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Importance of Leadership Intelligence within Medical Device and Pharmaceutical Sales Teams

The Importance of Leadership Intelligence within Medical Device and Pharmaceutical Sales Teams

The Need for Sales Leadership Intelligence

There is an increased need for sales leadership intelligence within life science organizations. High quality intelligence not only helps senior leaders support and coach their commercial team but also personally helps them become better decision makers, stay agile, and positively impact the bottom line.

Leadership intelligence is valuable especially for medical device and pharmaceutical sales teams where insights drive customer relationships, product and drug launch processes, and sales team empowerment and accountability. Ultimately, senior leadership’s involvement in the organization’s analytics and insights is key for achieving long term business success.

Challenges Facing Life Sciences Organizations

Leaders Aren’t Embedding Analytics

Unfortunately, one of the biggest challenges going against an effective analytics program is lack of leadership support and communication. An analytics program is only as successful as the leadership involved in disseminating important insights. This drawback can inhibit commercial performance in the long-run especially when it comes to medical device and pharmaceutical sales teams where constant modification of strategy is necessary.

Additionally, limited access to the right analytical tools with real-time data is also a major factor inhibiting senior sales leaders in the life sciences industry. Without an effective analytics program, business intelligence is hard to manage and draw insights from.

The Role of the Sales Leader

Driving Team Performance

According to McKinsey, many high-performing executives rank senior-management involvement as a main factor that has contributed to their analytics success. Senior leaders need to be involved in their analytic efforts to trickle down relevant, strategy-related insights to their commercial team. Field coaching is one of the most effective ways to drive commercial team performance.

A supportive sales leader with a knack for interpreting analytics is imperative for commercial teams where field coaching is needed to ensure successful customer relationships and product or drug launches. More specifically, field coaching allows senior leaders to guide performance both on an individual level as well as a team level. Performance reviews with sales reps will promote strategic collaboration and improvements that can span across the entire team. When using the right analytics and insights, field coaching helps boost engagement and productivity for your commercial team.

Establishing Compelling Goals

It is essential that senior leaders interpret insights for commercial teams to know how to capitalize on data related to certain physicians or locations, for example. If new data arises regarding the need to target specific doctors in a certain region for your organization’s specialty drug, then it is important that senior leaders adjust their commercial strategy to align with this need, in addition to having a method to ensure that the need was met.

Enabling your sales team to reach compelling goals makes you a more effective sales leader and will help drive engagement and performance. Overall, it is the senior leader’s responsibility to evaluate business intelligence and utilize the information to boost productivity, enable sales team engagement, and establish effective KPIs.

Driving Sales Leadership Intelligence

Leadership Insights Anywhere, in Real-time

In order to be an effective leader and continue to improve yourself, your commercial team, and your organization, you need the right tools with important analytics at your fingertips to drive strategy-related decisions. TikaMobile puts relevant information in front of senior leadership so that strategies around customer engagement, product or drug launch processes, and field coaching are more efficient.

The intuitive CRM provides field coaching reporting capabilities and places an emphasis on accountability as a team enhancement to drive your leadership strategy. Overall, Tika’s solutions for the life sciences enables sales leaders to lead with data to become more agile, further enhance their leadership capabilities, and enable their field team to be more effective and engaged.

Citations

https://www.mckinsey.com/business-functions/mckinsey-digital/our-insights/the-need-to-lead-in-data-and-analytics

https://www.forbes.com/sites/forbescoachescouncil/2018/06/19/three-powerful-ways-big-data-can-grow-your-leadership-career/#7b953fde6fb8