Most sales teams in the pharma industry get frequent, attractive-looking mobile reports that display their sales performance from a variety of angles. With just a couple clicks, they get a quick glance into their sales volume, compensation, and most prolific territories. What else could they wish for? Missed Opportunity Consulting!
When pharma reps fall short of their goals, it’s crucial that they analyze their losses as closely as their wins. That’s where Missed Opportunity Consulting comes in – it prevents them from scoring touchdowns on the wrong end of the field, so to speak. At the same time, it grants them a better understanding of what to do differently in the future. It might seem strange to study what you missed rather than what you achieved, but those insights can boost performance much more than just reporting on the “bright side.”
Of course, reps rarely have time to perform this analysis themselves, and sales operations teams are typically too busy as well. That’s why this tends to be the most neglected aspect of reporting.
No matter how experienced they are, sales ops specialists aren’t able to sift through physician-level data, call activity, and managed-care data from so many sources. That makes it impossible for them to help each rep devise a better sales strategy specific to their geography and pool of target doctors. With administrative burdens first on their minds, sales ops personnel simply don’t have the bandwidth to create meaningful missed opportunity reports that are customized and delivered quickly to each sales role in the organization.
To help pharma companies address this issue, Optymyze offers Missed Opportunity Consulting – an innovative mix of software and services, powered by our sales performance platform. Missed Opportunity Consulting helps sales reps and managers zero in on healthcare providers with potential for growth, helping reps spend more time selling to high-priority targets. We collaborate with your sales operations team to develop a repeatable, successful reporting structure based on nurturing sound business processes and serving the needs of all plan participants.
SALES OPERATIONS – START WITH THE RIGHT FOUNDATION
- Identify the most effective KPIs at a national level.
- Integrate all data sources, then measure the correlation between these metrics and successful sales.
- Think outside of the “sales volume” box and consider other measures such as:
- Managed care access
- Formula coverage
- Call plan attainment
- Changes in market share
- Monitor, stress test, and report on these KPIs regularly.
- Don’t assume that last year’s most effective KPIs will be the same again this year. If your industry and selling landscape are changing rapidly, your best KPIs are likely to change as well.
- Measure success over time.
- Build reporting up front to monitor improvement at the national level and see how you cut the number of missed opportunities from one period to another.
CREATE A MEANINGFUL PORTAL FOR SALES REPS
Optymyze sorts targets and customer lists based on a combination of KPI scores. This highlights opportunities to increase business.
- Equip your reps’ portal views with a pre-filtered report that flags physicians or account opportunities with the most potential for increased performance.
- Create a historical view that shows reps how much they’ve decreased the number of missed opportunities over time.
- Communicate with reps before you introduce missed opportunity reports to their portals. After all, your Missed Opportunity Consulting will be ineffective if reports appear suddenly and without explanation. Read more about why effective communication between managers and reps matters.
GIVE SALES MANAGERS THE RIGHT INFORMATION
- Managers need visibility into their team’s missed opportunities; that’ll enable them to coach more effectively and drive actionable goals.
- Give managers a historical view of their subordinates that lets them measure their success in decreasing the number of missed opportunities over time.
From sales reps to sales managers to sales operations, each stakeholder should gain real-time visibility into missed opportunities – letting them learn from the past to adjust for the future. Missed Opportunity Consulting provides the information that pharma companies need to find untapped potential.
How are you dealing with missed opportunities? What kind of sales ops challenges are you facing? I’d love to hear your thoughts, so please don’t hesitate to get in touch.
Make sure you also read our Sales Operations Letters, in which we try to answer a tough question: How Can My Sales Reps Focus More on Quality?