10 Greatest Pharmaceutical Sales Myths: Exposed
For most pharmaceutical companies the sales force is still their most expensive promotional resource. I have to agree with IMS when they stated that “Although the majority of senior executives recognize the need to change their commercial models, many are struggling with how to do so”.
The key to starting developing new commercial models is, understanding what myths may be holding you back from propelling your company’s growth curve.
Want to achieve STAR Results? Find out how a mid-sized pharmaceutical company with $70M in sales was able to triple sales to $221M in 3 years competing amongst the biggest and best companies in the industry in Hypertension and CNS.
You say wow. I can tell you how. But first….
Here are 10 myths that are I believe are preventing you from realizing the true potential of your sales force.
Myth #1: Tri ads are better than Bi ads. Bi Ads are better than single rep coverage.
Fact: Once you add more than one rep/product/physician you lose accountability and ownership.
Myth #2: We effectively manage sales rep call/day.
Fact: Not all calls are equal in value. A call on a D1 is worth 25x time more than a D6.
Myth #3: We effectively use our Xponent data to target.
Fact: Decile and quartile targeting is suboptimal. Converting scripts to dollars and targeting physicians based on actual business and potential business is simple yet much more effective.
Myth #4: We have a strong sales force based on experience and knowledge.
Fact: Experience and knowledge is only a small factor in sales success. Can they sell? Will they sell?
Myth #5: We promote our best and brightest reps to sales management roles.
Fact: Unless you are developing your new managers to be strong coaches, leaders and business managers you just made 2 mistakes. You lost a top rep and now have a poor sales manager.
Myth #6: We have a very experienced sales management team.
Fact: Unless you have invested in developing their coaching, leadership and acumen you are getting the same performance you have had for years.
Myth #7: We invest significant dollars and resources on sales rep training.
Fact: Unless training is supported by infield coaching and reinforcement, 90% is forgotten in 30 days.
Myth #8: All we need to do is right size our sales force.
Fact: You need to look at other factors like are we targeting better, do sales rep have a sense of ownership and are our sales managers, great coaches. Otherwise, your new sales model is going to give you the same results.
Myth #9: Slow gradual change is the way to go. If we change a little every year we can eventually get it right.
Fact: Radical change has been required for years yet no one has the courage to challenge the norm.
Myth #10: All we need to do is bring in IMS, ZS or Haygroup and they can tell us what the best model is.
Fact: They were the ones who got you into this problem. Who says they can lead you out of it? If your new model fails you can always say we consulted the best and brightest.
For a free consultation on how you can achieve breakthrough sales results in 2011 call me at 905-737-4548 or email me @ [email protected].