The global pharmaceutical market is expected to grow at a CAGR of 13.74% by 2027. These numbers are expected to alter on the higher side given the current pandemic situation the world is going through. It is imperative that sales operations / commercial excellence functions have the ability to comb through data and draw actionable insights. and present them in a structured manner. A well-designed interactive performance dashboard empowers the leadership to drive critical decisions that have a direct impact on the organization’s top-line growth.
A typical pharmaceutical organization invests significantly in target outreach through face-to-face doctor visits. However, business dynamics have changed in the past year and with it moving digital, organizations now have a staggering amount of data in their arsenal. Sales Operations / Marketing / Commercial Excellence functions need to increase the use of analytics to control target spend and improve the overall RoI.
However, an abundance of data and application of analytics on top of it can lead to a problem of plenty. Too many metrics are a common problem and it is easy to drown in this abundance without being able to convey the right message. This eventually leads to a lack of decision-making or potentially taking decisions that may not benefit the business.
“Those who tell stories rule the society” – Plato
We need to create stories and that is where the above quote is true even today. A powerful, insightful, data-driven dashboard that covers just enough but conveys the right information can inspire and persuade leaders to act and take decisions in a swift manner.
While analytics may help you with data it is the narrative that helps in simplifying and breaking down the complexity. Too many metrics and complex statistics can weigh one down mentally and that is where it is important to have gripping stories that capture timelines, give a context to actions taken, and enable interpretation to aid decisions to be made.
Here are a couple of tips to create awesome sales performance dashboards
Gripping Storyline – It is similar to being in an audience watching a movie. You need to have a storyline that gives a holistic view of the organization’s reach in terms of breadth and depth in all the territories you serve.
Visualization – it might sound cliche, but visualization gives a clear idea of what the data wants to say through charts, graphs, and maps. It creates an illusion of being natural for a human mind keeping them hooked to the end and therefore making it easier to identify trends, patterns, and outliers.
Great Sales Performance Dashboards deliver more accurate insights and in the right format. This helps get a holistic view across the funnel to encourage sales from existing and new customers. Additionally, it delivers key insights that enable leaders to carve out sales contests, measure customer behaviour, sales personnel’s individual performance, team and cultural fit as well as helps in getting a spike in the product sales.
If you have tonnes of data and believe your organization is not living up to its potential, give us a shout at firstname.lastname@example.org and we can help you build performance dashboards and help increase your organization’s topline.