A Forthcoming Shift of Pharmaceutical Sales Compensation Plans?

OpenSymmetry

Sales in the pharmaceutical industry has been a rigid and consistent business. Tactics may have changed, but for the most part these sales teams still run on a commission or quota based metric determined by well-planned territories. In some cases, incentive compensation (IC) methods have evolved to align with new regulations regarding specific sales metrics. Plans would then be designed to measure this data against organizational goals to determine sales compensation.

A Forthcoming Shift of Pharmaceutical Sales Compensation Plans?

OpenSymmetry

Sales in the pharmaceutical industry has been a rigid and consistent business. Tactics may have changed, but for the most part these sales teams still run on a commission or quota based metric determined by well-planned territories. In some cases, incentive compensation (IC) methods have evolved to align with new regulations regarding specific sales metrics. Plans would then be designed to measure this data against organizational goals to determine sales compensation.

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Ten Pharmaceutical Sales Myths

Sales Gravy

Mobile Video Sales Certifications Open Doors for Pharmaceutical Companies [Case Study]

Allego

The Vice President of Sales at a global pharmaceutical company needed to certify the sales force on a new indication (read: usage) for one of the company’s drugs. He gathered a handful of sales trainers and reps at the company’s headquarters to broadcast a presentation of the new content, which the rest of the sales team watched from their offices. The sales director would then review the finalists. Chris Gish had a problem.

Announcing Free Pharmaceutical Sales Training & Medical Device.

Paul Cherry's Top Sales Techniques

Sales Training & Management Workshops | 302-478-4443. Corporate Sales Training. → On-Site Sales Training. → One-on-One Sales Coaching. Sales Management Training. → Sales Management Coaching. QuestionsThatSell™ QuestionsThatGetResults™ Managing Distributor & Independent Sales Rep Relationships. Sales Store. Distribution Sales Training. Hospitality Sales Training. Manufacturing Sales Training.

Medical sales – grabbing physician attention – An STC Classic

Sales Training Connection

This lament is familiar from patients – and we’re certainly hearing it from sales people selling in the medical space. It’s no wonder sales people often hear from docs, “I’m too busy to talk right now.”. But what if sales reps took a different tact and instead of immediately jumping into a product pitch, they asked right up front for a minute of the physician’s time to share a message about a topic they knew the doc had an interest? 2013 Sales Horizons, LLC.

Medical sales – grabbing physician attention

Sales Training Connection

This lament is familiar from patients – and we’re certainly hearing it from sales people selling in the medical space. It’s no wonder sales people often hear from docs, “I’m too busy to talk right now.”. But what if sales reps took a different tact and instead of immediately jumping into a product pitch, they asked right up front for a minute of the physician’s time to share a message about a topic they knew the doc had an interest? 2013 Sales Horizons, LLC.

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

Sales Training Connection

Pharma - new challenge, new sales strategy, new sales training. We’ve been in the consultative sales training business for more than 30 years. Over the last dozen or so years, we specialized in sales training for the health care market. 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. sales force by 24%.

Medical sales value imperative – help physicians decrease risk

Sales Training Connection

Medical sales. So, when physicians interact with medical sales reps they are looking for people with products that can help them manage the risks they must face every day. If in the discussion the medical sales reps leaves it up to the physician to connect the dotes between their solution and risk reduction, sometimes physicians will make the connection – sometimes they won’t. What they are looking for are sales reps who can solve a problem. 2012 Sales Horizons, LLC.

Boost sales by understanding healthcare economics

Sales Training Connection

MedTech sales. ORTHOKNOW asked Dick to prepare an article for its August issue on sales and understanding healthcare economics. Technorati Tags: biotech sales , biotech sales training , medical capital equipment sales , medical sales , medtech sales , medtech sales training , orthopedic sales training , pharma sales.

Medical Sales – Blog Round-up – Winter 2013

Sales Training Connection

Medical Sales Round Up. If you missed some of our medical sales and medical device blogs posts, here’s a chance to look at our most popular posts appear during the Winter 2013 – in the Medical Sales – Blog Round-up. Click here.

