THE STRATEGIC ALLIANCE OF NOMADVANTAGE AND PRIMEUM FOR UNPARALLELED SALES PERFORMANCE
In the health and wellness industry, sales practices play a crucial role in the success of laboratories. To optimize these practices and improve business performance, two major players, Nomadvantage and Primeum, have decided to join forces. By offering a combined solution that integrates OpenPharma, a specialized CRM for the pharmaceutical sector, and Incentive Manager Toolsuite, a suite of variable compensation software, they provide pharmaceutical laboratories with a powerful tool to drive their growth. In this article, we will explore the benefits of this collaboration and how it enables pharmaceutical representatives to reach new heights.
Defining, Calculating, and Validating Objectives
One key to success in pharmaceutical sales lies in setting clear and achievable objectives. According to a study conducted by Xavier Van Acker et al. (2017), titled "The Impact of Goal Setting and Monetary Incentives on Sales Performance: An Experimental Study," precise goal setting and variable compensation linked to their achievement have a significant impact on business performance. By utilizing OpenPharma and Incentive Manager Toolsuite, laboratories can implement these findings to maximize field force results. Additionally, adjustment and validation workflows facilitate informed decision-making, enabling the establishment of relevant objectives.
Automating and Managing Compensation Calculation
The offered solution's ability to model incentive plans and provide customized configuration allows for efficient automation of compensation calculation. Research by Edward E. Lawler III and Shane D. Thye (2006), titled "Bringing Emotion into the Study of Social Exchange: The Case of Service-Oriented Organizational Citizenship Behaviors," indicates that clearly defined and easily calculable variable compensation is associated with greater motivation and superior sales performance. This solution save laboratories time and resources while ensuring fair and motivating compensation for pharmaceutical representatives.
Communicating and Engaging with Variable Compensation
Transparent and regular communication regarding financial rewards is crucial for motivating pharmaceutical representatives. A study by Dan Ariely et al. (2009), titled "Large Stakes and Big Mistakes," shows that such communication prompts individuals to improve their performance and strive for higher goals. Through this combined offering, laboratories have access to real-time performance reporting capabilities and individual simulations. This empowers representatives to visualize their results and feel more engaged in their professional journey, fostering greater motivation and commitment.
A clear synergy
The collaboration between Nomadvantage and Primeum offers a powerful integrated solution for pharmaceutical laboratories. By combining the features of OpenPharma and Incentive Manager Toolsuite, this offering enables pharmaceutical representatives to benefit from well-defined objectives, transparent and motivating variable compensation, and improved communication around their performance. These enhancements result in increased business performance for laboratories, allowing them to stand out in a competitive and ever-evolving market.