What You’ll Find in this Case Study:
- Sales Force Effectiveness Analytics for Pharma Industry
- Importance of Salesforce Effectiveness in Pharma
- Benefits of Sales Force Effectiveness in Pharma
- Sales Force Effectiveness Challenges Faced by the Client
- Revolutionary Sales Force Effectiveness Solutions for the Client
Sales Force Effectiveness Analytics for Pharma Industry
Sales force is one of the most effective channels to understand physicians’ and customers’ needs in the pharma industry. An in-depth analysis of sales force effectiveness is essential in developing and restructuring sales models around physician access and detailing channels. Therefore, an increasing number of pharma companies are relying on analytics to support sales force needs and find new opportunities. Sales force effectiveness analysis helps companies align various strategic goals with sales effort and enhance their sales force decisions by supporting their ongoing sales needs.
Although sales force is an effective communication channel, pharma companies need a better way to serve physicians as per their communication choices. Quantzig’s sales force effectiveness analytics is much different from the sales analytics where the data is all about customers’ behavior and buying experience. The assessment helps allocate more promotional efforts and target new types of customers. Sales force analytics improves the quality of decisions made by salespeople, managers, and industry leaders.
New product sales ramp up with rising demand, product line expansion, successful innovation, and strong clinical study results. Additionally, more frequent FDA approvals, continued strong performance from key products, growing demand for pharmaceutical drugs especially for rare-to-treat diseases, and increased health care spending are some of the factors that should keep the pharmaceutical industry on track in 2018. Mergers and acquisitions (M&As) have also gone up with the tax reform in place and major players on the lookout for companies with innovative pipelines and technology.
Gone are the days when more people meant more sales. Today, demanding customers, longer sales cycles, and the numerous hurdles in turning calls and meetings into successful sales necessitate a competent sales force. Thus, to leverage the true potential of the current sales force, sales processes must be made more efficient with the help of data-driven insights from advanced sales analytics solutions.
The sales team is the most crucial tool in any company’s growth trajectory. This group is responsible for building customer relationships and identifying potential new business opportunities. With the help of sales analytics, organizations can optimize their sales force performance, increase their sales output, and improve client engagement and retention.
Importance of Salesforce Effectiveness in Pharma:
In the pharmaceutical industry, where competition is fierce and market dynamics are continually evolving, achieving sales force effectiveness is of paramount importance. The success of a pharmaceutical company is intricately tied to the performance of its sales force. Effective sales teams serve as the frontline ambassadors, responsible for establishing and nurturing relationships with healthcare professionals, driving product awareness, and ultimately influencing prescribing behaviors.
The dynamic and regulated nature of the pharmaceutical sector necessitates a strategic focus on sales force effectiveness. This involves not only optimizing sales processes but also ensuring that the sales team is equipped with the right tools, knowledge, and skills to navigate complex healthcare landscapes. From engaging in effective communication with healthcare providers to staying abreast of industry regulations, sales force effectiveness is integral to maintaining a competitive edge and achieving sustainable growth in the pharmaceutical sector.
Benefits of Sales Force Effectiveness in Pharma:
1. Enhanced Customer Engagement:
By optimizing sales force effectiveness, pharmaceutical companies can improve customer engagement through personalized interactions and targeted communication. This leads to stronger relationships with healthcare professionals, fostering trust and loyalty.
2. Increased Market Share:
A highly effective sales force is better positioned to capitalize on market opportunities, resulting in increased market share. Proactive identification of customer needs and preferences allows for strategic positioning of pharmaceutical products within the competitive landscape.
3. Improved Sales Performance:
Sales force effectiveness directly correlates with improved sales performance. By equipping sales teams with the right training and resources, companies can enhance their ability to meet and exceed sales targets, driving revenue growth.
4. Adaptability to Market Changes:
In a rapidly evolving pharmaceutical landscape, adaptability is key. Sales force effectiveness enables organizations to respond swiftly to market changes, regulatory updates, and shifts in healthcare provider preferences, ensuring sustained relevance and competitiveness.
5. Efficient Resource Allocation:
Optimizing sales force effectiveness allows for efficient allocation of resources, both human and financial. Companies can focus on high-potential opportunities, streamline operations, and maximize the impact of their sales efforts.