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

Sales Training Connection

So, the challenge for medical sales reps is to figure out the right “buying” experience for every physician. Understand why the physician is using the current medical product – personal financial gain, comfort level, relationship with sales rep, opportunities with vendor for practice building. Today’s medical sales looks very different than 10 years ago – and medical sales reps must move beyond relying just on relationship selling and face a new set of medical sales challenges.

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

Sales Training Connection

Shifting decision-makers, rising number of new influencers, pricing pressures, increasing consolidation, and consumerizing healthcare will require MedTech salespeople to redefine their sales strategies to continue growing the business. Having a superior sales force is a key to sustaining a competitive advantage in MedTech accounts. Sales Momentum today is publishing a FREE white paper – Getting MedTech Sales Strategy Right. 2014 Sales Momentum, LLC.

MedTech sales – financial impact of measuring patient satisfaction

Sales Training Connection

MedTech sales. What does all this mean for MedTech sales? . This impacts various components of the sales process from the background information required for sales call planning, to whom will be required to participate in the sales cycle from the selling organization, to what the value discussion will look like. The winners are those that make changes in their sales process commensurate with the changes in the buying process. 2014 Sales Momentum, LLC.

Medical sales – Blog Round-up – Fall 2012

Sales Training Connection

Medical Sales Round Up. If you missed some of our medical sales and medical device blogs posts, here’s a chance to look at our most popular posts appear during the Fall 2012 – in the Medical Sales – Blog Round-up. Click here.

Pharma sales – it’s a different world

Sales Training Connection

Pharma sales. Pharma sales reps in the U.S. If you observed the world of Pharma sales in a rear view mirror, growth was the name of the game. Today, Pharma sales forces are being downsized. Journal , for example, reports that Eli Lilly has cut its US sales force by 30% so far this year as it prepare for two of its biggest drugs – Cymbalta and Evista – to face generic competition. 2013 Sales Momentum ® LLC.

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

Sales Training Connection

MedTech Sales. On the sales side of the table that means you have to be aware of the change, understand the business and financial consequences of new value proposition, and most importantly adapt your selling process accordingly – that means in most case sales training needs to be invited to the party. Interested in MedTech sales? Download our new whitepaper – Getting MedTech Sales Strategy Right. 2014 Sales Momentum LLC.

MedTech sales – the declining advantage of superior technology

Sales Training Connection

Medtech sales. ” The BCG report goes on to suggest that MedTech companies must also invest in reinventing their sales team to reflect the shifts in the buying process. Let’s explore that recommendation starting by examining the nature of the shift in the buying process and then exploring some suggested changes for the sales process. Sales Process. All sales, to all buyers, will be viewed through an economic lens. . 2014 Sales Momentum ®.

Can Pharma’s Woes be Tied to Poor Business Acumen?

Steven Rosen

The Pharmaceutical Industry has undergone enormous cha nge. The number of sales reps has declined significantly over the last 4 years. Declining sales has not only forced the industry to reduce the number of sales reps calling on physicians but has also created the need to better focus on customer needs. The days of adding sales forces are dead and companies are struggling to find ways to deliver value to their customers.

Medical sales – ask for commitments if you want to win

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. How often have we been in a sales call where the physician nods in agreement and we leave the call thinking it’s been successful? Research shows that in complex sales, the seller needs to “close” for a commitment from the buyer on every call. That is not how to win in a competitive sale.

MedTech sales – past success doesn’t guarantee future wins

Sales Training Connection

MedTech sales. But what are some of the new specific skill sets that will define the superior sales team? Any time of transformation change produces a new set of winners and losers, a piece of the puzzle for being among the former is making the investment in your sales team commensurate with the shifts in the customer’s buying process. . Take a look at our new free white paper – Getting MedTech Sales Strategy Right – download here. 2014 Sales Horizons, LLC.

