By Fiona Villamor on July, 12 2016
Tomorrow’s sales reps: Kickstart pharma sales performance & profitability
Pharmaceutical companies have traditionally relied on sales representatives for conducting face-to-face meetings with physicians to market their pharmaceutical drugs and drive sales. Recently however, the opportunity to be able to directly meet and discuss with a physician has been on a decline.
Three factors have impacted the traditional sales rep model:
- Digital tools have provided opportunities for medical and healthcare professionals to get medication information through channels they prefer at their own convenience.
- Healthcare industries have shifted their focus to delivering improved patient outcomes, which is directly tied with the physicians’ decisions to pay for only those medications that have shown results in improving patient outcomes.
- Because of an availability of joint-decision makers, decisions are based on a broad set of providers and influences, not just based on a single physician.
Evolution of the traditional sales rep model
These changes and challenges position pharmaceutical companies in a dilemma as they need to either rethink or reinvent their traditional sales model.
Our experts believe that the pharmaceutical companies’ sales organization is still a critical success factor of pharma sales performance and profitability. Digital tools and the shift in healthcare industry focus will rather supplement their efforts and force sales reps to be more responsive and relevant to their customers and influencers—in other words the physicians, pharmaceutical directors, or IDNs (Integrated Delivery Networks).
How to be more strategic and relevant with Analytics
There is no reason why companies cannot optimize face-to-face interactions with advanced analytics to empower sales reps to be relevant, unique, and equipped to unlock value for the customer at the right time.
With Business Intelligence tools and Advanced Analytics, unify disparate data sources (i.e., prescriptions, CRM, physician profile, patient care data, and anonymized patient-level data) to unlock hidden intelligence that can help sales reps be more informed, strategic, and relevant to physicians as they will have a better understanding of the physicians’ objectives and incentives.
Real-time insights and in-depth data analytics help the Sales Manager dig deep down into data sets to gain understanding of the enterprise business performance, including sales pipeline and expected outcomes, channel performance and effectiveness, sales incentives compensation and the impact on future sales performance, campaign effectiveness, advertisement and promotion impact, prescription performance, and what-if scenario analyses.
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