Every business should be focused on building strategies to boost sales. Pharmaceutical sales has a set of unique challenges that are unlike many other industries for a variety of reasons. Strong sales proficiency isn’t enough to excel as a pharmaceutical sales rep. However, if you couple expertise with the right customer relationship management (CRM) software, the possibilities for growth are extraordinary.
Benefits of CRM
There’s a reason why CRM is a multi-billion dollar industry. It’s because it supports one of the most important aspect of a business, which is sales revenue growth. Without sales growth, any business would remain stagnant or crumble. The breadth of capabilities enabled with CRM is sometimes unimaginable. You are able to generate more leads, close more deals, analyze customer data, streamline processes, meet customer needs and boost the ROI of marketing campaigns. This is just a short list of what’s possible.
While the aforementioned tasks are certainly of great value, another key element of CRM is marketing automation. This has the capacity to transform how a company engages with consumers, especially when you consider the demands of social media marketing. Sales reps are able to be more effective because of business intelligence and sales tracking features. It goes without saying that data management reigns supreme across industries as one of the top reasons why CRM is valued.
Complexities of Pharmaceutical Sales
What’s unique about pharmaceutical sales is that it’s highly regulated and the learning curve for products that hit the market is often steep. There’s also the fact that physicians and medical groups are complex. Given that pharmaceutical sales is highly regulated, there are compliance issues that must be addressed and protocols that must be understood. CRM software makes all of the requirements much more manageable.
It’s a known fact that healthcare and medical practices are constantly evolving. Selling in this industry requires the ability to track changes in the region, while also building and managing relationships. CRM supports these functions. Statistics surrounding lead generation reveal that more than 50 percent of prospects are not a good fit. This applies to pharmaceutical sales, which can exacerbate other industry challenges.
Given the capabilities of CRM and its prevalence across all industries, it’s hard to imagine what was used in the past to achieve success in a world where technology is ever-changing. It’s worth noting that most CRM software will make integration with existing systems seamless. One of the most powerful aspects of CRM is its ability to produce and manage high quality leads through lead scoring and tracking. There are also features for lead categorization, which further simplifies the work of sales reps.