How Sales Quota Optimization Uplifts Pharma Companies
Year after year, pharmaceutical organizations find it challenging to set effective targets for their sales forces. The process does not seem to improve over time. Studies show that about half of companies struggle with some aspect of target setting, ranging from choosing the best methodology, to rewarding the highest performers and supporting the sales strategy. The stakes are high: inaccurate targets lead to loss of top talent, failure to achieve sales objectives, and the inability to take advantage of opportunities in the pharmaceutical value chain.
If targets are not set accurately, in a way that both creates a financial advantage for the company and motivates the sales force, the entire sales compensation plan can be compromised. Quota setting should be an integral part of sales compensation strategy and work with other components of the plan to meet business objectives.
This paper will help your organization better understand and manage sales target setting based on accepted pharmaceutical industry best practices and research. It will describe the most commonly used methodologies and detail the advantages and disadvantages of each.
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