Everest Group Life Sciences Digital Services Specialists PEAK Matrix® Assessment 2024

In the life sciences industry, traditional measurement tactics are falling short. They cannot address the complexities of the modern customer journey. The surge of digital channels and evolving customer behaviors are driving this difficulty. So how do you respond? This white paper redefines how life sciences companies approach omnichannel measurement. Authored by industry leaders Vandana Singh ...

The nature of sales operations in life sciences is changing rapidly as digital marketing becomes a core function for marketers. Sales representatives are still central to pharma sales, but they need to leverage data and analytics to tailor conversations and provide a personalized customer experience while helping healthcare professionals solve problems in a complex healthcare environment. Axtria ...

The transition from multichannel to omnichannel customer engagement is critical for the industry but not as straightforward as it may seem. Over the years, pharmaceutical companies have tried to make a move, but very few can claim to be successful and having achieved omnichannel maturity. COVID-19 accelerated the digitization drive across industries and demonstrated the potential of virtual ...

The sales force for a pharma company still represents one of the largest line items in the budget and is the most significant driver of sales relative to all other individual sales and marketing channels. Direct sales forces have the highest cost per contact relative to other channels (lowest efficiency) but have the greatest effect on sales per contact (highest effectiveness). So, making sure ...

This white paper looks at a simple but important research question – why do pharma companies have incentive compensation (IC) plans that cap their at-risk sales rep compensation? This paper provides reasons why such caps are not justified on both theoretical and empirical grounds, notes counterarguments to those who argue for IC caps, and offers two typical case studies that reveal both negative ...

The rapid spread of COVID 19 has resulted in pharma companies facing significant ramifications on their business, requiring a change in assumptions, thinking, and decisions going forward. One such critical area of effect from the pandemic is on incentive compensation (IC). Pharma company investment in the sales force is significant in both personnel and economic terms. Mandates on social ...

Axtria periodically receives questions from pharma clients on whether they should proceed with conducting a sales contest (under the general category of special incentive programs or SIPs), and if so, how should a successful sales contest be designed in order to achieve desired outcomes? Companies annually spend an enormous amount of money on sales contests according to recent estimates. Yet, ...

The short answer to this question is most definitely “yes,” and probably more important now than ever before. Annual pharma company spending on their sales force is still among the single largest line item in the budget, and according to promotion-response and marketing-mix analyses, remains a significant driver of sales revenue and contribution. The changes in the pharma environment from a ...

Sales Crediting – a challenge most companies feel today with the increasing complexity of the market! Even more complex is the task of deciphering the downstream impact on incentive compensation and further impact on the sales reps’ motivation because of false crediting. With this whitepaper, unravel the means of actual and correct sales crediting and therefore, reduce pitfalls in incentive ...