5th issue impacting medical sales in 2013 – customer satisfaction

Sales Training Connection

In our last blog we posted 4 hospital-physician issues impacting medical sales in 2013: Hospital consolidation continues. Measuring customer satisfaction is another trend that hasn’t been written about as much in the medical sales world , but strikes us as one with implications for selling to physicians and other hospital medical staff. What does this mean for medical sales reps selling to hospitals ? 2012 Sales Horizons, LLC.

Getting MedTech Sales Strategy Right – white paper now on Kindle and iTunes

Sales Training Connection

Now you can – Getting MedTech Sales Strategy Right – is available on those formats. To access the Getting MedTech Sales Strategy Right – download here: iTunes (iBook) (free). Technorati Tags: biotech sales , healthcare sales , medical device sales , medtech sales , pharma sales , sales training. Prefer to read your white papers on your Kindle and iPad designed for those formats?

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

Sales Training Connection

Key Account Managers (KAMs) in Medical Device Sales . Before we examine some of the advantages, it is important to note that KAMs are not just territory sales reps with another label. This level and type of conversation is now a requirement for sales success. By knowledge and authority KAMs are able to tap the total resources of their organization and to effectively work with and leverage the sales reps and support personnel in the various divisions of their companies.

Emerging trends in medical device sales – podcast

Sales Training Connection

Why are hospitals hiring medical device sales reps? Better yet, why are medical device sales reps pursuing new careers with hospitals and what are the future implications of this interesting trend? In this interview with Dr. Richard Ruff, co-founder of Sales Horizons , we learn more about current medical device sales trends and what it takes to become a dominant medical device player in today’s economic environment.

Medical device sales – 8 questioning traps hindering sales success

Sales Training Connection

Medical device sales people are often coached to “talk a little bit less and get better at asking questions.” Most sales people talk too much, listen too little and don’t ask enough questions. . Unfortunately, the sales person usually is intent on asking the pre-planned questions and regardless of what happens during the call, those questions are asked! Medical device sales – asking questions. 2011 Sales Horizons™, LLC.

Medical sales – blog round-up – Summer 2011

Sales Training Connection

Medical Sales. If you missed some of our medical sales and medical device blogs posts, here’s a chance to look at our most popular posts appear during the Summer 2011 – in the Medical Sales – Blog Round Up. Click here to take a read … If you find the Medical Sales – Blog Round Up helpful, why not subscribe to the Sales Training Connection ? 2011 Sales Horizons, LLC.

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

Sales Training Connection

Sales and storytelling – a powerful combination! We’ve written extensively about the power of storytelling noting that success comes more quickly to sales reps who are able to share engaging stories that resonate with the listener. Those tips work with all B2B sales. But what about something specific for medical device sales ? Dr. Gurley answers this question by sharing several tips medical device sales reps might embrace when storytelling.

Get on the Podium in 2012

Steven Rosen

Once upon a time, all sales managers were sales people. Most sales reps are type “A” personalities; they are driven and competitive. So it’s not surprising that when I sit down with sales managers to discuss their goals for the next year, one of the most common themes is to be the #1 region/area in the country. Sales managers still crave the opportunity to shine and be recognised in front of their peers. What sales management activity drives sales performance?

MedTech sales: when customers change – so must you

Sales Training Connection

Transformation changes affecting medical sales. If you are a Medtech company, a piece of the puzzle for being among the winners is making the investment in your sales team commensurate with the need for change and the opportunity to benefit. Because it is clear that top MedTech sales performance will not be achieved simply by selling to the same people, in the same way, with the same message as yesteryear. . 2014 Sales Momentum, LLC.

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

Sales Training Connection

For example, hospitals are continuing pursuing mergers and acquisitions , purchasing physician practices and hiring sales people to call on physicians to increase referral rates. So for those of us interested in sales what do we need to do in order to be responsive to these changes so we can continue to be successful? And, we also agree that we as a sales function will not prosper unless we adjust and adapt to these changes. Existing Sales Force. Sales Managers.

