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ElevateHQ: An Excellent Alternative to Performio
Executive Summary: This article compares ElevateHQ and Performio, two prominent players in the sales compensation management arena. It evaluates critical aspects, including: * Setup time. * Commission plan designer. * Reports. * Commission simulation. * Notifications. * Dedicated support. Selecting the right sales commission tool can significantly impact the efficiency and success of your sales operations. Learn more
ElevateHQ vs. Oracle SPM: Exploring the Ultimate Alternative
Executive Summary: This article provides a thorough comparison between ElevateHQ and Oracle SPM, both significant contenders in the sales compensation management domain. It assesses vital components such as: * Setup time * User-interface * Commission plan designer * Notifications * Integration * Dedicated support Selecting the right sales commission tool can significantly impact the efficiency and Learn more
ElevateHQ: The Modern Alternative to SAP Commissions
Executive Summary: This article aims to provide an exhaustive exploration of both ElevateHQ and SAP Commissions, assessing critical aspects that include: * Setup time. * Commission plan designer. * User-interface. * Workflow. * Reports and dashboard. * Tool integrations. * Dedicated support. Selecting the right sales commission tool is a strategic move that significantly impacts the efficiency Learn more
Understanding Pharma Sales Reps: What Motivates Them and How to Drive Sales Performance
Executive summary: Pharma sales reps connect medical products with healthcare providers, bridging the gap between life-saving medications and the professionals who prescribe them. We’ll explore the responsibilities: product persuasion, building relationships, finding market insights, delivering sales presentations, record-keeping, and product training. Then, we’ll move on to the factors Learn more
When is Sales Commission Legally Earned?
Executive Summary: This article dives into the intricacies of when sales commissions are legally earned, shedding light on: * Commission agreements. * Key legal principles that affect commission payouts. * The impact of termination and resignation. * The laws regarding commissions. Sales commission is an important component of any compensation package. It works as Learn more
NBRx in Incentive Plans - Is it a good idea?
Executive summary: NBRx in incentive plans is a good idea. But it can’t be the only component - it must complement TRx and NRx. Read on to find out more! New-to-brand prescription, or NBRx, is a new metric that provides unmatched insights into patient prescription behaviors. NBRx considers all Learn more
5 Tips To Run Tight Sales Contests
Executive summary: Five tips for running tight sales contests: * Keep it simple * Involve your team in the planning * Give regular updates and keep the highest possible visibility * Keep your word * Hand out prizes ASAP We've all been there – the adrenaline rush of hitting those targets, the thrill of sealing the Learn more
Sales metrics for high-functioning teams
Executive summary: Sales metrics can be divided into three categories: * Company-wide metrics * Sales function and processes metrics * Sales rep performance metrics "You can't manage what you don't measure" – this old saying still holds its weight, especially for high-functioning sales teams like yours. You're well aware of the importance of measurement, Learn more
How to calculate sales pipeline coverage
Executive summary: Pipeline coverage = Total sales pipeline/Total quota for the same time period But what’s the optimal ratio here? Read on to find out. Sales teams pay attention – this is your ticket to quota-crushing success. Think of it this way: your pipeline is your offensive line, and you're Learn more
Optimizing Pharma Sales Force Effectiveness: 8 Strategies for Success
Executive summary: This article explores 8 essential strategies to help pharmaceutical companies maximize their sales force effectiveness. They are: * Align metrics with organizational priorities. * Focus and consistency through data. * Develop effective habits. * Understand target expectations for competitive advantage. * Build an automated and flexible management solution. * Focus on average performers. * Empower Learn more
What is the Role of an Area Sales Manager in Pharma (10 Key Functions)
Executive summary: Area Sales Managers (ASMs) play a pivotal role in the pharmaceutical sector. They: * Facilitate client acquisition. * Oversee employee performance. * Analyze product efficacy. * Engage customers. * Monitor competition. * Forecast sales. * Foster team growth. * Educate healthcare professionals. * Represent the company at industry events. ASMs in the pharmaceutical realm shoulder a pivotal Learn more
How to Train Your Pharma Sales Team
Executive summary: This guide delves into a holistic training strategy that not only encompasses product knowledge but also incorporates cutting-edge tactics. They are: * Harness clinical data for convincing claims. * Use a customer-centric sales approach. * Provide the right tools. * Equip your pharmaceutical sales team. * Embrace the power of virtual selling. * Unlock Learn more
Structure a Sales Team for Pharma Sales in 10 Easy Steps
Executive Summary: This comprehensive guide unveils a step-by-step approach to crafting an efficient and effective pharmaceutical sales team. The steps are as follows: * Analyze the key factors influencing sales team structure. * Design an effective team structure. * Allocate resources. * Develop specializations. * Promote cross-functional collaboration. * Implement training and development. * Set clear goals Learn more
ElevateHQ: A Powerful Alternative to Varicent
Executive Summary: This article makes a head-to-head comparison of ElevateHQ and Varicent. It compares the following features: * Setup time. * Commission plan designer. * User-interface. * Workflow configurations. * Reports. * Tool integrations. * Dedicated support. With plenty of compensation management tools available today, finding the one that suits your needs can be overwhelming. But the Learn more
Get Your Market Compensation Analysis Spot On
Executive summary: Market compensation analysis can be done in 5 steps: 1. Set your goals 2. Set roles within your organization 3. Collect internal and external data 4. Benchmark and analyze this data 5. Create an action plan and get it done What is a Compensation Analysis? It involves examining Learn more
4 Revenue Forecasting Methods You Should Know
Executive summary: Four methods can do revenue forecasting: 1. Straight-line method 2. Moving average method 3. Linear regression method 4. Time series method At the core of effective business planning lies revenue forecasting, a critical process for enterprises seeking sustainable growth and success. Revenue forecasting involves analyzing current revenue data Learn more
Sales Ramp-Up Time: Everything You Need To Know
Executive summary: Ramp-up time can typically be calculated three ways: 1. Based on sales cycle length 2. Based on training and experience 3. Based on time to hit 100% quota Ramp-up time is like the GPS of a sales rep's journey from a newbie to a full-blown rockstar. It's the Learn more
10 Incentive Compensation Best Practices for Pharma Companies
Executive Summary: This article delves into the critical aspects of creating successful incentive compensation plans for pharmaceutical sales teams. It covers 10 essential tips: * Tie incentives with sales goals and company objectives. * Incorporate compliance and ethical considerations. * Consider market competitiveness. * Ensure equal earning opportunities. * Offer performance-based rewards. * Balance short and Learn more
