An Effective Sales Training Program is the Key to Success for Both New and Experienced Sales Team Members
CHAPEL HILL, N.C., Dec. 12, 2014 /PRNewswire/ -- What drives the success of a sales group?
While no one factor determines the success of a sales group, the training that reps – both new and experienced – receive plays a key role in how well they perform.
Within the pharmaceutical industry, the sales training function is responsible not only for rapidly bringing new hires up to speed but also for effectively keeping the rest of the sales force up to date as the industry undergoes rapid change.
"Pharmaceutical Sales Training Excellence: Tools, Processes & Resources that Drive Success" is a report from research and consulting leader Best Practices ®, LLC that provides pharmaceutical sales and training leaders with metrics and insights they can use to evaluate the performance of their sales training organizations.
Through a mix of qualitative and quantitative data, the study identifies successful training venues, organizational structures, delivery approaches, and performance measurement processes that drive effectiveness in high-performing sales training organizations
This study provides metrics and insights around:
- Sales training budget trends & management
- Training levels for new hires versus experienced reps
- Average number of products supported per rep
- Sales training group FTE levels
- Ratio of sales training budget per company revenue supported
- Sales training organizational structure
- Use of technology for pharmaceutical sales training programs
Sales training executives can use this study to compare their sales training programs with the practices of peer organizations. For instance, study participants spent an average of 36 percent of their budgets for new hire training. On average, new hires receive about 32 days of training during their first year on the job, compared with about 10 days of training per year for existing, or experienced, reps, according to the study.
Best Practices, LLC engaged 28 sales training leaders from 25 pharmaceutical companies through a benchmarking survey instrument. In addition, research analysts conducted deep-dive executive interviews with six selected respondents to collect qualitative data and insights.
To learn more about this report, download a complimentary report excerpt at http://www3.best-in-class.com/rr1325.htm.
For related research, visit our Best Practices, LLC Web site at www.best-in-class.com/.
ABOUT BEST PRACTICES, LLC
Best Practices, LLC is a leading benchmarking, consulting and advisory services firm serving biopharmaceutical and medical device companies worldwide. Best Practices, LLC's clients include all the top 10 and 48 of the top 50 global healthcare companies. The firm conducts primary research and consulting using its comprehensive proprietary benchmarking tools and analysis.