By 2022, worldwide investments in the digital transformation of business practices, products, and services are expected to reach nearly $2 trillion (Source: International Data Corporation (IDC)). However, research by Forrester indicates only 27% of businesses have a coherent digital transformation strategy in place for creating customer value. Furthermore, in a recent survey conducted by Wipro Digital, out of 400 US companies with an articulated digital transformation strategy, 50% of their executives felt their company was not successfully implementing those strategies.
Digital transformation is top of mind for many organizations, large and small, these days. However, knowing exactly what digital transformation means to a company and its leaders can be fuzzy at times. The complexity of the needed transformation can be daunting, and the path to realization of a digital transformation strategy can be filled with false starts and resistance.
Key performance indicators (KPIs) are at the core of pharmaceutical sales. They are simultaneously the output and driver of sales representative behaviors.
Sales representatives use performance indicators to evaluate their relationship management and district sales strategies, ensuring they get the best results. Regional directors use them to identify training and development opportunities in sales reps, revise targets, clarify their own vision and direction, or find new or different ways to motivate performance. National directors use them to make strategic hiring and market development decisions, coach regional directors, and remove barriers.
But while pharma sales KPIs are valuable to all members of your organization, many companies fail to use these metrics to their full potential. Learn how the following three steps can ensure you’re aligning with KPI best practices and maximizing performance improvement.
Is your pharmaceutical sales team motivated? If you are like most sales leaders, you look to KPIs to find out. And that’s a good start – after all, making your sales targets at least indicates that you are putting in the work to be successful. Or, a nice bonus might be the motivator to continue hitting sales targets.
However, we tend to overlook the fact that sales environments are high-pressure, punishing environments to work in, especially when it comes to pharmaceutical sales. Salespeople often face barriers that are out of their control, and failures can stack up quickly.
So, how do you get your sales teams to deliver consistently, stay motivated, and think outside of the box to generate new opportunities?
It’s not easy being a Regional Director in a pharmaceutical sales organization. There is a lot of pressure that comes along with the role.
After all, regional directors (RDs) are frequently being pulled in different directions, trying to satisfy corporate initiatives while also catering to the unique demands of their own districts. They are initiators as well as implementers, expected to translate strategy into its most tangible form in the field. Often this leads to an unfortunate series of misalignments, miscommunications, and misdirection.
So what then can be done to ensure strong and consistent regional director performance in pharmaceutical sales?
The start of a new quarter and a new year typically generates a search for innovative ideas that can increase pharmaceutical sales growth and performance, especially if numbers have been lagging.
So, where do you look for the best ideas? Behavioral science may not be on your radar just yet, but it should be. Managing pharmaceutical sales performance by recognizing the science behind the behaviors visible in your organization can be just the differentiator that improves performance and creates lasting change.
Instead of following trends this quarter, why not implement these proven, evidence-based principles from applied behavioral science?
When we think about achieving lasting behavior change in pharmaceutical sales organizations, we tend to mean change in the behavior of the consumers.
For example, how can we get consumers to develop sustainable habits around taking medication? How do we make interacting with web portals easier and more user-friendly
What many companies have not yet realized is that there is a different group that warrants the same kind of purposeful attention around behavior change – your pharmaceutical sales team.
While some pharma sales organizations are already taking advantage of behavioral levers today, there is still plenty of opportunity for growth in leveraging behavioral science to drive pharmaceutical sales team performance.
Pharma organizations can take a cue from other industries, which have realized the power of the behavioral science for their own sales forces.
Pharmaceutical sales leaders who are known to get results know there are critical leadership behaviors that¬¬ improve their ability to excel in their role. These leaders understand that strong sales performance is correlated with sales leaders engaging with their organization and the teams they lead in the right way at the right time.
Here are five critical leadership behaviors exhibited by successful pharmaceutical sales leaders.
Establishing high-performing pharmaceutical sales organizations takes time.
But, there are several things you can do today to ensure change does happen reliably and sustainably. It all starts with an open mind towards new ideas and the willingness to consistently apply best practices across your pharmaceutical sales organization.