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!
There comes a time when pharma reps fall short of their goals and they need to analyze their losses as closely as their wins. Missed Opportunity Consulting will prevent them from scoring touchdowns on the wrong end of the field and understand what to do differently in the future. It might seem troubling to study what you missed rather than what you achieved, but such insights boost performance more than just reporting on the “bright side.”
Of course, reps rarely have time to analyze this data themselves. Sales operations teams are also too busy. In my experience, this is actually the aspect they neglect the most when it comes to reporting.
No matter how experienced, Sales Ops specialists aren’t able to sift through physician-level, call activity, and managed care data from so many sources. They find it impossible to help each rep devise a better sales strategy specific to their geography and pool of target doctors. With many administrative burdens, sales ops have trouble providing meaningful missed opportunity reports, 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. Sales teams can devote more time selling to their high priority targets. We collaborate with your sales operations team to develop a repeatable, successful reporting structure that is based on sound business processes and serves 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 and then measure the correlation between these metrics and selling successes.
- 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 this year. If your industry and selling landscape are changing rapidly, then your best KPIs are likely going to change as well.
- Measure success over time.
- Build reporting up front to monitor improvement at the national level and see how you decrease 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 to reps before you introduce missed opportunity reports to their portals. Missed Opportunity Consulting will be ineffective if reports appear suddenly without any explanation about how they should be used. Read more about why effective communication between managers and reps matters.
GIVE SALES MANAGERS THE RIGHT INFORMATION
- Give managers visibility into their team’s missed opportunities. This will enable them to better coach to these opportunities and drive actionable goals.
- Give managers a historical view of their subordinates. This helps them measure their success in decreasing the number of missed opportunities over time.
From sales reps to sales managers and sales operations – each stakeholder should gain real-time visibility into missed opportunities, and learn from the past to be able to leverage the future. Missed Opportunity Consulting provides the information pharma companies need to find untapped potential.
How are you dealing with missed opportunities? What kind of challenges do you face? I would enjoy hearing your thoughts in the comment section below. If you find the information useful, please feel free to share it with your networks.
Make sure you also read our Sales Operations Letters, where we try to answer a tough question: How Can My Sales Reps Focus More on Quality?