Focus Magazine - Summer 2014 - (Page 44)

VIRTUALHOW Trends in Selling Models By Rich Waite, M.Ed. Sales representatives for pharmaceutical, biotechnology, medical device and diagnostics companies must make the most of their limited time with customers. A selling model, either customized or off-the-shelf, provides a useful structure to help drive effectiveness. TGaS Advisors and LTEN (SPBT) surveyed training & development leaders about selling model trends, how they are implemented and the impact on training and coaching responsibilities. Thirty life sciences companies participated in the study. Key Findings / Advisory Insights The findings suggest five standards for driving successful selection and implementation of a new model: 1. Ensure that the selling model is adaptable to corporate needs and market changes. 2. Leverage the model across all business units. 3. Make it the basis for all sales training content. 4. Ensure that the selling model is the driver for the field sales coaching model. 5. Incorporate it into the field coaching report to gauge sales representative performance on an ongoing basis. Number and Structure of Sales Models More than 60% of responding companies have a single sales model across all business units. (Figure 1) This is driven by the organization's desire to standardize the selling approach, calibrate field sales management and measure performance across the board to gauge customer impact. The true value of a common selling model is that results can be driven through consistent utilization and leveraging of coaching standards to drive overall execution. Another 27% of respondents have multiple sales models organized by sales force type, while 10% are organized by therapeutic or medical device area. One company has two models for all business types. (Figure 2) FIGURE 1 NUMBER OF SALES MODELS 2 Sales Models 21% FIGURE 2 44 1 Sales Model 63% NUMBER AND STRUCTURE OF SALES MODELS One sales model across all business units 60% Multiple sales models organized by sales force type 27% Multiple sales models organized by therapeutic and/or medical device area 10% Other FIGURE 3 3% SELLING MODEL TYPES 37% Selling Model Type Customized selling models, both those built internally or by vendors, are common to 70% of the respondents. Typically this does not include changing the basic selling steps, but adapting the nomenclature and case study examples to individual company needs and market trends. Using real-world examples that demonstrate the effectiveness of the selling approach to drive results helps make it real for the representatives. 4 Sales Models 7% 3 Sales Models 10% 33% 13% Customized model built by vendor Customized model built internally 13% 3% Licensed model Combined internal and customized model Other FOCUS | SUMMER 2014 | www.L-TEN.org http://www.L-TEN.org

Table of Contents for the Digital Edition of Focus Magazine - Summer 2014

Focus Magazine
From the President: Clarity, Community & Career
Table of Contents
Table of Contents
Guest Editor: Your Network and the Connection Ecomony
Front of the Room: Getting Your Head Right
Neuroscience: Neuroliteracy
Introducing LTEN: The Life Sciences Trainers & Educators Network
Communities of Practice: Learning in Action
Are We Living in a Post-LMS World?
Member Solutions: Measuring the Impact of Training
Selling as a Team Sport
From the Training Room to the Board Room
The Science of Changing Sales Behavior
Personalized Medicine: The Coming Revolution
Virtual How: Trends in Selling Models
Member News
Ad Index
Focus Contacts
5 Questions with Nigel Brooksby

Focus Magazine - Summer 2014