The final countdown to the Veeva Commercial Summit has begun and we are only a few days away from one of the most exciting events on the pharma calendar. This year, besides our interesting lineup of activities at our booth we have a very compelling Commercial Excellence Survey report to share with you. We recently conducted this survey to understand the current state of commercial excellence across the industry.
As you will know, the healthcare environment is going through a significant structural and financial transformation. We believe organizations that wish to take a competitive edge should use commercial promotional strategy as a key to experiment, challenge conventions and differentiate. Axtria carried out this Commercial Excellence Survey recently to better understand the readiness of commercial organizations when facing these changing market realities.
Commercial executives from all over the world, including many top ten pharma companies, participated in this online survey. We are out with the first report of this two-part series and are very excited to present our findings and conclusions from the survey.
The survey was divided into independent categories such as Customer Segmentation, Commercial Model Design, Alignment, Call Planning and Incentive Compensation. The questions allowed a direct measure of an organization’s preparedness to meet the demands in this competitive environment.
Some key findings from this survey include:
- 50% are yet to plan for new selling roles to engage customers
- 82% don’t have a central repository to manage all business rules
- 60% take 12-weeks or more to design and implement new alignments
- 46% don’t have roster processes to manage territory to sales professional mappings
- 50% don’t leverage what-if tools like compensation calculators to drive sales motivation
- 70% are yet to implement multi-channel call plans
Despite the industry switching from volume to value, the results show that many organizations are continuing with outdated selling models. The report uncovers significant value traps in the end-to-end commercial process that several global organizations are struggling with.
Visit us at Booth 10 to learn more about the findings and conclusions from the survey. We would be happy to share a copy of the results with you. We welcome your reaction and perspectives.