Selling to Hospitals – 10 roles for internal champions

Sales Training Connection

Increasingly a lot of selling is going on when the sales person isn’t there so the sales person needs someone to “tell their story” when they’re not around. . There are many reasons why this is happening, from – purchasing decisions increasingly shifting to new products or value analysis committees where the sales person can’t directly make their case to restricting the amount of time the sales person has in the Lab or on the OR floor. 2011 Sales Horizons, LLC.

Overcoming “Failure to Impact” Syndrome

Steven Rosen

This year was tough; next year’s sales prospects look even tougher. Your boss comes to you and says how can you sustain the sales force? Hire only top sales reps. Here are a couple of questions I would ask: Are your sales reps making a difference? Do your sales reps make impact on each call? Do they actually make a difference in the sales in their territory? How often do your sales managers go out in the field?

Remedy 139

MedTech clinical staff – invite them to the sales training party

Sales Training Connection

MedTech clinical staff + sales training. Because of the transformation changes in the healthcare buying environment, many MedTech companies either already have or are now seriously considering leveraging the clinical support staff to participate more actively in the sales effort. After all, because they spend a lot of time on site they are in an ideal position to develop relationships, capture competitive intelligence, and identify sales opportunities.

Dave Kurlan's Predictions for Sales Organization in 2020

Understanding the Sales Force

TWO: While there are certainly nuances that influence how selling changes based on the target audience and complexity, selling is essentially the same whether it is technology, pharmaceuticals, capital equipment, financial services, cars, components, accounting or any of 200 other industries. FOUR: Effective Selling requires a well thought-out sales strategy, sales process, sales methodology and appropriate sales tactics.

Pharma Sales Training: Identifying Buyer Motivations

Paul Cherry's Top Sales Techniques

Sales Training & Management Workshops | 302-478-4443. Corporate Sales Training. → On-Site Sales Training. → One-on-One Sales Coaching. Sales Management Training. → Sales Management Coaching. QuestionsThatSell™ QuestionsThatGetResults™ Managing Distributor & Independent Sales Rep Relationships. Sales Store. Distribution Sales Training. Hospitality Sales Training. Manufacturing Sales Training.

The Global 2015 STAR Sales Manager Survey

The Pipeline

As we rush headlong in to the New Year, my next three posts will feature things sales leaders should be thinking about to drive success for their teams and their companies. STAR Results) , The Global 2015 STAR Sales Manager Survey. The Sales Manager Survey seeks opinions and perceptions from sales executives and leaders around the world on key skills and development priorities for sales managers. The targeted audience for completing this survey is: VP of Sales.

Survey 211

5 Skills Needed to Excel In Healthcare Sales Today

Integrity Solutions

The important skills that contribute to sales success are constant, regardless of disruptive external events, but they’ll need to be sharpened and tailored to the changing healthcare environment. Sales managers are key to that. Coaching Healthcare Sales Reps to Excel.

The Sales Excellence Conference, May 24-25 in Toronto.

Steven Rosen

These are truly challenging times in the pharmaceutical industry. With products going off patent, increased competitive pressures and a do more with less mentality, how are you going to exceed your sales objectives? On Friday May 25 th at 10:10 AM, Steven Rosen will be presenting “Consistently Exceeding Sales Objectives” a sure way to maximize sales, exclusively at Sales Excellence Canada Conference. Utilize coaching for maximum sales results.

What is the Best Interview Question?

Paul Cherry's Top Sales Techniques

Sales Training & Management Workshops | 302-478-4443. Corporate Sales Training. → On-Site Sales Training. → One-on-One Sales Coaching. Sales Management Training. → Sales Management Coaching. QuestionsThatSell™ QuestionsThatGetResults™ Managing Distributor & Independent Sales Rep Relationships. Sales Store. Distribution Sales Training. Hospitality Sales Training. Manufacturing Sales Training.