Pharmaceutical Drug Industry Overview
The global pharmaceutical drugs industry plays a significant role in developing vaccines and medications to reduce the increasing incidence of diseases, to treat diseases, and improve the quality of life of people. The pharmaceutical drugs industry’s main contribution is engaging in technological advancements through innovative research to innovate various types of pharmaceutical drugs and meet the complex healthcare demands of populations across the globe. Also, the key benefits of using oral remedies are influencing pharmaceutical drug companies to develop new and improved oral remedies to support patients who need the accuracy of dose, convenience, and ease of compliance to the medication regimen. The demand for pharmaceutical drugs is also due to the increase in the prevalence of technological advancements and chronic diseases.
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Key Sales Analytics that a Company Should Measure
Sales analytics are a range of several ways to evaluate how a company’s sales process and reps are performing. Thereby, tracking stage conversion and pipeline health analytics have a massive potential to boost a company’s sales revenue and accelerate business growth. The three types of sales analytics Quantzig recommend for businesses to increase focus on are:
- Pipeline Health Analytics: This type of analytics helps businesses in ensuring that the whole range of leads in the sales pipeline is healthy. Moreover, pipeline health analytics is crucial to maximizing sales as a company’s sales team can only perform well if they have the right quantity and quality of sales opportunities to progress.
- Sales Stage Conversion Analytics: This type of analytics helps companies in comprehending how deals are progressing throughout the sales pipeline. As a result, monitoring these metrics help in maximizing sales performance.
- Sales Stage Activity Analytics: This is a type of analytics that helps a company understand the underlying marketing and sales team activities within each stage of the pipeline. This is key to driving sales performance as it helps companies perform core activities like cold calling.
About the Client
The client is an American multinational pharmaceutical drug company headquartered in the United States.
Like all other pharmaceutical drug manufacturers, our client wanted to gain insights from its sales data to gain a competitive advantage and improve performance. Additionally, the company wanted a better way to harness their sales data into insights. Also, the company was handling multiple sources of information, some with different definitions of what constituted an “opportunity.” To summarize, our client wanted:
- Deeper insights into the sales pipeline to analyze win-loss
- Set quantified business and technical targets and track them accurately
Quantzig designed and developed dashboards to provide analytics on the sales performance of the company. Additionally, the client developed an analytics solution that enabled data mining and visualization to validate established rules of operation. This helped the pharmaceutical drug manufacturer to present data with an executive view of interactive charts and KPIs in clearly-structured and interactive form. Furthermore, this sales analytics engagement provided the client, a drill-down capability to allow senior staff to locate claims that require attention to avoid penalty.
Speak with our analytics experts to know more about sales analytics for pharmaceutical drugs manufacturers.
Value Delivered to the Pharmaceutical Drugs Client
- Enhanced visibility of sales pipeline with deeper drill down into various metrics with the ability to track customer interactions for the entire sales cycle
- Provided insights into different areas of the business by leveraging sales analytics best practices
- Improved sales conversion rates by 15% and reduced sales cycle frequency