What You Can Expect from the ‘Pharma Sales Force Effectiveness‘ Article
- What Could Off-Track Your Sales Force Effectiveness (SFE) Strategy?
Highlights of the ‘Pharma Sales Force Effectiveness‘ Article
|S No||Roadblocks in Building Pharma Sales Force Effectiveness|
|1.||Ever-changing market landscape|
|2.||Gaining access and building trust|
|3.||Customizing communication channels|
|4.||Overcome the growing regulatory compliance standards|
Begin your journey from data to insights today.
Globalization has transformed the worldwide pharma industry into a highly complex and competitive space. To cut through the competition and increase market share, players in the pharma industry are increasingly investing in sales force effectiveness (SFE) as the most feasible marketing channel even as digital technology takes the front seat. Traditionally, pharmaceutical companies have lived by one rule, “the more, the better” and as a result of this have taken to build an army of field sales representatives. Not only is it a key factor that drives sales but also accounts for the biggest cost chunk in the budget. This makes it essential for pharma companies to devise strategies that drive sales force effectiveness in order to gain a competitive advantage in the market.
Sales force effectiveness (SFE) is a set of strategies that drive the sales force efficiency by enabling them to prioritize work and motivating them to meet their target by incentivizing the sales representatives. SFE entails devising an effective strategy for the sales representatives, managing them, outlining remuneration and compensation policies, and sales support processes. In the pharma industry, it is extremely essential for the sales force to build a certain level of conviction and faith with potential customers. We, at Quantzig, bring you the top four roadblocks that the pharma companies must overcome in order to build pharma sales force effectiveness.
Contact our analytics experts to know more about sales force planning and improve your sales force effectiveness.
What Could Off-Track Your Sales Force Effectiveness (SFE) Strategy?
A solid go-to-market strategy and an effective sales force are the cornerstones for delivering favorable results. As these two things go hand in hand, it is absolutely critical for pharma companies to develop a strategy to drive sales force effectiveness. In order to drive SFE, companies must create a successful strategy that helps them identify the factors that drive success, establish a set of attainable objectives, determine the value-added activities, focus on them to develop capabilities that can drive long-term success. The organization’s sales force effectiveness also demands that the organization constantly update and upgrade its sales force and leverage a combination of platforms that can help boost its efficiency and efficacy. In order to develop a foolproof strategy to improve sales force effectiveness, the organizations must keep in mind the following roadblocks that may wreak havoc.
- Due to globalization and technological advancement, the changing trends in the pharma industry are on an upswing. Expired product patents, little or negligible product differentiation, and mixed healthcare reforms, everything has been a contributing factor in the ever-changing market landscape.
- Gaining access and building trust among physicians is a challenging task on hand for the pharma sales force. In the modern-day environment, sales representatives have lesser time to interact with the physicians and doctors, which eventually leads to fewer conversions and hampers the sales force effectiveness.
- Customizing communication channels as per the customer’s needs and function is essential because not every target group requires the same amount of information. Sales force effectiveness is essential to overcome this roadblock as it is the most effective channel to deliver the product message face-to-face with the physicians and doctors. Firstly, less interaction time with the buyers i.e. physicians, and secondly, high costs of sales force maintenance are the factors that promote customization of communication channels.
- Another roadblock in improving your sales force effectiveness is that the pharma industry is constantly trying to overcome the growing regulatory compliance standards across the globe. They face restrictions from several organizations on advertising and promoting their products. Pharma companies must find creative ways to drive profitability and yet comply with regulatory standards.
Request for a FREE proposal today to understand how you can develop and enhance your business’s sales force effectiveness.
Organizations must overcome these four roadblocks in order to drive sales force effectiveness in their organization. When an organization strives to improve its sales force effectiveness, it automatically makes effort to shift its sales force from being a major cost driver to being a factor that drives sales and growth. The key to successfully conquering these challenges and issues is that the pharma companies must plan their sales force effectively to achieve a higher level of sales force efficiency and effectiveness.