Mastering Sales Force Effectiveness in the Life Sciences Industry

Introduction to C Health Analytics

C Health Analytics, a company renowned for its expertise in business intelligence and advanced analytics solutions, has made a significant impact on the global life sciences industry. They specialize in data management solutions that consolidate complex, fragmented data, providing business users with the insights they need. Their services extend to consultancy activities, sales force effectiveness, P-level analytics, and other advanced data management and analytical activities required by their clients.

Key Speakers: Chris and Mark

Chris, a politics consultant in the UK, has a rich background in the pharmaceutical industry and specializes in sales force effectiveness projects. Mark, based in the US, focuses on project and operational management for commercial effect post-analytics applications, showcasing extensive experience in a wide range of life sciences data.

Sales Force Effectiveness: An Overview

Sales Force Effectiveness (SFE) is essential for ensuring that the sales force can be as effective as possible, considering they represent a significant investment for companies. Chris and Mark discuss new techniques and a customer-centric approach to improve SFE, including targeting and segmentation, sales sizing and structuring, and core planning.

Targeting and Segmentation

A critical aspect of sales force effectiveness is account valuation and targeting. Traditional approaches based on total prescribing in a therapeutic area or market share have been useful but fall short on various metrics. Advanced methods involve creating a composite score considering multiple metrics, such as client brand RX, spreader accounts, product adoption sequence, and conversion ratios. This composite score helps in valuing accounts more accurately and determining the optimal number of targets.

Sales Force Sizing and Structuring

Restructuring the sales force is necessary for various reasons, such as entering a new market, launching a new product, or responding to market conditions. The process involves compiling multiple data sources, defining input measures, scenario planning, territory optimization, and final review. Advanced analytics play a crucial role in achieving optimal results, aligning sales capacity with market potential, and increasing efficiency.

Incentive Target Setting

Incentive targets are key motivating factors for field-based employees and should align with the brand strategy. Effective target setting involves validating the latest budget or projection, compiling back data, creating KPIs and metrics, and setting targets around a central growth expectation. It's important to ensure that targets are realistic, equitable, and communicated clearly to the sales force.

Conclusion

Chris and Mark's insights into sales force effectiveness highlight the importance of advanced analytics, targeting, segmentation, and incentive target setting in driving sales and ensuring the sales force's efficiency in the life sciences industry. Their expert advice provides a roadmap for companies looking to optimize their sales strategies and achieve better results.

For more detailed insights, watch the full discussion here: Mastering Sales Force Effectiveness in the Life Sciences Industry