- Eularis Challenges Pharma Industry: Are You Measuring the Wrong Things? -
LONDON and TOKYO, July 6 /PRNewswire/ -- With the ever-increasing pressure to ensure maximum return on investment, sales force effectiveness is becoming a high priority in the global pharmaceutical industry. Reports have shown that while sales forces represent the largest spend in pharma sales and marketing, return on this investment has declined sharply in recent years. To address this alarming issue, Eularis announces today the availability of its new report, "Pharmaceutical Sales Force Effectiveness Metrics: Are You Measuring the Wrong Things?"
Written for CEOs, marketing executives and sales executives, this comprehensive research project examines market data and case studies and reports the startling discovery that the very metrics currently being used to assess sales force effectiveness are in fact the ones causing its decline. Focusing on the pharmaceutical industries in the United States, Europe and Japan, the report dissects these current metrics and their limitations, and then offers updated metrics that can help solve the declining effectiveness crisis.
"A pharmaceutical organization's spending on sales force is second only to research and development. Better metrics must be used to measure both the effectiveness and financial impact of this very significant budget element because the current measurements used by most top pharma today actually contribute to the decline in effectiveness of the field force," commented the author of the report, Dr. Andree K. Bates, president of Eularis.
Traditional pharmaceutical organizations are rigorously tracking and
managing sales activity, but still falling short. Data emerging from the
research concludes that current metrics are more focused on efficiencies
rather than effectiveness -- and do so to their own detriment.
The report also identifies core issues at play in SFE, such as:
-- Why sales call frequency metrics are deeply flawed
-- What impact the marketing message has on the customer during the detail
-- Which SFE issues vary by region
-- How to target the right audiences
-- How to incorporate appropriate influencing behaviors into SFE programs
The report discusses appropriate tactics to solve these problems, and demonstrates implementation methods and issues. Sales force effectiveness is a difficult concept to measure, but doing so can push pharmaceutical companies past today's hurdles and into increased productivity and sales.
"Implementing new sales force effectiveness metrics that actually improve effectiveness, and navigating the tricky paths of assessment, changing behaviors, and incorporating eDetailing and CRM systems can be challenging, but it doesn't have to be if you're measuring the right things. Cutting-edge pharmaceutical marketers are turning to appropriate analytics to play an important role in ensuring change is on the right path," closed Bates.
Bates has gained wide recognition within the international pharmaceutical industry for her expertise in marketing return analysis. In addition to this and other must-have reports for pharmaceutical industry marketers, she has authored many articles in peer-reviewed journals and several chapters in books on pharmaceutical analytics.
To purchase the Eularis report, "Pharmaceutical Sales Force Effectiveness Metrics: Are You Measuring the Wrong Things?" visit: http://www.pharmaindustrysfe.com/ or http://www.eularis.com/japanese/marketing-excellence/market-reports.asp
Eularis provides sophisticated pharmaceutical analytics that provide data-driven insight into the financial impact of corporate and marketing decisions. Unlike traditional analytics approaches which are lengthy and whose reliance on historical or analogue data reduces their accuracy, Eularis' proprietary 94.8 Analytics Process is based on the current market situation. This proven approach helps pharmaceutical marketing teams to quickly plan, measure, validate, and optimize their sales and marketing performance. Eularis offers pre-launch analytics, marketing mix modeling (both professional and consumer), portfolio optimization, sales force effectiveness, managed care analytics, and patient compliance solutions. Co-headquartered in London and New York City, the company has developed significant experience in the global pharmaceutical market through client engagements globally (including Japan and Asia Pacific) with AstraZeneca, GlaxoSmithKline, Merck, Pfizer and many others. For more information about Eularis, visit http://www.eularis.com.
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