Why Should Pharma Boost Their Sales Force Effectiveness?
The concept of sales force effectiveness (SFE) plays an important role in the global pharmaceutical industry. Since traditional times, the pharma industry has always placed a high precedence over its sales force, as they were and still continue to remain the sole point of contact for their stakeholders such as physicians, doctors, and other healthcare professionals. The medical sales representatives with their impeccable physician marketing strategy are the sole drivers of the industry’s sales and revenue growth. The pharma sales force is both a major cost driver as well as an organizational asset for the healthcare manufacturing companies. This makes it crucial for the pharma companies to direct their efforts towards improving their sales force effectiveness.
Importance of Sales Force Effectiveness for Pharma Companies
Sales force effectiveness, or SFE, is all about driving organizational revenue by leveraging customer acquisition strategies, improving its physician marketing strategies, enhancing their cross selling and up-selling skills; thereby, enabling the sales force to prioritize their efforts and direct it towards their highly profitable customers. SFE entails developing a strategy for talent acquisition, talent management, devising attractive compensation and benefit policies, and various support services that help the sales force perform better. An effective sales force can help develop and drive a robust go-to market strategy, which can create a positive impact on the organization’s bottom line. But how to boost the sales force effectiveness, you ask? Here’s how.
- Developing the potential of the sales representatives by aligning the organization’s goals with the sales goals and motivating them through a compensation structure that enables them to achieve their targets
- Assigning responsibility and answerability to each representative, understanding their strengths and weaknesses, thereby assessing and forecasting the success of the sales force
- Providing sales and market intelligence by leveraging sales analytics, customer analytics, and big data; thereby, unlocking the potential of new and emerging market and enabling the sales representatives to pitch the right offer to the right customer
- Creating and identifying smaller, more sustainable team structure, thereby driving profitability and increasing customer satisfaction
- Devising effective physician marketing and sales strategy by leveraging the benefits of market insights, technology, and digital platforms