Responsive-incentive-compensation-plan-to-motivate-and-reward-the-right-behaviors-and-outcomes

    Responsive incentive compensation plan to motivate and reward the right behaviors and outcomes

    End-to-end incentive compensation (IC) solution suite from design strategy to field reporting and analytics to achieve commercial excellence.

    Motivated-sales-force-to-deliver-CE

    Drive commercial excellence with motivated sales force

    The role of the sales rep is getting augmented with the infusion of technology that can enable them to be the orchestrators of omnichannel customer engagement. As the life sciences commercial models change, incentive compensation (IC) is also evolving to support this evolution while driving the right sales behaviors.

    Getting the best out of sales operations requires designing and executing a motivating IC strategy. Multiple factors make this strategy and execution complex – team size, multiple therapeutic areas/markets/brand teams/vendors, account-based roles, a balance between global and local needs, etc. Despite these complexities, it is paramount to get-it-right to create an engaging and motivated sales force to deliver on the commercial objectives.

    Align IC plans with sales objectives and team maturity at each stage of the product life cycle

    • Reward early sales
    • Encourage competency enhancement
    • Encourage call adherence
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    Launch

    • Encourage growth of volume/market share
    • Blunt competition
    • Start setting sales goals
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    Growth

    • Reward for goals
    • Maintain relationship
    • Manage IC budgets
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    Maturity

    • Control IC budgets
    • Protect current business
    • Prepare for loss of exclusivity
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    Decline

    • Reduce IC budget allocation
    • CSO driven strategy
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    Off Patent

    Launch

    • Reward early sales
    • Encourage competency enhancement
    • Encourage call adherence

    Growth

    • Encourage growth of volume/market share
    • Blunt competition
    • Start setting sales goals

    Maturity

    • Reward for goals
    • Maintain relationship
    • Manage IC budgets

    Decline

    • Control IC budgets
    • Protect current business
    • Prepare for loss of exclusivity

    Off Patent

    • Reduce IC budget allocation
    • CSO driven strategy

    Common IC Plans

    • Commission Plans
    • Goal Bases plans
    • MBO
    • Hybird
    • Goal-based plans
    • Relative Rank
    • MBO
    • Hybird
    • Goal Bases plans
    • Performance Index
    • Relative Rank
    • Grids
    • Performance Index
    • Ranking
    • Grids
    • Integrated IC plans
    • Phase out from Incentive plan
    • CSO plans

    Incentive compensation capabilities

    Incentive plan design and goal setting

    Incentive plan design and goal setting

    Set quotas, create, and edit incentive compensation plans, design contests, conduct fairness and equity analysis, methodology health check, and benchmarking studies.

    Incentive plan simulations

    Incentive plan simulations

    See how plan changes impact field incentives and earnings enabling your teams to be better prepared, plan an appropriate budget, anticipate future needs, and implement actions which are coherent with the state of the market and your own objectives.

    Insights and validation

    Insights and validation

    Get insights on performance data, performance credits, customer movements, territory realignments, IC pay trends, and outliers.

    IC reporting and communication

    IC reporting and communication

    Get access to dashboards and reports on plan effectiveness, sales team performance reports, contest reports, payroll, and accruals.

    IC program management

    IC program management

    Manage service level agreements, dependency across multiple vendors and internal stakeholders, and continuously optimize processes.

    IC administration and data management

    IC administration and data management

    Map data sources, integrate payroll and HR data, validate data and get quality check reports, apply business rules, get visibility into IC scheme acceptance and approvals, administer payout, manage sales crediting, contests and management by objectives (MBOs).

    Incentive compensation considerations

    • Sales force size (small vs. large)
    • Sales force structure 
    • Customer relationship channel (key account managers vs. regular sales reps)
    • Time period (long-term vs. short-term)
    • Therapy specific nuances (primary care, specialty, and rare disease)
    • Geographic scope (global vs. local)
    • Industry segment type (pharma, biotech, and med tech)
    • Channel strategy (single channel, multi-channel, and omnichannel)

    Typical business results

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    Time efficiency
    up to 100%

    adherence to goals release and payout timelines

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    Ease of access
    up to 95%

    field adoption

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    Mobile enablement
    up to 30%

    home office empowerment

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    Cycle time
    up to 35%

    reduction in cycle time

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    Automation
    up to 100%

    payout accuracy

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    Onboarding of a country

    as quickly as 4-6 weeks after discovery

    Breadth of our experience

    $1.5 BN+

    Payouts

    Mature and Emerging Markets

    US, LATAM, UK, Europe, Japan, China, Australia

    99%+

    Accuracy

    98%+

    SLA adherence

    25+

    Therapeutic areas

    Customer success stories

    Case Study

    Designing An Incentive Plan For The Launch Of An Emerging Biotech’s First Oncology Orphan Drug

    Case Study

    Incentive Compensation Automation For A Global Top 5 Animal Health Company

    Case Study

    Data-Driven Goal-Setting Models For A Top 5 Pharma Across 50+ Global Markets

    Resources