Pharma companies have begun to realize that to stay competitive, they can no longer afford to conduct their business with traditional methods. A one-size fits all sales strategy no longer works!
Pricing pressures brought on by a plethora of healthcare reforms, intensifying competition, and a hostile regulatory environment have all contributed to the industry’s shrinking revenues.
To further complicate the situation, access to physicians has been progressively getting worse, making it far more complicated for pharma sales teams to get in front of HCPs and educate them in the process.
Approximately 50 percent of HCPs say they can imagine a world without sales reps. – BlueNovius
Industry analysts have pointed out that success in this rapidly changing environment is closely linked to the availability of high-quality, trusted data. Data is crucial to making better decisions and getting closer to customers.
Getting the right data in the hands of a well-trained sales teams can drastically improve pharma sales performance exponentially.
Pharma executives of top companies agree that becoming data-driven is key to success and that in the next 10-20 years, the most successful companies will be experts in using digital technology.
Cloud-Based Technology Is Changing The World Of Pharma Sales
Cloud computing has been around approximately for 20 years, and several industries have embraced it since the beginning. So, what exactly is cloud computing?
Cloud computing is technology where the software is not installed on individual desktops; instead, it’s hosted on a web-based server, offering on-demand software availability.
The pharma and biotech industries were among the first to adopt cloud-based capabilities to equip their sales force with digital technology.
Data shows that about 81 percent of biotech and pharma companies have adopted cloud mail and core applications. Another 60 percent have brought on sales and marketing, human resources, and other applications.
From a pharma company’s perspective, the biggest benefits of using cloud computing are:
- Sales reps can increase their effectiveness by accessing shared data stored remotely.
- Working in the cloud allows your sales team to make use of mobile e-detailing tools.
Research shows that going cloud-based is a sound business investment that’s likely to yield a considerable ROI.
According to a Dell report, companies that invest in cloud technology, digital technology, security solutions, and data analytics solutions have their revenue increased by up to 53 percent faster than competitors uninterested in these various forms of technology.
Besides the impressive ROI, cloud-based systems are particularly attractive to pharma companies as they don’t require a massive upfront cost with their pay-as-you-go set-up, reasonably low equipment, installation, and maintenance costs.
5 Ways Pharma Companies Can Benefit From Cloud Computing Solutions
By creating an integrated digital strategy and by making data safe, sound, and widely accessible, you will help empower your sales team to make better business decisions.
When done correctly, going cloud-based enables you to achieve precisely that. Here are some of the ways cloud-based technology can help propel your business and drive Rx:
1. Providing Quality Analytics
The performance of pharma sales teams relies on a CRM system to manage its daily operations. It’s crucial to provide your sales team with an easy to learn and flexible CRM platform that gives access to all critical market data.
Cloud-based systems allow you to provide your sales team with access to smart reports and dashboards that offer actionable insights, call activity, and sales data that your team needs to make informed decisions in the field.
Old data frustrates pharma sales reps and relying on them leads to missed opportunities. Real-time reporting that combines information from various sources will ultimately result in cost reduction and an overall more productive sales force.
2. Simple and Easy to Use Platform
Having access to a CRM platform both online and offline carries major advantages. An offline platform enables pharma sales reps during their sales calls to capture real-time information and interactions.
Receiving ongoing data input is vital to accurate analytics. A cloud-based CRM solution can drastically simplify customer relationships and business processes, as long as it offers a user-friendly interface and ease of CRM management.
In today’s rapidly developing high-tech environment, the ability to provide feedback from within the CRM application is a must-have.
Choose a platform that has a modern feel and user-friendly design to help engage sales reps and entice them to use the functionalities to its full capacity.
3. Integrated Application
Do you have a system in place that allows for the integration of all your sales and marketing campaigns in a single application? Once again, a cloud-based CRM serves as a robust sales and marketing tool.
By doing so, it acts as a hub, driving follow-up communications with customers based on specific needs. Focused segmentation is essential for achieving pharma sales growth.
Cloud-based platforms make information accessible to anyone, from anywhere at anytime. This is huge, as data is gathered and analyzed from a single location, combining the efforts of the whole organization as a team.
4. Engaged Sales Teams
Cloud-based or not, acceptance by your sales team is vital for success. If your pharma sales reps aren’t willing to start incorporating the new tools into their daily routine, even the best technology will be worthless.
So why not ask your field reps about their level of satisfaction with the existing CRM features and functionalities? Why not get them involved in the early stages and get them excited about the upcoming upgrade?
Just imagine how much more smooth the roll-out will be with most of your sales force already on-board.
Explain the benefits of your new system to your representative and stress how the advanced features will make their life easier.
The goal is for your sales reps to be able to manage their daily activities without ever having to connect to the internet and be able to perform tasks effortlessly through a simplified workflow logic.
A smart sales force effectiveness system is an excellent tool for increasing the level of your sales team skills.
5. Stellar Execution
Explain to your sales team how technological advancements, such as cloud computing can help them build quality and long-lasting relationships with their customers.
For example, with a cloud-based CRM, your sales reps can receive prompts to tailor the sales messaging based on their customers’ responses.
An effective way to encourage your sales reps to demonstrate new behaviors is by adding the new requirements to their KPIs.
For instance, cloud-based technologies enable you to track how consistent your sales reps are with successfully delivering tailored messages to their key prescribers.
Investing in cloud computing benefits pharma companies in multiple ways including:
- Increased sales productivity.
- Additional in-depth insight into the performance of sales teams, which in turn can help sales management intervene when necessary and improve sales team performance much faster.
- Enhances the ability to segment customers more accurately, resulting in tailored communication and more effective message delivery.
The 5 ways cloud computing solutions benefit your pharma company that we mentioned above are:
- Providing Quality Analytics
- Simple Platform to Use
- Integrated Application
- Engaged Sales teams
- Stellar Execution
If you feel that we have left anything out or you have any other comments, please feel free to leave them for us below and we will get back to you!