Guide to revolutionizing your pharmaceutical company’s sales strategy

In the current pharmaceuticals landscape, competition is getting fiercer day by day, and staying ahead of the curve requires a lot of effort. It is not just limited to launching new, innovative drugs and treatment plans. You also need a transformative sales strategy that leverages technology to reduce the pressure on your commercial teams. In the dynamically evolving landscape of today, it is important that pharma companies think differently about the design of their incentive compensation plans and the tools they use to develop them. In short, the real secret to sustainable growth in this hypercompetitive industry lies at the intersection of technology, research and market performance.

Harness the power of data

In the last few years, cutting-edge technologies like artificial intelligence (AI) and machine learning (ML) have completely changed how companies solve their most complex challenges. Almost every aspect of these organizations has been significantly impacted by this, sales are another aspect that has changed a lot. If you are aiming to refine your sales strategy, advanced analytics can be a real game changer for you. Advanced analytics involve using technologies like AI and ML to analyze large, complex datasets. It goes beyond traditional reporting and generates actionable, forward-looking insights. You can use these insights to understand customer behavior, predict market trends and uncover hidden opportunities.

In short, advanced analytics is the bridge between raw pharmaceutical data and strategic business decisions. Currently, there are several leading firms that are offering advanced analytics consulting to pharma companies and helping them boost their sales.

Design a compelling sales incentive plan

The sales team of any pharmaceutical organization is among the key pillars for its growth. They are instrumental in guaranteeing the success of any new product entering the market. So, it is important to ensure that their efforts are in proper alignment with the goals of your business. While there are several ways to ensure maximum efficiency of the sales team, creating a well-structured and compelling incentive compensation plan or sales incentive plan**** is the most effective one.

Until recently, companies used to solely rely on outcome measures such as sales volume, growth, market share, etc. to compensate the members of their sales team. Traditional incentive compensation plans reward volume and not the value or impact, but things have changed now. In addition to this, the concept of human-centered incentive design has also gained huge traction. It involves collecting and analyzing data about the sales force’s preferences and then creating a sales incentive plan accordingly. This can be done through engagement surveys where feedback is collected directly from sales team members.

Transforming sales performance of your pharmaceutical organization in this hypercompetitive environment demands a smart, practical approach. Two key strategies include leveraging advanced analytics and restructuring the incentive compensation plan for your sales team. Advanced analytics allows you to move beyond assumptions by extracting actionable insights from large chunks of complex data. And these insights can be used to create a winning sales incentive plan for your team. You can also consider taking professional help to implement these two strategies. There are several consulting firms that are offering their expertise to pharma companies to help them boost their sales.