Non-members: Click here to review a complimentary excerpt from "Pharmaceutical Sales Training Excellence: Budget and Structure that Drive Effectiveness"
The training of an organization's sales force - particularly in the pharmaceutical sector - is one of the critical steps companies must take to succeed in a competitive marketplace. Due to the effect they have on the overall operations of a sales training group, the budget and structure of a company's sales training organization have a significant impact on the effectiveness of the group.
This Best Practices, LLC study delivers key budget and resource benchmarks for pharmaceutical sales training organizations. The data presents metrics across a variety of critical areas: current budget trends, approaches to dealing with flat budgets, sales training budget size, percentage of budget allocated to outsourcing, total number of FTEs in sales training, and more. The study also has a chapter devoted to benchmarks and insights regarding the structure of sale training groups.
- Sales Training Budgets and Resources
- Organizational Structure and Scope
SAMPLE KEY METRICS
SAMPLE KEY FINDING
- Anticipated Change in Sales Training Budget over next 2 Years
- Practices Used to Stretch Training Budget in Times of Flat or Reduced Funding
- Size of Sales Training Budget and Percentage for New Hires
- Percentage of Total Sales Training Budget for Outsourcing
- Average Number of Days of Sales Training Provided Per Employee
- Average Number of Products Carried Per Rep
- Total Number of FTEs Working in Sales Training
- Approach that Best Describes Organizational Structure of Sales Training Group
- 36% of Budget Goes to New Hires: Benchmark participants spent an average of 36% of their budgets for new hire training in the most recently completed fiscal year. 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.
Best Practices, LLC engaged 28 biopharmaceutical training leaders through a benchmarking survey instrument. Research analysts also conducted six deep-dive executive interviews with selected benchmark participants.