The Marketing Advantage

APRIL 6, 2021

April 6, 2021 The biopharma industry rightfully places a great deal of emphasis on the importance of having a sales compensation plan that pays for performance. Most consider a sales compensation plan to pay for performance if a sales representative who sells more gets paid more.

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The Marketing Advantage

JANUARY 30, 2023

January 30, 2023 Although the limitations of forced rank sales compensation plans make them ineffective for any stage of the product life cycle, the stage in which they tend to be most popular—the launch stage —is also the stage in which they do the most harm. top 10%, then next 10%, etc.). Let’s explore why.

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The Marketing Advantage

NOVEMBER 3, 2021

November 3, 2021 The ability of a sales compensation plan to correctly identify and reward a sales force’s true top performers is critical to motivating and retaining not only those top performers, but the sales force as a whole. This bias becomes even more challenging when sales are declining. NEW MARKET SHARE.

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The Marketing Advantage

SEPTEMBER 7, 2021

In parallel with this growing industry-wide complexity has been the call to further simplify sales compensation plans. Bridging this increasingly growing divide is not easy and raises the question of what truly makes a sales compensation plan simple. ATTRIBUTE 2 Simple to administer. Simple to understand.

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The Marketing Advantage

APRIL 7, 2020

April 7, 2020 With social distancing during COVID-19 leaving pharma, biotech and medical device sales representatives at home rather than in the field, what does this mean for the sales incentive compensation plans they are being compensated against? Do we want a portion of the sales force to not earn any payout?

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The Marketing Advantage

NOVEMBER 30, 2021

The severity and impact of the Omicron variant is still being assessed, forcing biopharma companies to grapple with immense uncertainty during one of the most important planning periods of the year, including 2022 sales incentive compensation planning. TERRITORY-LEVEL CONTINGENCY PLAN. 100%/80%) in order to make the territory whole.

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The Marketing Advantage

APRIL 1, 2020

April 1, 2020 COVID-19 is so unprecedented that a number of the sales incentive compensation strategies adopted in the past—even those designed to address unanticipated marketplace conditions—will unfortunately not be enough to mitigate its impact. quarter or trimester). quarter or trimester).

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The Marketing Advantage

SEPTEMBER 2, 2022

September 2, 2022 One of the biggest challenges biopharma companies face around designing a sales compensation plan for a multi-product bag is ensuring that all products in the bag get sufficient attention without taking focus away from the product(s) deemed most important. Depending on the design of the sales compensation plan (i.e.,

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PharmExec

JANUARY 11, 2023

As they are forced to do more with less, pharma commercial leaders should rethink their incentive programs to ensure their sales teams remain strong drivers of growth.

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Rep-Lite

MARCH 21, 2024

Healthcare professionals come in all forms: pharmaceutical sales reps, surgical sales reps, biotech sales reps, etc. However, for this exploration, we will be using the umbrella term, medical sales representative. So how much do medical sales reps make? In 2023, sales amounted to about 863 million dollars.

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Axxelus

DECEMBER 8, 2021

It’s hard to find qualified and motivated talent these days. When new talent is found for any given role, it can be incredibly difficult to keep that talent. This is a phenomenon that is affecting virtually every industry in the wake of the COVID-19 pandemic.

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Contrarian Sales Techniques

JULY 12, 2023

As a sales manager in the pharmaceutical industry, you have the challenge and opportunity of devising effective pharmaceutical incentive compensation plans. How these plans are designed can significantly impact your team's motivation, job satisfaction, and overall sales performance.

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Contrarian Sales Techniques

JULY 12, 2023

Hey there, fellow pharmaceutical sales rep! Since you've landed that coveted pharmaceutical sales role and you've heard all about pharmaceutical incentive compensation plans, y ou're probably wondering what they're all about, right? Adapting to Change The world of pharmaceutical sales is dynamic and ever-changing.

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Optymyze

FEBRUARY 9, 2021

Imagine if, during your typical workweek, you had to deal with rejection throughout the day. Imagine hearing dozens of “noes” and yet picking yourself up every time with a big.

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The Marketing Advantage

DECEMBER 5, 2022

December 5, 2022 Next to a sales compensation plan, no activity motivates a sales force more than a contest. However, too often, contests are not able to adequately motivate the sales force, whether it is because the contest has run for too long, the contest is a mere extension of the sales compensation plan, etc.

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The Brooks Group

MARCH 27, 2014

At any rate, while not that frightening, this short story can provide good food for thought as you think through the structure of your sales compensation plan. The Scary Tale of a Broken Sales Compensation Plan. The organization’s sales had flattened, profits dissipated and layoffs were imminent. The results?

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European Pharmaceutical Review

JUNE 24, 2022

The Greek state has filed a lawsuit against Novartis , asking for € 214 million in compensation for non-pecuniary damages* the country may have suffered due to alleged illegal payments to government officials and healthcare providers. Novartis has, in recent years, paid $1.3

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Contrarian Sales Techniques

JULY 7, 2023

What is Pharma Sales? A Glimpse into my World As someone working in this dynamic field, the question I often get is, "So, **what is pharma sales**?" Diving into the Heart of Pharma Sales Let me share more. That's my pharmaceutical sales description in a nutshell. These aren't just about rewarding sales volume.

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MedReps

OCTOBER 3, 2022

Among the many specialties in the medical sales field are medical devices. This particular niche is one chosen by numerous people due to its compensation and benefits, not to mention the amazing and life-saving devices themselves. Compensation for Selling Medical Devices. Why, you ask? Why, you ask? What Are Medical Devices?

