortcomings in my view are:
- Not knowing who the customer is. The customer is the person getting the TOX injection. They are the end user. They are the ones to focus on. Direct to consumer marketing needs to be more than social media. At the very least Management should be doing some regional marketing trials and blitz’s through traditional advertising to see the effect. Also- they need to rev up some kind of customer focused rewards program.
- Injectors are solution providers not the customer. Yes, it is important to consider their needs/not make them fight you but in reality some will buy in and some will not. Management needs to stop worrying about making some of them uncomfortable/unhappy. They need to offer better discounts to practices that buy in to DAXXIFY. That can be volume discounts to large practices or partnership discounts to small providers that commit to percentage of sales. BTW- The policy on not advertising price by Revance management is dumb.
- If I understand it correctly, DAXXIFY is not any more potent than BOTOX, it just stays in place longer. The fact that someone early on decided to in effect have the same amount of TOX by mass be twice as many “U” as Botox is something that is to be dealt with. Direct consumer education is important here and should be part of direct to consumer marketing. The focus needs to be something like “DAXXIFY by weight cost the same as BOTOX- but you can use half as much because it stays in place and get the same duration as BOTOX” or “use more and get longer duration”. Consumer education is key so that they know a TOX is out there that either costs them a lot less or costs them less and lasts longer. Somehow- RVNC needs to overcome the problems caused by the DAXXIFY "U" dose being 2x a BOTOX "U" yet it is the same amount of TOX.
- Properly set expectations for customers- DAXXIFY doesn’t need to last 6 months. It just needs to last longer and cost less for the customer. For those of you paying attention, the customer is the person getting injected with Toxin.
- The idea that special training is necessary for injectors needs to be stopped. Is it really injected in different spots? It certainly doesn’t need to be made out like it is anything out of the ordinary care that one would take with any toxin.
I have focused on Aesthetics sales strategies above but I am also looking for management to get more aggressive in general. Again ideally- they will
- Get aggressive on Therapeutics launch.
- Prep to go after international markets by seeking approvals in multiple countries besides China. (Canada, Brazil, EU, Mexico).
I think there is time for Revance to do well and recover from past mistakes as they simply have a superior product.
"People are best convinced by reasons they discover themselves"
Recent RVNC News
- Revance to Release Second Quarter 2024 Financial Results on Thursday, August 8, 2024 • Business Wire • 08/01/2024 08:05:00 PM
- Revance Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4) • Business Wire • 06/14/2024 08:05:00 PM
- Revance to Participate in Upcoming Investor Conferences • Business Wire • 05/28/2024 08:05:00 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 05/09/2024 08:33:08 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/09/2024 08:08:10 PM
- Revance Reports First Quarter 2024 Financial Results, Provides Corporate Update • Business Wire • 05/09/2024 08:06:00 PM
- Revance Expands into the U.S. Therapeutics Market with the Launch of DAXXIFY® for the Treatment of Cervical Dystonia • Business Wire • 05/09/2024 08:05:00 PM
- Revance to Release First Quarter 2024 Financial Results on Thursday, May 9, 2024 • Business Wire • 05/02/2024 08:05:00 PM
- Revance to Present New DAXXIFY® Data at the American Academy of Neurology 2024 Annual Meeting • Business Wire • 04/12/2024 12:00:00 PM
- Revance Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4) • Business Wire • 03/27/2024 08:05:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/08/2024 09:33:10 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 03/05/2024 10:08:05 PM
- Form 424B5 - Prospectus [Rule 424(b)(5)] • Edgar (US Regulatory) • 03/05/2024 10:00:41 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/04/2024 10:34:46 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/04/2024 10:33:23 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/04/2024 09:44:22 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/04/2024 09:33:28 PM
- Revance Announces Pricing of $100.0 Million Public Offering of Common Stock • Business Wire • 03/04/2024 02:25:00 PM
- Form 424B5 - Prospectus [Rule 424(b)(5)] • Edgar (US Regulatory) • 03/04/2024 11:39:11 AM
- Revance Announces Proposed Public Offering of Common Stock • Business Wire • 03/04/2024 11:37:00 AM
- Form 3 - Initial statement of beneficial ownership of securities • Edgar (US Regulatory) • 02/29/2024 09:36:29 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/28/2024 09:07:18 PM
- Revance Reports Fourth Quarter and Full Year 2023 Financial Results, Provides Corporate Update • Business Wire • 02/28/2024 09:05:00 PM
- Revance to Release Fourth Quarter and Full Year 2023 Financial Results on Wednesday February 28, 2024 • Business Wire • 02/21/2024 01:01:00 PM
- Revance to Participate in Upcoming Investor Conferences • Business Wire • 02/21/2024 01:00:00 PM
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