As a Pharmaceutical Sales Executive, you need to make sure you set realistic targets and sales goals. In order to do this, you need to monitor the correct data and key performance indicators. There are many factors that could influence the real-time data on sales performance—geography, product, and client type, to name a few.
Here are a few ways you can ensure that your sales data in your CRM is accurate and reliable.
1. Define the terms. Make sure that within you CRM, the terms that are used are clearly defined and universally understood. For example, does “customer” mean a prescriber? A healthcare institution?
Understanding the inputs to your CRM will ensure that there’s accurate data flowing in, and cross-functional units like business, finance, and IT departments will be able to coordinate efficiently.
2. Ensure your KPIs are the right fit. Having the right Key Performance Indicators (KPIs) that align with your sales process and sales rep activity is very key. Make sure that the KPIs you implement are accurate and reliable. You can adjust your KPIs accordingly and constantly validate them with your sales rep to ensure that they are measuring the correct data points.
3. Gather Quality Data. Having a robust CRM will require many different sources of data gathered from the field. Integrating the data into your system will allow you to closely monitor your sales reps, as well as continuously validate your KPIs on all levels, whether it’s geographic, by product, or by client type. Encourage your sales reps to target physicians using this past sales data to ensure a higher probability of closed deals.
4. Adjust to the changing environment. The pharma industry is quite dynamic and constantly changing. Sales VPs must embrace the challenges, whether its price pressures from generics, mergers, and acquisitions throughout the industry, transformation from sales reps to sales consultants. Short term revenue fixes, like an influx of revenue from blockbuster drugs, cover up the real need overhaul antiquated systems, streamline the sales processes, and solve operational inefficiencies.
5. Customize the CRM. Lastly, it is important to ensure that if your organization is switching to a new CRM, the decision must be an organization-based, rather than an application-based, selection. Why? Application-based decisions will require a company to change their processes and business practices to fit the mold of the software, whereas implementing a software that can adapt to your organizational requirements is a much more efficient and strategic way to go about streamlining your sales process. Furthermore, any changes to tailor the software to fit your organizational needs will be extremely costly to maintain or upgrade.
With ForecastEra’s new software, we can work with you to customize our software to your organization’s needs and processes. There is no need to change your existing sales and marketing processes to work within the limits of a cookie-cutter software.
Find out more about how we can work with you to implement our cutting edge CRM and improve your company’s forecasting capabilities: http://www.forecastera.com