A company’s internal and external data is a goldmine of information. While it may be a challenge to gather and interpret this data, the results are absolutely worth the effort.
With more than 20 years of experience in the healthcare industry, John King has developed proven ways to use data to incentivize sales teams. King is currently serving as the Senior VP of Sales, Trade, and Business Development at Kroger Specialty Pharmacy. He shared his strategies in a recent Quartz Network presentation.
The Importance of a Data-Driven Sales Approach
Access to secure, up-to-date data makes it easy for sales reps to track progress towards their goals and see how they’ve grown the business. Managers can view an entire team’s performance, or pinpoint specific progress across a timeframe or territory.
At Kroger Specialty Pharmacy, over 100 sales teams nationwide receive a daily report that tracks the number of referrals that visited medical offices the previous day.
“This is absolutely a necessary faction of their business, so that they can understand exactly how impactful they were within that previous day’s calling cycle,” King said.
It’s helpful to have a snapshot combined with historical data. This allows companies to look back on how the business has grown and to identify any changes that need to be addressed.
King encourages all managers to review reports with their employees on a monthly basis and address any challenges.
Harnessing Third-Party Data
To supplement their internal data, King partners with third-party data companies for intel on external customers. It’s a great way to understand dynamic shifts in the market and to go after customers that have never done business with Kroger Specialty Pharmacy.
Watch the presentation for more benefits of third-party data aggregation and effective ways to use a CRM to improve your sales team with a data-driven sales approach.