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Rep-Lite

NOVEMBER 21, 2023

Sales strategy consulting is a specialized form of management employed by a sales consulting firm that focuses on helping businesses improve their sales performance and achieve their revenue goals. So now that you have the gist of what sales strategy consulting is, let’s better understand what a sales consultant is.

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Rep-Lite

FEBRUARY 23, 2024

As a pharmaceutical sales rep, you undergo a rigorous training program, develop strong relationships with healthcare professionals, and work tirelessly to meet sales targets. Despite these challenges, pharmaceutical sales reps play a crucial role in driving revenue for their companies and promoting life-saving medication to patients.

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Contrarian Sales Techniques

JULY 11, 2023

As a job seeker in the pharmaceutical sales industry, it's crucial to have a good understanding of potential compensation packages. Pharmaceutical incentive compensation plans. What are Pharmaceutical Incentive Compensation Plans? What are Pharmaceutical Incentive Compensation Plans?

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The Marketing Advantage

JANUARY 26, 2021

January 26, 2021 It is not uncommon to hear from sales compensation plan designers that approximately 10% to 15% of the pharma sales force should finish a plan period without having earned a bonus payout. Let’s explore these limitations and why all representatives should earn a bonus.

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Contrarian Sales Techniques

FEBRUARY 22, 2024

Remember those tips I shared about making your medical sales devices training more productive? The Agent Factor: Navigating the Maze In some regions, direct sales aren't an option. But the compensation? This is a common reason people leave, especially when they compare it to the (sometimes) easier world of pharmaceutical sales.

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Rep-Lite

NOVEMBER 30, 2023

B2B sales consulting for medical sales is a specialized service that helps healthcare organizations navigate the unique challenges of B2B transactions within the healthcare industry. What is B2B Sales Consulting? A sales expert in this space needs to understand these intricacies and provide tailored solutions.

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Medical Sales Authority

JUNE 6, 2022

We get a lot of questions about compensation. In this article we have compiled a list of the most insightful medical device sales rep salary videos on YouTube. Can You Make 300k In Medical Sales? Yes, it is feasible to make 300k in medical sales. Related: Are Medical Sales Reps Rich?

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Spotio

OCTOBER 7, 2023

If you’re a sales manager, you must dedicate yourself to sales performance management. As we’ve discussed, sales performance management is “A data-driven approach to planning, managing, and analyzing your company’s sales performance.” We’ll share 11 of them with you in this article.

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Medical Sales Authority

SEPTEMBER 12, 2022

Have you ever heard the phrase “senior sales sales rep”? In this article we breakdown the meaning of a medical sales senior sales rep. In this article we breakdown the meaning of a medical sales senior sales rep. Related: The Career Path Of A Medical Device Sales Manager.

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World of DTC Marketing

OCTOBER 21, 2021

That money is gone without any clinical benefit and the executives at those drug companies received compensation because of those sales. This is another example of just how screwed up our healthcare system really is. The post New <b>FDA</b> head needs to examine the accelerated approval program.

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World of DTC Marketing

APRIL 7, 2021

QUICK READ: The compensation for pharma CEOs is starting to be reported and it’s off the charts. million compensation package in 2020, a slight increase from his $19.6 Drug companies often demand a premium price to compensate for early risk that was actually borne by taxpayers. Bob Bradway of Amgen bagged a $20.1

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New to Medical Device Sales

DECEMBER 6, 2021

Pay/Compensation This is a big one. Medical Device Sales Resources Purchase Guide For Breaking into Medical Device Sales Ebook: [link] New to Medical Device Sales YouTube: [link] New To Medical Device Sales Podcast: [link] New to Medical Device Sales Instagram: [link]

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The Marketing Advantage

APRIL 26, 2022

May 9, 2022 Designing the right payout curve for a biopharma sales force is critical to driving sales force motivation and overall sales. Rank order sales compensation plans are typically never as effective or motivating as goal-based, commission-based or grid-based plans. Let's Talk about Payout Curves.

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Medical Device Success

NOVEMBER 29, 2020

Reading time: 2 – 4 minutes In this Covid world, sales teams should be demanding support from well thought out marketing automation platforms. Today, Asad Ali, Brand Manager for sendinblue gives us an overview of how one platform can work on behalf of sales. Note, I am not compensated in any way by the companies I interview.

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World of DTC Marketing

SEPTEMBER 7, 2022

Although COVID-19 has slowed the growth of drug sales, the oncology market’s total growth is driven by the targeted drugs in oncology. ” Pharma CEOs are compensated on how their products earn money. CEOs will be compensated for keeping costs low and a score on the organization’s innovation. ” The U.S.

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The Marketing Advantage

DECEMBER 15, 2020

December 15, 2020 Imagining how COVID-19 cases will spike after the holidays presents an ongoing challenge in creating post COVID-19 sales compensation goals. Complete Collapse of Sales. Many products and medical devices had almost a complete collapse of sales during the peak of COVID-19. Uneven Collapse of Sales.

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The Marketing Advantage

FEBRUARY 26, 2024

Despite these challenges, the sales force is one of the most important tools a biopharma company has in driving disease awareness and reaching these too often underserved patients, requiring effective sales compensation planning and goal setting.

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Medical Sales News

JUNE 21, 2021

If you are interested in breaking into the medical sales industry, you may already know that positions are in high demand. In the world of medical sales, effort equals earnings and there is a sense of control over one’s own success. Continue reading to learn more about the soaring income of a Medical Sales Rep. Compensation.

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