Why Should Pharma Boost Their Sales Force Effectiveness?

Jul 17, 2017

sales forecasting

Benefits of Sales Force Effectiveness in Pharma

S NoBenefits of Sales Force Effectiveness in Pharma
1.Sales Force Motivation and Engagement
2.Sales Force Accountability
3.Customer and Market Intelligence
4.Sustainable Team Structure
5.Effective Marketing and Sales Strategy Creation

An Overview of the Pharmaceutical Sales Force

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 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.

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Sales Force Effectiveness in the Pharmaceutical Industry

Sales force effectiveness is all about driving organizational revenue by leveraging customer acquisition strategies, improving its physician marketing strategies, and enhancing its cross-selling and up-selling skills, thereby enabling the sales force to prioritize its efforts and direct it towards its highly profitable customers. SFE enables organizations to develop a strategy for talent acquisition, talent management, devising attractive compensation and benefits 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 sales force effectiveness? Here’s how.

1. Sales Force Motivation and Engagement

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.

2. Sales Force Accountability

Assigning responsibility and accountability to each representative and understanding their strengths and weaknesses, thereby assessing and forecasting the success of the sales force.

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3. Customer and Market Intelligence

Providing sales and market intelligence by leveraging sales analytics, customer analytics, and big data, thereby, unlocking the potential of new and emerging markets and enabling the sales representatives to pitch the right offer to the right customer.

4. Sustainable Team Structure

Creating and identifying a smaller and more sustainable team structure, thereby driving profitability and increasing customer satisfaction

5. Effective Marketing and Sales Strategy Creation

Devising an effective physician marketing and sales strategy by leveraging the benefits of market insights, technology, and digital platforms.

Longer sales cycles, a demanding customer base, and difficulties in driving sales initiatives reinforce the need for a competent sales force. Request a free proposal to learn how you can tackle such challenges and reach your goals to drive stronger top- and bottom-line results.

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