Return on Investment is a good measure of the revenue generation capability of a pharmaceutical sales force. ROI can be maximized by streamlining the pharmaceutical sales operations process, so that essential drugs get delivered to doctors and pharmacies on time and adequate revenues are generated for pharmaceutical companies. Return on investment calculation can help determine whether the management of pharmaceutical sales agents is adequate by showing the profitability of sales operations.
Return on investment calculation for pharmaceutical sales forces can be done by deducting the cost of sales from the revenue generated and dividing by the cost of sales. It is essential that pharmaceutical sales agents operate at peak efficiency and maximize drug sales to increase ROI. Field sales monitoring apps like CloudApper SalesQ can help in increasing pharmaceutical sales ROI by proper sales force management.
Ways to Increase Pharmaceutical Sales ROI
Pharmaceutical sales agents should be managed well to ensure they visit the right territories, interact with doctors, and deliver drugs to stores. Achieving increased ROI is possible in the following ways:
Increased Doctor Engagement
Pharmaceutical sales force targets should be carefully monitored to make sure sales reps visit assigned doctors, territories and drug stores. Rapport building and increased interactions can provide guaranteed results in terms of achieving sales targets and increased ROI. SalesQ can help track targets assigned to sales representatives by showing task progress. This nudges sales teams to perform better and increases the efficiency of pharmaceutical sales operations.
Knowledge Sharing on Drugs
The pharmaceutical industry has a large catalog of drugs that are utilized in treating a plethora of ailments. Pharmaceutical sales reps often specialize in certain groups of drugs, but the market is constantly changing and requires up-to-date product knowledge. This helps in educating doctors, so they can prescribe the right drugs to patients. Training can be administered using an app that sends strategic insights to reps through their phones. This can be accessed by reps across the field for clearer communication.
Reporting can help assess the ROI the sales operations are generating by tracking various sales metrics. Pharmaceutical sales force metrics like overall sales targets achievement, inventory turnover, and number of items sold per transaction can be tracked for return-on-investment calculation. These metrics along with identification of latent trends can help management make ROI maximizing decisions. SalesQ can help increase pharmaceutical ROI by providing interactive dashboards on essential metrics that can help increase drug sales.
Sales Force Tracking
The performance of pharmaceutical sales agents can be improved by location monitoring to provide increased return on investment. Technology like Geo-fencing can be used to make sure reps check-in from where they are supposed to be. This can make sure that you do not lose out on essential doctor and territory visits, which in turn lead to more sales. This method also nudges sales reps to perform better and increases the accountability of pharmaceutical sales agents.
Customers are the end users of any products, and pharmaceutical products are no exception. Data should be captured on feedback provided by doctors and pharmacists who procure drugs from reps across various territories. The insight that they provide about sales can help tweak the sales operations and procurement process to increase revenues and profits. Field sales monitoring apps like SalesQ provide a feature that lets your reps record customer feedback from their phones.
Pharmaceutical sales force return on investment can be enhanced through efficient sales operations for better profitability. Properly tracking, training and deploying pharmaceutical sales agents can ensure that they perform their best and generate great profits for pharmaceutical companies. CloudApper SalesQ is a field sales monitoring app that can help in increasing pharmaceutical sales ROI. Sign up for a 14-day free trial now, no credit cards required!