While a mass of new oncology products will generate new sales opportunities, it will also crowd the market and further squeeze already limited oncologist access.
It’s more important than ever for reps to create the right customer experience, which is more difficult in oncology due to its complexities.
The incentive compensation plan can be a powerful tool to help motivate the right behaviors.
- Multiple stakeholders across various account types (e.g., hospitals, clinics and physician offices) will determine purchasing decisions—so the incentive plan needs to encourage reps to engage in different types of conversations.
- According to ZS research, about 70% of companies incorporate measures of compliance into their incentive plan and two-thirds of oncology sales teams use commissions versus only one-third of other pharma sales teams.
- The emergence of biomarkers has the potential to revolutionize treatment, but highly targeted drugs can sharply reduce patient count. Some reps’ customer base may only comprise a few accounts—how do you motivate reps when patient counts are very low?
In the video below, I discuss how the incentive plan can help motivate the right behaviors, which in turn lead to better oncologist access. Are there other ways the incentive plan can help reps shape the ideal customer experience?
About the Author
Mike Martin is a ZS Principal in Princeton, N.J., and a key member of the firm's sales compensation leadership team. Mike has worked with numerous clients on incentive plan design, goal setting and incentive program administration. In addition, Mike has advised clients on sales strategy, forecasting and market research.