Pharma Sales Targets & Incentives
Smarter targeting and incentive schemes delivered by CSL
Are your pharma incentive schemes delivering value for money?
Setting appropriate sales targets is a crucial aspect of any Reward & Recognition program, as it drives and motivates your pharma sales teams. By effectively defining these targets, you can incentivise the right individuals and optimise national sales performance.
CSL’s approach is to review your brand position and available data. We then recommend the best algorithms to fairly and transparently produce your sub national targets.
We work with you along the way, listening to your input, and sharing our expertise in pharma incentive schemes.
Incentive schemes for sales reps affect everyone in your organisation and can have a deep impact on motivation and results. The impact of a bad incentive scheme can be profound; it can cost hundreds of thousands of pounds in lost sales, increase your recruitment costs (as people leave), and generally demotivate your remaining sales reps.
Get it right and keep it right – CSL can help tailor pharma incentive schemes effectively
Creating an incentive scheme to reward your sales team is a challenge in itself, however monitoring that scheme and ensuring it provides the right balance of incentivisation and job satisfaction is another.
How can you evaluate the available data and identify the elements which need adjusting? There are so many factors at play, such as market trends, the life cycle of your product and current brand priorities. Incentive Compensation Management (ICM) is a challenging and demanding discipline that incorporates many types of data - but it’s a challenge we relish here at CSL. Our powerful, multi-factorial solutions will improve your pharma incentive schemes, boost staff morale and drive commercial success.
Four steps to incentive scheme success:
Development of new components. These will be sales focused, with decisions to be made over whether incentives are relative or absolute and whether they are capped or uncapped.