Commercial Excellence
Axtria collected and analyzed incentive plan and performance data from 25+ organizations for the 2022 plan year to develop a robust and holistic set of anonymized benchmarks representative of incentive practices across the industry.
The role of a sales representative in the life sciences industry has changed significantly in recent years. With increased focus on omnichannel customer engagement, more sophisticated patient journeys, and the increasing role of artificial intelligence in the life sciences industry, sales rep adoption of these changing dynamics is essential for success.
Incentives are a proven way to drive sales rep behavior, and incentive compensation (IC) team leaders need to be aware of the latest industry trends and best practices if they are to design incentive plans that will drive business strategy and sales force performance. Axtria conducted its 2023 Incentive Compensation Benchmarking Study across life sciences organizations in the US.
Key areas covered in the complete study include:
- IC target pay variations by therapy and team type
- Common incentive plan design practices by therapy and brand lifecycle stage
- Types of MBOs for different roles and teams
- Omnichannel metrics incorporation in incentive plans
- Decision-making criteria for award winners in annual rewards programs
- Contest design budget and targeted win rate
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