Top 10 Pharma Sales Metrics You Should Track
We are in a time where sales managers must deliver results. So, it becomes very important to quantify the performances. Right from measuring the data, analyzing the same through analytics, and tracking the performance of the sales representatives, all these activities automatically becomes KRA of a Sales Manager.
Having so much to do, sales managers could easily get off the track in terms of measuring the metrics. Therefore, the smart move in pharma industry is to use MR reporting software for measuring these metrics.
A Look at the Competitive Side of Pharma Industry
Today’s pharmaceutical industry is extremely competitive. It is not only about the significant budget targets that are on stake but also about targeting the right physicians, patients, and competitors. Pharma sales managers must remain attuned to sales force activities that are being performed on field by sales professionals for a better market coverage. While covering the market or specific areas, sales professionals generally face a number of challenges that must overcome no matter what goes at stake.
Here is What Happens when Managers Look at the Right Metrics
- It fabricates a data-driven sales management approach
- It adds visibility to revenue generation
- It identifies gaps in sales process
- It helps adopt the right workflow
- Enable the team to increase the overall productivity
- It offers better insights to forecast the sales
Also read: Challenges in Pharma Sales Ops
Here is a Look at the Metrics for Pharmaceutical Sales Manager to Track
Sales Funnel Leakage
No pharmaceutical sales manager would ever like to come across a leaky funnel but it is quite obvious for him to experience the same. So, it’s imperative to know where the holes are, how they occurred and what can be done to seal them. So, the things that should be reviewed include:
- Lead response time: the quick response always improve the chances to win it.
- Rate of follow up contact: continue follow up with the lead is as important as selling the services. Keep in mind to talk to the clients on emails or call for regular follow up.
Sales Forecast Accuracy
Forecasts can never be exact but there are tools that can give a look of the trends that may prevail further. The accuracy of sales team forecast depends upon a number of factors in order to either ensure that they are continually reaching their predicted targets or at least reaching close to them. Producing accurate forecasts ensures that the company reaches to their estimated sales target well on time as estimated earlier.
Acquiring new customers in pharma (for medical representatives that is mainly acquiring new doctors) is never the same. There are a number of metrics that play prominence when medical representatives visit either doctors or pharmacies. Medical representatives must find ways to improve their sales with the help of tools like software for pharmaceutical companies and MR reporting software. These tools can offer a suite of information to pharma sales representatives in order to gather the most authentic information about the demands of the pharmacists or doctors in any particular area.
It is important to have the information on how many leads are getting converted into customers. It is one of the most important metrics of the sales pipelines for professionals engaged in the process. A sales team invest a lot of time as well as efforts in fetching a client to the company. Conversion of the lead also signifies the profit that will come along with it. Advanced business intelligence software could play a significant role in determining even the acute needs of their clients and serving services similar in accordance with the demand.
Whether the employees are working on field or not is one of the most important concerns for sales managers. And to verify the same, sales manager could use pharma app. Through this app, the managers could allocate different regions to their MRs to cover in a day along with gathering all the related information about the same. This app could also play a significant role in providing all the required information to the sales representatives about doctors, brands to be promoted, date of visit, location, timing , and every other minute information. This will ensure that the professional would invest their efforts in the right direction.
Product Performance In Terms of Market Context
As soon as a product is launched every pharmaceutical sales manager/company needs to create a market for the same. It helps to measure the success rate of the product in the market of course with the use of pharmacy management software one can quantify the Product Performance by calculating Market Coverage, Product Sales at different levels.
Track of Win Vs Loss Rate
There are times when pharma sales representatives unfortunately don’t get their prospects converted into lead. Such cases give insight into the reasons of failure that was the prime cause. This also gives enough reasons to understand why leads didn’t buy the services. Such information is crucial as it can assist in improving the closing rate of a company thus helping it to generate improved market share from existing clients.
Retention and Churn Rate
There are fair possibilities for a pharma sales professionals may lose clients one after another. This is a critical figure to measure as it helps to know about the loopholes in the system. The managers could easily track the ratio with pharma software. Measuring the retention rate on the other hand helps to know the percentage of loyal clients that business has earned over the years.
Engagement with Current Customers
Relationship with clients is the best way to help grow a brand successfully in the market. Keeping in regular touch with the clients (in this case with physicians) let’s medical representatives know more about the specific demands of an area in terms of requirement of particular drugs. These representatives could separately be held responsible by the pharma sales managers to collect all the field data with the help of MR reporting software. They could be sent for collecting on field data by scheduling their meetings with physicians on particular date, time, and venue to get insights of the field data. This helps to know more about the demands and the supply could be arranged accordingly.
Activity Goals Vs Activity Results
This helps to identify how sales representatives are performing over a period of time. This gives insight to measure the success rate of the tasks that are being given to the professionals. This also helps to know who are the best resources along with giving the information on which resource needs additional training to perform better on the field.
While Pharma sales managers could add or reduce any of the sales metrics mentioned here, the ones written here will always help to gather more information on actual data. The real value is in the data that is gathered with the help of pharmacy management system software. While hunting for additional sales, the metrics always boils down to attain more and more pharmacists and doctors to convince them for any particular product. Therefore, to make things a bit easier automated software in the business could play a pivotal role.
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