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.
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
Launch
Growth
Maturity
Decline
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
Typical business results
Time efficiency
up to 100%
adherence to goals release and payout timelines
Ease of access
up to 95%
field adoption
Mobile enablement
up to 30%
home office empowerment
Cycle time
up to 35%
reduction in cycle time
Automation
up to 100%
payout accuracy
Onboarding of a country
as quickly as 4-6 weeks after discovery
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
Blog
Decoding AI Hallucinations: Unmasking the Illusions of Generative AI
The term “hallucination” has gained prominence as a fascinating yet challenging aspect of generative artificial intelligence (AI). A hallucination in this context refers to a model’s output that is ...
5 Step Guide
Measure What You Manage
Blog
Omnichannel Customer Engagement in a Post-Cookie World: Strategies to Help Life Sciences Brands Stay Competitive
Industry Primer