When the pandemic ends, Life Sciences and Analytical Instruments commercial organizations need to be ready to serve their clients to get projects back on track.
There are four steps that commercial leaders must take to emerge on top:
- Build Your Action Plan–tactics to win new business, retain accounts, and accelerate pipeline
- Prepare The Team to Act–actions to ensure the team is focused and ready to win
- Calibrate Sales Compensation and Quotas–changes to engage and motivate the team to move fast
- Maintain Remote Work Momentum–learnings to take into the new commercial reality
In part 1 of this two-part series, we explored the first two steps. In this article, we will explore the last two.
Calibrate Sales Compensation and Quotas
The second half of 2020 will not look normal. As such, sales compensation and quota practices must be adapted. To come out of the slowdown strong, commercial teams will need to focus on near-term opportunities. They will need to operate as a team versus a group of individual contributors. Short-term sales compensation and quota setting principles and approaches need to pivot to accommodate this point in time.
Maintain Remote Work Momentum
Many are predicting that we will not return to our previous commercial operating model. We’ve learned too much about how to be effective in a remote commercial model. Additionally, the pandemic will accelerate digital transformation efforts. Commercial leaders will be challenged to resist the pull to what’s known or comfortable. The pandemic has created opportunities for leadership to address long fought productivity and scale battles.
Join us May 7th for a virtual roundtable where Life Sciences industry leaders will gather to discuss how they are investing for a return to growth in the second half of the year. Click here to register now.
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Author
Matt Greenstein is a principal based out of the New York office. He works with clients across technology, life sciences and healthcare. He has responsibility for leading the firms Life Science and Analytical Instrument and Digital Transformation practices. His areas of focus include large scale transformation and integration across all commercial functions–tactical marketing, sales and service. Matt has global consulting experience and is known for his fact-based, hypothesis-driven, problem-solving style.
