A Forthcoming Shift of Pharmaceutical Sales Compensation Plans?

OpenSymmetry

Sales in the pharmaceutical industry has been a rigid and consistent business. However, a recent article from the Harvard Business Review suggests the stagnant methods of pharmaceutical sales rep compensation may be the root cause of an even bigger public health issue.

A Forthcoming Shift of Pharmaceutical Sales Compensation Plans?

OpenSymmetry

Sales in the pharmaceutical industry has been a rigid and consistent business. However, a recent article from the Harvard Business Review suggests the stagnant methods of pharmaceutical sales rep compensation may be the root cause of an even bigger public health issue. Just like any common pharmaceutical sales compensation plan, sales forces are compensated for educating their territory of physicians and gaining market share through filled and re-filled prescriptions.

Medical sales – grabbing physician attention – An STC Classic

Sales Training Connection

Under those conditions, physicians really don’t listen – they are thinking: How long will this take and how can I cut this conversation short? In other words, you’ve lost the doc’s attention and probably have lowered your chances of a second conversation.

Medical sales – grabbing physician attention

Sales Training Connection

Under those conditions, physicians really don’t listen – they are thinking: How long will this take and how can I cut this conversation short? In other words, you’ve lost the doc’s attention and probably have lowered your chances of a second conversation. Selling to physicians.

Pharma – new challenge, new sales strategy, new sales training

Sales Training Connection

Well, with that hint about consultative selling, you probably got the right answer – pharmaceuticals. Now, we did have initial conversations with a number of pharmaceutical companies. There is no reason why pharmaceutical reps cannot successfully make the transition.

Medical sales value imperative – help physicians decrease risk

Sales Training Connection

If you found this post helpful, you might want to join the conversation and subscribe to the Sales Training Connection. Medical sales. Physicians are in risk management business – trying to avoid risk or at least manage it.

Getting MedTech Sales Strategy Right – A FREE Sales Momentum White Paper

Sales Training Connection

If you found this post helpful, you might want to join the conversation and subscribe to the Sales Training Connection. While the MedTech industry is positioned to grow in the coming years, all is not rosy.

MedTech sales – financial impact of measuring patient satisfaction

Sales Training Connection

If you found this post helpful, you might want to join the conversation and subscribe to the Sales Training Connection. MedTech sales. Today patients are better able to compare healthcare providers than ever before.

Medical sales – tailoring sales to physician preferences – An STC Classic

Sales Training Connection

If you found this post helpful, you might want to join the conversation and subscribe to the Sales Training Connection. A Classic - '63 Corvette. There is no one way physicians prefer to interact with a medical products company.

MedTech sales – understanding healthcare value propositions is a new key to success

Sales Training Connection

If you found this post helpful, you might want to join the conversation and subscribe to the Sales Training Connection. MedTech Sales. The Affordable Care Act and other social and economic trends are transforming the healthcare landscape.

MedTech sales – past success doesn’t guarantee future wins

Sales Training Connection

If you found this post helpful, you might want to join the conversation and subscribe to the Sales Training Connection. MedTech sales. For years MedTech companies have enjoyed strong gross margins and top-line growth.

Pharma sales – it’s a different world

Sales Training Connection

On the other side of the table with fewer sales reps seeing physicians face-to-face, physicians have come to accept the new normal – fewer free office lunches, reduction in paid speaker programs, and cuts in dollars paid for pharmaceutical and marketing research. Pharma sales.

MedTech sales – the declining advantage of superior technology

Sales Training Connection

If you found this post helpful, you might want to join the conversation and subscribe to the Sales Training Connection. Medtech sales. For years MedTech companies have enjoyed strong gross margins and top-line growth.

Medical sales – ask for commitments if you want to win

Sales Training Connection

If you found this post helpful, you might want to join the conversation and subscribe to the Sales Training Connection. Medical sales - getting a commitment. Asking for a commitment that moves the sales process forward – too often it’s the forgotten last step in a sales call.

