Pharma Budget 2016 – Use it wisely!

on September 10, 2015 Budget Planning for Pharma and Tags: , with 0 comments

Successful sales leaders in today’s ever changing pharma industry ensure they champion the right strategy for their teams and demand the right balance of skills, knowledge and attitude to improve team performance that will ultimately drive sales.

Considerations to support pharma budget 2016 planning!

1. Establish Goals and Objectives

  • Get your act together as soon as possible and identify your overall objectives!
  • Meet with key executives, stakeholders and influencers to discuss lessons learned from the previous year.
  • Share market insight and trends to support sales success for 2016!
  • Define your preliminary organisational goals and objectives to support high level assignment of your projected budget.

2. Make way for the customer centric model

Following the introduction of the Sunshine act in the US and Australia as well as EFPIA guidelines in Europe… there is greater transparency of clinical data and insight across the healthcare marketplace. The advantage has shifted firmly from sellers to buyers!

This power shift has created increased dependency on key account management to adopt a customer centric strategy vs traditional product driven tactics, aligned to corporate goals and ensuring a greater understanding of products.

3. Get to grips with local environment

  • Ensure sales teams are well trained and aligned to relevant healthcare cultures and environments.
  • Leverage local knowledge to engage the right people at the right time.
  • Adopt a smaller targeted plan of attack!
  • Try not to dilute or waste your collective team efforts by spreading your efforts too thinly!

4. Deal effectively with stakeholders

Regular stakeholder engagement should be encouraged to provide valuable insight and market intelligence when identifying preferred communication channels to market.

Sales forces should be adept at handling objections and leveraging opportunities across different healthcare systems to meet expectations of internal and external stakeholders.

5. Sales team directives

Sales leaders should specify exactly where teams should be investing their time and energy. As a consequence more time can be spent enhancing the customer experience to develop brand affinity and build trust with existing clients and new prospects.

6. Building trust through insight

Create an environment to share relevant and inspiring content to transform pharma sales leaders into trusted advisors. Aim to create a problem solving culture across your organisation that provides insight and opportunities for consumer engagement and sales team follow up.

7. Measure sales team effectiveness

However great your sales strategy and communications look on paper, your sales team needs to have the right combination of knowledge, skills and attitude to achieve and exceed their respective sales objectives.

Ensuring your sales team is fully prepared for the challenges ahead, it is essential to highlight critical areas for improvement to drive ‘in call’ efficiency to optimise individual performance potential.

  • Evaluate the abilities of your sales teams and the abilities of your first line leaders to coach your sales people effectively
  • Based on the results, implement learning and development programmes with laser focus.
  • Aim to train sellers using genuine pharma customers and real world scenarios to get the most from your sales training initiatives.

If you would like to learn more we would be delighted to discuss your requirements on +44 (0)1256 698 092.

Looking to drive the effectiveness of your sales team?…

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