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Ten Pharmaceutical Sales Myths

  •  Email
Written by Steven Rosen
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More Gravy
Are You a Bridge Builder?

I find it interesting to note that successful people clearly understand the value of a role model and the power of a mentor's guidance. Each of these high-achievers are quick to express sincere praise for their mentors and the positive impact they had on their lives. They're grateful that someone recognized their talent and believed in them enough to help them develop their full potential.  


 



Biography is one of my favorite TV shows because it pays tribute to the accomplishments of well-known, successful men and women. I gain insight and inspiration from their stories of achievement and personal triumph over adversity.

I find it interesting to note that successful people clearly understand the value of a role model and the power of a mentor's guidance. Each of these high-achievers are quick to express sincere praise for their mentors and the positive impact they had on their lives. They're grateful that someone recognized their talent and believed in them enough to help them develop.

There are two kinds of people in this world, those that build bridges and those that don't. Bridge builders are mentors who understand the power of a kind word and the importance of sincere praise. They're always available to share their talent and experience. Mentors are team players all the way and lead by example. These unselfish people invest their time and energy helping others avoid pitfalls along their chosen path. Bridge builders mentor without concern for personal gain or credit. They don't build bridges for the sake of recognition or tribute; they build because it's in their nature to encourage and support others.

 

As a boy, I recall reading a poem under the glass on my father's desk entitled The Bridge Builder. This insightful verse and its message of mentorship has served me well over the years and is a great example for all of us to emulate. If you're a bridge builder congratulations, the world is a far better place because of the difference you make in the lives of others. How many bridges have you built lately?

 

The Bridge Builder

An old man, going a lone highway,

Came, at the evening, cold and gray,

To a chasm, vast, and deep, and wide,

Through which was flowing a sullen tide.

 

The old man crossed in the twilight dim; The sullen stream had no fear for him; But he turned, when safe on the other side, And built a bridge to span the tide.

 

"Old man," said a fellow pilgrim, near,

"You are wasting strength with building here; Your journey will end with the ending day; You never again will pass this way; You've crossed the chasm, deep and wide- Why build you this bridge at the evening tide?

 

The builder lifted his old gray head:

"Good friend, in the path I have come," he said, "There followeth after me today, A youth, whose feet must pass this way.

 

This chasm, that has been naught to me,

To that fair-haired youth may a pitfall be.

He, too, must cross in the twilight dim; Good friend, I am building this bridge for him."

 

- Will Allen Dromgoole

 



.

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For most pharmaceutical companies the sales force is still their most expensive promotional resource. I have to agree with IMS when they stated that “Although the majority of senior executives recognize the need to change their commercial models, many are struggling with how to do so." 

The key to developing new commercial models is understanding what myths may be holding you back from propelling you company’s growth curve.  Want to achieve STAR Results? Find out how a mid-sized pharmaceutical company with $70M in sales was able to triple sales to $221M in three years while competing among the biggest and best companies in the industry in Hypertension and CNS.

I can tell you how, but first:

Here are 10 myths that I believe are preventing you from realizing the true potential of your sales force.

Myth #1: Tri ads are better than Bi ads. Bi Ads are better than single rep coverage.

Fact: Once you add more than one rep/product/physician you lose accountability and ownership.

Myth #2: We effectively manage sales rep call/day.

Fact: Not all calls are equal in value. A call on a D1 is worth 25x time more than a D6.

Myth #3: We effectively use our Xponent data to target.

Fact: Decile and quartile targeting is suboptimal. Converting scripts to dollars and targeting physicians based on actual business and potential business is simple yet much more effective.

Myth #4: We have a strong sales force based on experience and knowledge.

Fact: Experience and knowledge is only a small factor in sales success. Can they sell? Will they sell?

Myth #5: We promote our best and brightest reps to sales management roles.

Fact: Unless you are developing your new managers to be strong coaches, leaders and business managers you just made 2 mistakes. You lost a top rep and now have a poor sales manager.

Myth #6: We have a very experienced sales management team.

Fact: Unless you have invested in developing their coaching, leadership and acumen you are getting the same performance you have had for years.

Myth #7: We invest significant dollars and resources on sales rep training.

Fact: Unless training is supported by infield coaching and reinforcement, 90% is forgotten in 30 days.

Myth #8: All we need to do is right size our sales force.

Fact: You need to look at other factors like are we targeting better, do sales rep have a sense of ownership, and are our sales managers great coaches. Otherwise, your new sales model is going to give you the same results.

Myth #9: Slow gradual change is the way to go. If we change a little every year we can eventually get it right.

Fact: Radical change has been required for years yet no one has the courage to challenge the norm.

Myth #10: All we need to do is bring in IMS, ZS or Haygroup and they can tell us what the best model is.

Fact: They were the ones who got you into this problem. Who says they can lead you out of it? If your new model fails you can always say we consulted the best and brightest.

I am sure you can think of more. Feel free to comment and add your biggest myth.

If you found this article by Steve Rosen to be helpful, please click here for his book.

Steven Rosen
About the author:

Steven Rosen, MBA is the founder of STAR Results. STAR Results is a sales leadership consulting, training and coaching organization dedicated to leadership development in the Pharmaceutical industry. Steven works with sales executives to; hire top performing sales reps, develop a team of top sales managers and achieve greater personal and professional success.

 

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