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Blog, Comment & Insight

For Pharmaceutical Marketing Analytics

Can Artificial Intelligence Increase Sales Productivity in Pharma?

Posted by Dr. Andrée Bates | Sep 23, 2019 4:05:21 AM

If your reps aren’t hitting their sales quotas, you are not alone.

Timetrade report[1] that since 2007 sales quota have risen by 33% while the percentage of reps hitting their quotas has fallen by 25%. And according to Aberdeen[2], two-thirds of sales reps fail to meet their annual sales quota goal.

The problem could be that they have too many tasks keeping them from actually engaging their prospects.

The Alexander Group[3] estimate that the average sales rep only spends 15% of his or her time engaging with prospects. The rest is spent doing admin such as logging sales activities, as well as prioritizing leads and opportunities and finding news or data relevant to their customers, among other factors.

It’s no surprise then, that The Bridge Group[4] report sales productivity is the top challenge for almost two-thirds of B2B organizations.

[1] http://web.timetrade.com/files/content_feature/TimeTrade_Inside_Sales_Report.pdf

[2] https://www.aberdeen.com/

[3] https://www.alexandergroup.com/blog/sales-analytics/are-your-sales-people-getting-enough-quality-sales-time/

[4] https://www.bridgegroupinc.com/


How Could AI Improve These Kinds of Numbers to Increase Productivity?

As sales processes continue to get more sophisticated, reps will need to leverage solutions that are equally sophisticated to keep up with the growing complexity. Simple automation is OK for basic admin tasks, but many of the most important and time consuming steps require deeper insight.

With Artificial Intelligence, it is now possible to efficiently and accurately perform these vital tasks without the labor-intensive effort most reps have to currently endure.

 

Automated logging of sales calls

Turning this function over to AI not only frees up time, it can cut down on human error.

 

Target customer identification

Find people sales can reach out to isn’t difficult. Finding the right people for sales to reach to is much harder. The data is out there to identify your ideal target, but you need to dig, sort and verify, often from several sources. Those are exactly the sort of things AI is designed to do.

 

Target customer prioritization

Given the limited time reps have to interact with prospects, knowing who to target first is an important factor. Even the best prospect won’t convert if your reps try to close then at the wrong time.

Using AI, you can prioritize around behavioral triggers, messages delivered or just about any other lead scoring criteria you may use.

 

Content personalization for the individual customer (as well as automated discovery of relevant content)

A one size fits all approach doesn’t work in pharma sales. Customers don’t have the time to sit through generic content. They need communications that speak to their unique needs, no matter what the situation may be.

 

That’s a big challenge when you try to scale your efforts. And it’s exactly the sort of thing AI is designed for.

 

Make predictions about results based on best actions

As the AI takes over more of the customer experience based on the customer insights and dynamic changing needs with each interaction and data point available, it becomes more and more relevant and personalized.

Conclusion

As you can see, using predictive AI puts all the pieces in place to deliver the right message to the right person and the right time. Freeing up the time needed to plan who, when, and what to focus on, your sales reps can focus on what they do best – developing relationships with their customers and making sales.

 

For more information on any of the topics contained here, please contact the author ,Dr Andree Bates, at Eularis www.eularis.com or sign up for our one day masterclass on Innovating with AI in Pharma Sales and Marketing on October 29th in London, UK.

http://www.eularis.com/2019-ai-in-pharma-masterclass-sales-and-marketing-innovation-london

Topics: Sales Force Effectiveness, Marketing Effectiveness

Written by Dr. Andrée Bates