Optimizing a New Pharmaceutical Product's Market Entry through Targeted Launch Training for District Sales Managers
CHAPEL HILL, N.C., April 29, 2016 /PRNewswire/ -- With so much riding on the success of a new product launch, savvy biopharmaceutical companies are beginning to focus more attention on preparing and measuring performance of the front-line District Sales Managers (DMs) who oversee launch-related activities in the field.
To help sales leaders better understand this rising issue, Best Practices, LLC conducted a study that identifies the extent, content, channels, venues, and timing of training to prepare DMs for launch. The study also looks at performance metrics companies are using to ensure these front-line managers are accountable for field results.
Interestingly, blended learning (classroom and online) was deemed a highly effective delivery approach for training by 50 percent of the study participants, signaling that while in-person training is viewed as the most effective approach, it is not always feasible because of cost and time.
"We are trying to effect a shift in 2016 because to spend $3 million to $4 million on a live meeting every time a product launches...we no longer have that kind of money to spend. So live meetings have been effective, but we believe that if we do it the right way and if we message it the right way, we can be almost as effective with virtual meetings, in cases where it is appropriate. We are trying to essentially boost net sales by not spending this amount of money on things like live meetings," said an Executive Director of Sales for a Top 20 pharma company.
"New & Effective Front-Line Management Training Practices to Optimize Performance & Grow Accountability at Launch" uses external benchmarks and executive interviews to ascertain the most appropriate manager training amount and topics for a new product launch. Likewise, the research gathered qualitative and quantitative data to surface current practices and tactics to make front-line managers more accountable for launch performance.
Key topics addressed in the study include:
- District Manager Training
- Evaluate Training Platforms
- Timing of Sales Force Launch Training
- Measurement of DM Accountability
- Sales Training Operations Metrics
For this study, Best Practices, LLC engaged 20 sales leaders from 20 biopharmaceutical companies.
To access the full 58-page report or to download a complimentary summary: http://www.best-in-class.com/rr1426.htm.
For related research, visit our Best Practices, LLC website at www.best-in-class.com/.
ABOUT BEST PRACTICES, LLC
Best Practices, LLC is a leading benchmarking and advisory services firm serving pharmaceutical and medical device companies worldwide. Best Practices, LLC's clients include all the top 10 and most of the top 50 pharmaceutical companies. Best Practices, LLC believes in the profound principle that organizations can chart a course to superior economic performance by studying the best business practices, operating tactics and winning strategies of world-class companies.
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SOURCE Best Practices, LLC