5 Tips Pharma Sales VPs Must Know Before This Year’s Wrap-Up
Quarterly reports bring about the usual amount of stress across all business departments, but it seems the greatest quivers occur in the beating pulse of the business – the sales department.
With Wall Street analysts and investors awaiting your updated sales forecast – it should very well be right!
It is definitely high time for Pharma sales VPs; equipped with a mass of documents, report sheets and endless numbers, they march right in to provide the CEO with the latest revenue data. Alas, they often find themselves presenting numbers without really being able to trust their sources of information-
With sales reps spending days every month just to get sales data out of their CRM and into spreadsheets, and hours comparing CRM with various home office reports, with constant errors and inconsistencies- by the time these report make it to the sales VP, their accuracy is highly questionable. And where there are false forecasts and inaccurate sales figures- there can’t be a realistic guidance to Wall Street.
Forecasts and Performance – A Love and Hate Relationship
Exceeding forecasts or failing to meet them- either might be true when sales VPs simply can’t trust their numbers. And as much as your boss prefers watching you exceed sales predictions, constant beating of expectations raises forecasting accuracy questions just as much as failure to meet them does.
To really provide your CEO with a realistic forecast and accurate performance figures, you need real-time monitoring at all levels (performance based on geography, products, payer and so on), and you need to be able to easily create and track relevant KPI’s.
In other words, you need real, live data from the field.
So, here are 5 quick tips to help you get a solid, reliable sales data from the field – and – answer your boss’s questions with a little more confidence.
1. Rep monitoring. Closely monitor your reps activity according to KPIs on a weekly basis!
2. The right KPI’s. Develop KPIs that align rep activity with your brand performance; track sales performance compared to brand quotas at all levels, and revise KPI’s accordingly.
3. Accuracy. Make sure your KPI metrics are accurate, timely and reliable, so you can use them confidently for action planning and higher management reporting.
4. Organizational alignment. Constantly validate your KPI’s at all levels (e.g. geographic, payor, product) with your field personnel to ensure everyone is on the same page.
5. Data-based targeting. Encourage field personnel to target physicians using evidence-based decision making from provided data analytics.
Quick & Accurate Pharma Sales Performance Data
In the end, the best way to be completely sure you’re giving your CEO the right, most accurate sales performance data, is by automating your commercial operations reporting system- A good analytics solution can spotlight reps errors, call out inconsistencies, track valuable opportunities, identify problems and correct them- all to give you live-data from the field with the most accurate up-to-date sales performance numbers.
All so you can report to your CEO confidently and quickly, with no fear of shaking your company’s stock price from one end to the other…