SOURCE: Cutting Edge Information

January 04, 2008 09:03 ET

Canadian Pharmaceutical Sales Organizations Drive Revenue Through Innovative Incentives Programs

RESEARCH TRIANGLE PARK, NC--(Marketwire - January 4, 2008) - Canadian pharmaceutical companies drive revenues by incentivizing sales reps' performance in new and innovative ways according to a recent report by pharmaceutical intelligence firm Cutting Edge Information. The report, "Canadian Pharmaceutical Sales Management," available for immediate download at http://www.CanadianPharmaSales.com, found that sales leaders motivate their reps through unique reward programs such as point-based prizes, retreats and vacations to coincide with high percentage bonus structures.

Sales managers across Canada find that smaller, more frequent rewards, particularly those that are given in the presence of peers, also can be particularly effective for motivating reps to become high performers. These smaller rewards range from trophies to "rep of the month" recognition to simple pats on the back.

"Canadian Pharmaceutical Sales Management" examines pharmaceutical companies' strategies such as rep compensation, along with overall sales investments, structures, strategies, and field tactics in the Canadian market. Compiled from interviews and surveys with sales leaders at top-performing pharmaceutical companies, the report allows drug companies to compare and improve their own sales strategies for Canada.

"At the most successful sales organizations, leaders motivate reps by offering bonuses as a high percentage of reps' overall pay," says Senior Analyst David Richardson. "At the same time, these leading organizations diversify their incentives programs, surpassing traditional bonus structures with additional rewards and peer recognition initiatives."

"Canadian Pharmaceutical Sales Management" makes its case with 200+ metrics and numerous techniques for managing these three aspects of the current sales landscape:

--  Investment, Structure and Management - Provides up-to-date investment
    levels, structuring strategies, and territory management of major pharma
    sales forces in Canada
--  Sales Management Strategies - Details companies' strategies regarding
    recruiting, hiring, training, and sales team compensation specific to the
    Canadian market
--  In-Field Tactics - Describes real-world maneuvers designed to increase
    access to physicians and make the most of face-to-face time with Canadian
    targets
    

To download a free, online summary of this report, visit http://www.cuttingedgeinfo.com/canadianpharmasales/PH107_Download.asp#body.

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