Sales Force Effectiveness Challenges Faced by the Client
One of the leading pharma companies that wanted to create a holistic profile of physicians needs to promote different products and stay ahead of the shifting market dynamics. Quantzig performed sales force effectiveness analysis to identify metrics to gauge the effectiveness of their existing sales force.
The pharmaceutical industry player was spending heavily on sales force for detailing to physicians. Additionally, the ROI of the client’s expenditure was low for many salesforce personnel when measured at certain levels. As a result, the pharmaceutical industry player wanted to effectively track and measure their ROI.
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Being a leading pharmaceutical company with a presence in over 80 countries. Our client’s current sales force comprises over 8,000 medical representatives. Headquartered in the US and generates roughly USD 550 million in annual sales.
Although the Pharmaceutical organization has a broad range of successful products, including drugs for lowering cholesterol, anti-inflammatory drugs, they wanted to increase the reach of these products by optimizing their sales force. They also wanted to implement data-driven decision-making to transition from the old-school product-centric sales approach to a more customer-centric model.
Revolutionary Sales Force Effectiveness Solutions for the Client
By analyzing various sales data, physicians’ needs, and customers’ needs, Quantzig’s analytics team articulated a new sales strategy. The team captured indicators to analyze the performance management of the sales force. Our sales analytics tools helped the client develop a sales map for success.
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With the help of Quantzig’s salesforce analytics, the pharmaceutical industry player robustly visualized their ROI through a map view at various levels. Additionally, the client gained insights into the current and past ROI and estimated their future ROI. This further helped them closely track ROI across different levels and saw an increase in ROI from 1% to 3.5%.
Quantzig focused on implementing a sales force optimization strategy to boost the Pharmaceutical organization’s sales efforts. We integrated our automated, personalized, and interactive SFE tools and dashboards with customer behavioral patterns that generated essential insights. These insights ranged from market trends to sector-wide performance indicators, helping our partner keep up with an ever-shifting industry.
SFE tools and dashboards also sorted relevant KPIs and identified those aligned with the company’s objectives, which helped the representatives prioritize their work. Specific KPIs were included to enhance the effectiveness of the pharmaceutical sales force, like selling skillsets; product information; listing of specialists, doctors, hospitals, and other customers; covered areas and locations; and allocated targets vs. targets achieved.
Our performance analytics solution also helped our partner ensure a smooth transition from a product-driven sales approach to a more customer-centric pathway.
With insightful data at disposal, our partner enhanced its sales force effectiveness and increased its ROI from 1.5% to 3.5% across different levels in FY2021-2022. Using data-driven, actionable insights also enabled them to focus on relevant customer data, optimize decision-making, enhance sales force productivity, and drive customer retention. Our AI-powered sales analytics solutions also helped our partner understand the changing healthcare market landscape and increase their competitiveness.
To improve sales and market shares in the financial services industry, the client approached Quantzig’s team of salesforce effectiveness experts. Quantzig’s team of experts carried out extensive research to identify the leading market stakeholders across the financial services industry. To identify the challenges hampering the growth of the financial services industry, the client further built a dashboard to compile data and information across leading financial services, financial institutions, and financial newsletters.
With the help of the sales force effectiveness solution offered by Quantzig, the client was able to benchmark the effectiveness of their sales force and improve their business performance. The sales force effectiveness engagement also helped the client address concerns related to the sales process and helped them maximize customer value. Furthermore, the engagement also helped the client improve the customer conversion rates and the sales cycle times.
- Sales force optimization enables organizations to integrate different tools and dashboards with customer behavioral patterns that generate essential insights
- Using data-driven, actionable insights helps organizations focus on relevant customer data, optimize decision-making, enhance sales force productivity, and drive customer retention.
- Identify and profile buyer segments and develop a winning value proposition
- Accurately allocate resources and deliver rapid bottom-line results
- Assess the performance of the sales team and unearth new strategies
- Increase sales by 10% from the first to the second half of the year
- Increase the earnings of the employees and improve the overall business performance
- Designed a new incentive plan to motivate and drive results among the existing sales force team
- Partnered with sales leaders and stakeholders to set priorities and direction for the sales force