The sales team is the most crucial promotional resource for most pharmaceutical companies. I agree with IMS’s statement that “While most senior executives recognize the need to modify their commercial models, many are struggling to figure out how to do this.”
Understanding the myths that may hold you back from accelerating your company’s growth is key to developing new models.
Do you want to get STAR results? Learn how a small pharmaceutical company that had $70M in annual sales was able to triple its sales to $221M within three years, competing with the best and most successful companies in Hypertension and CNS.
You may say, “Wow.” You can do it. First…
These are the ten myths I believe will prevent you from realizing your true potential as a salesperson.
Myth #1:
Bi ads are better than tri 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:
Sales reps can be effectively managed by using call/day.
The truth is that not all calls are equal in their value. A D1 call is 25x more valuable than a D6 call.
Myth #3:
Our Xponent data is effective in targeting.
Fact: Quarterile and decile targeting are suboptimal. It is easy to convert scripts into dollars and target physicians based upon actual and potential business. However, it is much more efficient.
Myth #4:
Our strong sales team is based on knowledge and experience.
Fact: Sales success is not dependent on knowledge and experience. Will they be able to sell? They will sell.
Myth #5
We promote the best and brightest sales reps to sales management positions.
Fail. You are not developing your managers to be leaders, coaches, and business managers. You have lost a top sales rep, and now you have a poor sales manager.
Myth #6
We have an experienced sales team.
Fail: You won’t get the same results if you don’t invest in their leadership, coaching, and acumen.
Myth #7:
Sales rep training is a significant investment of money and resources.
Fail: 90% of training is lost if it is not supported by reinforcement and infield coaching.
Myth #8:
We only need to right-size our sales team.
Fact: Other factors should be considered, such as are sales reps are more motivated, are more involved in the sales process, and are their sales managers, good coaches. Your new sales model will not produce the same results if you do.
Myth #9:
Slow, gradual change is the best way to go. We can achieve success if we make minor changes every year.
Fail: While radical change has been required for years, no one has the courage or the will to challenge the norm.
Myth #10
All you need is to bring in IMS or ZS, and they will tell you which model is best.
Fait: They are the ones that got you into this mess. They can’t lead you out of this problem. You can always claim that we consulted the brightest and best to help you if your model does not work.
You can probably think of even more. Comment and share your greatest myths.
