Life Science and Pharma Sales Enablement

Sale methodology research found that the most successful life sciences salespeople have shifted from informal selling to strategic selling backed with a sale methodology. Sellers with optimized sale methodologies achieved an 11% higher sales win rate than those with informal methods.

Sales win rates were further elevated when an optimized sales methodology was integrated with a structured sales process and CRM technology. These three components created the sales trifecta and increased sales win rates 6% above sale methodologies alone.

Sales research that looked at conversion rates found that sellers who consistently applied sales win plans achieved a 5% higher sales close rate.

Many times, these sales win plans were dynamically updated with guided selling automation and next-best-action recommendations.

Sales management research reported that active sales coaching delivered significant and sustained performance improvements in the areas of sales conversions, quota attainment, annual revenue growth and salesperson tenure.

In fact, the Best-in-Class sales organizations earned 11% higher sales win rates, 12% higher salesforce quota attainment and 21% year over year revenue growth. They also realized 6% less voluntary sales turnover. The data also showed that sales coaching programs earned 78% ROI on the coaching investment.

Salespeople know what works for them. Sales technology research found that sellers cited five sales technologies that most helped them achieve their goals.

Life science and pharma sales force automation was rated as the most influential technology to drive continuous improvements to sales effectiveness.

The highest performers were much more adept as leveraging data for sales effectiveness. For example, they would gather data to show what drugs have been prescribed in what areas, often by which physicians or HCPs, and then use that data to correlate with sales strategies and account plans or modify sales processes, local market plans, KOL plans and individual physician plans.

The sales specific business intelligence research also found that the top sales performers were 1.8 times more likely to use dynamic sales dashboards and 4 times more likely to use predictive analytics when compared to lower performing peers.