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Useful Advices - Performance Indicators for Coaching Retail Staff to Improve Performance
Most retail stores would agree that they can improve their sales performance. What I observe though, is that store mangers and sales managers often do not know how to get better performance from their staff.
To coach people to improve their performance, a standard is required against which they may be com
To coach people to improve their performance, a standard is required against which they may be com
According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product
pared. The standards are usually ascribed by a performance indicator. An indicator may be in the form of an observable behaviour, or it may be a numeric or literal indicator.
Coaching retail sales people requires all three types. In my experience, a combination of the following performance indicators gene
Coaching retail sales people requires all three types. In my experience, a combination of the following performance indicators gene
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
rates enough data to coach sales people.
Behavioural indicators may include:
Adherence to a Code of Conduct
Adherence to the organisation's business values as encapsulated in a documented code of conduct. The code of conduct should require adherence to policies and procedures a
Behavioural indicators may include:
Adherence to a Code of Conduct
Adherence to the organisation's business values as encapsulated in a documented code of conduct. The code of conduct should require adherence to policies and procedures a
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
nd describe the appropriate interaction between sales people, customers and one another.
Behaviours which go against the code of conduct on the shop floor have a deleterious impact on customer perceptions and on staff morale. They should not be tolerated.
Personal Development
P
Behaviours which go against the code of conduct on the shop floor have a deleterious impact on customer perceptions and on staff morale. They should not be tolerated.
Personal Development
P
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
ersonal Development is comprised of two indicators:
Attendance at Training Courses
Attendance at Training Courses
- The percentage of training courses attended by a Sales Consultant of the training courses recommended for the same Sales Consultant over a certain period.
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
em>
Store managers may also be coached against leadership indicators.
Leadership
Leadership compris
- The sales person's progress in achieving their coaching targets (for numerical targets) and/or changed behaviour (for behavioural targets).
Store managers may also be coached against leadership indicators.
Leadership
Leadership compris
ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc
es four elements:
- Completion of coaching sessions with sales people
- Completion of customer service calls (follow-ups and telesales)
- Sales people's adherence to the code of conduct
- Sales people's attendance at training; the percentage of courses attended during a period of t
easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi
he courses recommended over the same period
Literal indicators may include:
Shop Presentation and Merchandising
Shop presentation and merchandising comprises two elements:
Literal indicators may include:
Shop Presentation and Merchandising
Shop presentation and merchandising comprises two elements:
- The number of advertising hero lines represented amongst floor stock.
- Adherence
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
to the store merchandising checklist.
Numeric indicators comprise two groups; the overall sales result and sales effectiveness.
Overall sales result
Sales Booked
The $ value of sales booked (i.e. accrued income), over a certain p
Numeric indicators comprise two groups; the overall sales result and sales effectiveness.
Overall sales result
Sales Booked
The $ value of sales booked (i.e. accrued income), over a certain p
and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ
eriod of time.
The crudest indicator of a sales team or sales individual's results. It gives little information about how effective a sales person is. It is usually required, however, for headline comparison.
Expense Control
Meeting expense targets
The crudest indicator of a sales team or sales individual's results. It gives little information about how effective a sales person is. It is usually required, however, for headline comparison.
Expense Control
Meeting expense targets
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
within budget for a given period.
This is an indicator for the store manager. It gives some information on how efficient the store is when it is expressed as a percentage of sales booked, as well as a straight number.
Gross Margin
Gross profit (sales
This is an indicator for the store manager. It gives some information on how efficient the store is when it is expressed as a percentage of sales booked, as well as a straight number.
Gross Margin
Gross profit (sales
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
revenue minus sales costs) divided by sales revenue.
Variations against a target value for product categories reveals information about the tendency to offer discounts to get the sale. If the sales booked number is very good, a low number here may be tolerated. If the sales booked number does not meet th
Variations against a target value for product categories reveals information about the tendency to offer discounts to get the sale. If the sales booked number is very good, a low number here may be tolerated. If the sales booked number does not meet th
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
e target and this number is low, then some coaching of sales staff is warranted.
Sales effectiveness
Sales by Hours Worked
The $ value of sales booked over a period divided by the number of hours worked over the same period.
This i
Sales effectiveness
Sales by Hours Worked
The $ value of sales booked over a period divided by the number of hours worked over the same period.
This i
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
ndicator ascribes an individual's ability to sell. Care needs to be taken to set different targets for individuals with varied levels of experience and ability. Do not set everyone the same target.
Items per Transaction
The number of line items sold over a per
Items per Transaction
The number of line items sold over a per
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
iod divided by the number of transactions occurring over the same period.
This indicator gives an indication of the sales person's ability to cross-sell.
Average Sale Value
The $ value of sales booked over a period divided by the number of transactions occurring over the same p
This indicator gives an indication of the sales person's ability to cross-sell.
Average Sale Value
The $ value of sales booked over a period divided by the number of transactions occurring over the same p
t?
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
eriod.
This indicator gives an indication of the sales person's ability to up-sell.
Conversion rate
The number of transactions recorded in a period divided by the total number of customers who entered the store in the same period.
This indicator is the strongest indicator of s
This indicator gives an indication of the sales person's ability to up-sell.
Conversion rate
The number of transactions recorded in a period divided by the total number of customers who entered the store in the same period.
This indicator is the strongest indicator of s
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
ales ability. It requires a store traffic counting system. The simple ones are cheap and should be used. Properly set up, their accuracy is within the 2 to 3% range. The more sophisticated versions enable indicative conversion rates to be determined for an individual sales person.
When this indicator is c
When this indicator is c
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
ombined with items per transaction, the average sale value and the gross margin indicator, any store manager should be able to coach a sales person on their effectiveness.
Warranty Sales
The number of extended warranty sales made over a period, divide
Warranty Sales
The number of extended warranty sales made over a period, divide
.
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
d by the number of transactions over the same period.
When the sales item is a physical good capable of carrying a warranty, this is a simple indicator of add-on sales effectiveness.
Retail selling appears at times to be an art rather than a behaviour or skill. It is not. It can be coached. To coach any
When the sales item is a physical good capable of carrying a warranty, this is a simple indicator of add-on sales effectiveness.
Retail selling appears at times to be an art rather than a behaviour or skill. It is not. It can be coached. To coach any
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
behaviour or skill there must be an appropriate standard to reach and an indicator to measure progress towards the standard.
Utilising a combination of behavioural, numeric and literal indicators related to performance standards, sales people can be coached to improve their performance.
Utilising a combination of behavioural, numeric and literal indicators related to performance standards, sales people can be coached to improve their performance.
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
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