Medical device sales success – an urgent need to do something different – An STC Classic

Sales Training Connection

They are more likely to be able to gain access at the executive level and have more skilled conversations focused on business and financial issues. This level and type of conversation is now a requirement for sales success. A Classic – ’63 Corvette.

Sales, Big Data, Partnerships & Integration: A Conversation with Henry Schuck of DiscoverOrg and Mark Godley of HG Data

DiscoverOrg Sales

You should know what a CIO at a Pharmaceutical company cares about and which case studies to mention to him/her vs. the CIO of a Retail Company or a VP of Application Development at a Manufacturing company – they all have different priorities and needs and you need to be talking about all of those specifically. How do sales reps leverage the tech install data they find to initiate conversations? It’s an amazing time to be a consumer of sales data.

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5th issue impacting medical sales in 2013 – customer satisfaction

Sales Training Connection

If you found this post helpful, you might want to join the conversation and subscribe to the Sales Training Connection. In our last blog we posted 4 hospital-physician issues impacting medical sales in 2013: Hospital consolidation continues. Hospital-physician alignment grows.

Medical device sales – 8 questioning traps hindering sales success

Sales Training Connection

So, before the call, think about the purpose of the meeting and formulate two or three questions to help guide the conversation. . The result is bombarding the customer with “20 questions” vs. building a business conversation with a natural flow to it. .

Selling to Hospitals – 10 roles for internal champions

Sales Training Connection

If you found this post helpful, you might want to join the conversation and subscribe to the Sales Training Connection. . Selling to Hospitals. . Top performers are good at developing internal champions – rightly so, they are crucial to winning key business.

Hospital sales – business-as-usual will be business lost to competitors

Sales Training Connection

If you found this post helpful, you might want to join the conversation and subscribe to the Sales Training Connection. Hospitals are going through a period of transformation change.

Medical device sales – tips to leverage the power of storytelling – An STC Classic

Sales Training Connection

If you found this post helpful, you might want to join the conversation and subscribe to the Sales Training Connection. A Classic - '63 Corvette. Sales and storytelling – a powerful combination!

MedTech sales: when customers change – so must you

Sales Training Connection

If you found this post helpful, you might want to join the conversation and subscribe to the Sales Training Connection. Transformation changes affecting medical sales. In times of transformational market change there are new winners and losers.

MedTech clinical staff – invite them to the sales training party

Sales Training Connection

If you found this post helpful, you might want to join the conversation and subscribe to the Sales Training Connection. MedTech clinical staff + sales training.

Social Selling Applicability by Industry

Sales Benchmark Index

Examples include medical devices and pharmaceuticals. The reason for modest growth is medical devices, and pharmaceuticals, have persistent buyer behaviors. Conversely, why mess with small experiments when the revenue is large?

Overcoming Objections: I Have to Think About It

Paul Cherry's Top Sales Techniques

Pharmaceutical Sales Training. Did you ever have a good conversation with a sales prospect only to have that prospect end the conversation with, “Your idea sounds good. More Free Stuff | Email Us | Get Started Now! Sales Training & Management Workshops | 302-478-4443. About Us. The Company. Our Training Approach. Paul Cherry. Patrick Connor News & Events. Corporate Sales Training. Overview. The SalesBridge™ Training Options. → On-Site Sales Training.

For a Client Base Built on Relationships, Social Selling Unlocks Doors

Sales 2.0

Prospects become clients one conversation at a time, through trust, credibility, and confidence. This is a guest post by Russ Korins, Director of Marketing, Cohen Tauber Spievack & Wagner P.C.

"Challenger"? is No Longer Relevant. This is.

KO Advantage Group

In simplistic terms the salesperson would approach the client and start the conversation with “do you suffer from this…”? You could spend energy trying to convince someone of a problem they really don’t believe they have, or you could completely change the conversation.

Make Your Sales Force Your Loyalty Program

Sales and Marketing Management

This conversation illustrates a critical point in the creation and management of customer loyalty. Author: John Larson A few weeks ago I was having lunch with a friend, a successful executive who has run large sales organizations for three different companies.

