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2015-11-20

The power of KPIs in pharma industry or “How to measure your success?”

How important is to track your business performance? How to enhance effectiveness and increase overall productivity of your brand? Many questions are being asked, many questions could be answered with finding the right approaches suitable for your own success story.

 

It is known, that key performance indicators are a “magic wand” for each company. They allow to collect actionable data on almost all spheres of business and to be aware even of subtle market changes by knowing customers’ needs and their preferences.

 

For instance, retail companies are always willing to know the result of selling to stay more competitive and take sales to the next levels. They use numerous mechanisms to track performance metrics, to receive kpi retail reports. Obviously, such results will help to see a clear picture of individual business development over time or exact period, as well as to measure purchase on micro and macro levels, to identify main trends and stimulate business activities. In addition, if you would like to meet all customers’ needs, you need to arm with actionable data collection tools to assess your workforce engagement and collect instant feedback from the customer.

 

Such business vehicles are working not only in retail industry, but also in the pharmaceutical and life sciences spheres. As a matter of fact, a qualitative KPI report collected during the call and presented in effective dashboards, gives med reps and brand managers plenty of opportunities to consider new business ideas and make necessary changes at any time. For example, a med rep needs only to touch the screen to capture physician’s attitude towards the exact slide.

 

Other techniques can empower your team with up-to-date data and adapt your eDetailing to a competitive landscape. For instance, with a help of a powerful tool eWizard your brand managers can not only chase “two rabbits” (to show product interactive presentation and collect feedback, commentaries of the customer at once), but also catch both of them. You can easily adapt your slides and shape brand promotion strategy, satisfying all customer`s needs. The process of eDetailing creation transforms into a quick activity, without wasting time and money, while predesigned templates and diverse functionalities of the tool open freedom of the high-quality content production.

 

As for sales managers, special sales kpi reports will unveil the truth about product performance, purchase value or, for example, the percentage of closed sales to lost leads or sales effectiveness to monitor the best selling products or to monitor leads. A real thing found! Your team can be always ensured, that they are going about the right way, while your business will continue to thrive.

 

Capturing sales data, as well as having direct access to sales reports and reliable source of information is critically important for any company. However, we do not need to forget about marketing team. The improvement starts with the analysis of current situation. Marketing KPIs show strengths and weaknesses at every stage, phase of work. That`s why a task of a good manager is to precisely measure sustained marketing efforts. If we cannot measure, we cannot improve it and move on.

 

What are the features of kpi data collection? The infographic, designed by The KPI Institute, shows three valuable points of KPIs: clarity, focus and improvement. “Clarity” means that KPIs reports can bring a clear picture of strategy and the results of new approaches implementation, which, in its turn, open the path for understanding of strong and weak points. In other words to “focus” or pay attention to what matters, and to patch the holes in a marketing campaign or to improve, monitor progress to the desired state.

 

 

In fact, KPI scheme and various dashboards visualize collected data and convert numbers into quantitative results. Kpi monitoring dashboards have its own rules or “dos” and “don’ts”, which means that a proper option of a metric dashboard can immediately deliver information and speed up the process of perception.