Social Selling Applicability by Industry

Sales Benchmark Index

Examples include medical devices and pharmaceuticals. The reason for modest growth is medical devices, and pharmaceuticals, have persistent buyer behaviors. Conversely, why mess with small experiments when the revenue is large?

How to Organize Your Sales Force to Generate More Revenue

Sales Benchmark Index

Industry Vertical – reps are organized by specific industry types (government, pharmaceutical, tech, etc.). Make the # by: Ensuring the right people are having the right conversations with your buyers. This post is focused on organizing sales talent to help you make the number.

MBO Examples to Kickstart Your Sales Team Engagement

Xactly

We have all been involved in far too many conversations about goals, setting what might actually be some pretty good ones, only to virtually flush them down the toilet by not tracking progress or ever talking about them again—until it’s too late. Pharmaceutical Sales MBO Examples.

Can AI Deliver the 'Glengarry' Leads?

Sales and Marketing Management

With conversational AI assistants able to do all four, today’s salesperson is freed up to spend more time closing business (and earning those knife sets). Martin worked as a field rep with Pfizer Pharmaceuticals before making the transition to enterprise software sales, business consulting, and launching two start-ups in healthcare. Author: Erroin Martin, Vice President of Sales at Conversica “These are the new leads. These are the Glengarry leads.

Leads 163

5 Myths About Working with Millennials in Sales (Debunked!)

Sales Hacker

In the past, having to build a customer base one person at a time—whether through conversation, email, or a seminar—was labor-intensive and time-consuming. Summary: Society has no shortage of opinions on the unique workplace habits of Millennials.

5 Ways Superior Sales Managers Enable Account Executives For Autonomous Success

Sales Hacker

There is a pharmaceutical advertisement appearing before me now: “ Is your calendar booked back to back with customer meetings that your reps have invited you on? This is a very different conversation isn’t it?

Sales middle managers – what motivates them the most?

Sales Training Connection

The results are part of Insigniam’s 2014 Middle Management Survey, which is based on responses from 200 managers in Global 1000 companies from several industries, including healthcare, pharmaceuticals, chemicals, energy, manufacturing, and biotech. Sales Middle Managers.

New Directions for Medical Device Sales Reps: Carpets vs. Clinics (Part 1)

Corporate Visions

Medical equipment companies that can’t up-skill their sales reps for conversations with executives are at risk of losing out to more savvy competitors. Salespeople who can’t elevate their conversations to the C-suite risk seeing their deals shrivel or disappear.

Smart Selling Visions: Up-Close with Top Revenue Leader CEO Duncan Lennox of @Qstream

Smart Selling Tools

With just over two years in market, we already work with 6 of the top 10 pharmaceutical companies and are seeing strong interest in other industries, such as financial services and technology. Welcome to our biweekly blog feature.

How to Heat Up Cold Emails with Personalization

DiscoverOrg Sales

Please follow up with Aaron and let’s get the conversation started. Here’s a Mobile Marketing project happening at Takeda Pharmaceutical and a screenshot of their Marketing Org Chart as a quick example of our intelligence. The debate within sales right now is whether cold-calling works. Evidence shows that it does: Cold-calling distinguishes high-growth companies (see our report). As a Senior Sales Development Representative (Sr.

College graduates – should you consider a sales job?

Sales Training Connection

The pharmaceutical industry comes to mind – for example, Eli Lilly laid off a 1000 salespeople in 2013. If you found this post helpful, you might want to join the conversation and subscribe to the Sales Training Connection. Sales reps and new college grads.

The Science of Motivation

Sales and Marketing Management

This is more pronounced in some industries, such as pharmaceuticals, where regulations impact how much influence a rep has over the writing of prescriptions. Again, because as soon as money enters the picture, it changes the conversation and dilutes the motivational power of the reward. Author: Tim Houlihan Why we don’t know what motivates us best. Sales manager: I’d like to know what rewards the reps would like for our next incentive. Sales rep: Cash! I’ve got bills to pay!