3 Signs that Your Account Managers Need Training

According to data from Gartner, 80% of future profits come from just 20% of your existing customers. When your pharmaceutical or biotech account managers don’t understand how to work with customers effectively, you'll lose customers and, along with them, potential profits. As a healthcare market research firm, The Brooks Group has collected a lot of data on metrics and KPIs that track the performance of account managers in these organizations. 

To maintain business profitability, here are the telltale signs that your managers are due for account management training courses.

1. Low Customer Retention

Effective account management is all about customer retention. If your account managers do their jobs well, customers will continue doing business. Track the following key performance indicators (KPIs) to determine customer retention success:

• Customer Churn Rate – the percentage of customers who cancel or fail to renew their contracts. High churn rates could indicate your account managers are handling customer accounts poorly, causing them to do business elsewhere.

• Support Requests – a high number of support requests indicate your account managers aren’t providing customers with the answers they need. Track website, phone, and email support requests.

With 80% of your future profits at stake, ensure your account managers understand best customer retention practices.

2. Failing Revenue Streams

Account Managers are a key liaison with your existing customers. If they are competent and manage these relationships well, they will be able to uncover opportunities for upsells, cross-sells, and execute a high rate of contract extensions. So if your organization as a whole or a particular manager is failing to develop these opportunities as a steady source and a high percentage of total revenue, then it is time to train your account managers and improve their skills.

3. Poor Client Relationships

Negative customer relationships will cause clients to abandon your products/services. To ensure your managers are maintaining positive client relationships and demonstrating their value, track these key indicators:

• Strategic Communications – the number of strategic emails and calls between managers and customers. If your customers aren’t contacting their account managers for strategic advice, your managers aren’t proving their value.

• Referrals – when customers enjoy the product/service they get from a business, they’re more likely to refer their colleagues. A lack of referrals could indicate your account managers aren’t offering the quality service customers need.

• Outreach Engagement – how often do customers respond to calls and emails? If you have trouble reaching customers, it could mean they don’t have a positive relationship with your business.

Account managers are entirely responsible for building positive customer relationships. When customers avoid communicating, it’s likely they don’t trust you or see the value of your business.

Get Your Account Managers the Training They Need

Worsening KPIs are a strong indication that your account managers are in dire need of training. As customer retention, revenue, and client relationships decrease, reach out to a skilled healthcare consulting firm for advice and training to strengthen your team.

The Brooks Group offers an Excellence in Account Management training course that’s designed to teach account managers proper customer relationship and retention practices. If you’re interested in learning more about this, or our other training programs for healthcare executives and our employee onboarding solutions, contact us for additional information.

Registration for courses is available on The Brooks Group website (view schedule). Custom courses with your team or organization are also available upon request.

This blog was originally posted on https://thebrooksgrouponline.com/2020/12/3-signs-that-your-account-managers-need-training/

MANAGED CARE 101: A MUST FOR SALES AND ACCOUNT MANAGERS IN PHARMA

Managed care is a process that gives patients an option to receive care at a reduced cost through their healthcare plans that have specialized contracts with healthcare providers. Managed care’s primary focus is on wellness and prevention, though it also supports better utilization of healthcare services, better healthcare quality, and lower costs.

In other words, managed care can benefit both patients and providers through a coordinated approach; patients get access to lower-cost benefits while providers gain access to an efficient process for acquiring new patients and managing receivables.

Managed care plans come in a variety of options, including Health Maintenance Organizations (HMOs), Preferred Provider Organizations (PPOs), Point Of Service (POS) Plans, And Medicaid Managed Care. Population survey data shows that over 70 million Americans have been enrolled in HMOs, and nearly 90 million have been involved with PPOs. It is fair to say that managed markets are a focal point of modern healthcare – and pharmaceutical personnel need to understand how the interplay of various participants in managed care affect their sales and operations.

The Role of Pharmaceutical Sales and Account Managers in Managed Care

Pharmaceutical sales reps bear a heavy burden. As product specialists and provider liaisons, sales reps have more to do than simply memorize spec sheets. Succeeding in managed care requires an understanding of the general market environment, the economics of managed markets, and how to match their products and solutions to the potential buyers based on the critical business issues faced by the key decision makers.

Sales reps need a deeper understanding of influencing factors such as regulations in product pricing, prescribing restrictions, authorizations, copay management, and more. Account Managers on the other hand need to be able to have tremendous insights into the concerns and challenges of the Key Decision Makers, and based on that build and deliver a unique value proposition that speaks undeniable value and long-term engagement.

This is why, in addition to the standard account management training, most pharmaceutical companies require their sales and account reps to go through managed care training seminars to gain a deep understanding of the system.

Managed Care Training Offers a Competitive Edge

In order to be able to deliver the above-mentioned value, pharma sales and account managers must be well versed in the intricacies of the managed market.

This involves-

• Understanding managed healthcare & the different components
• Identifying the providers & how they impact managed healthcare
• Defining quality & identifying quality initiatives in addition to the leading quality organizations
• Understanding the U.S. healthcare market framework

Pharma managers and sales reps are most effective when they are coached by those familiar with the specialized needs of managed markets. As a leading healthcare consulting firm, The Brooks Group has accumulated a wealth of knowledge and experience in this field.

The Brooks Group offers a dedicated course called “Managed Care 101” – a training course specifically designed for account managers, field sales reps, and senior level sales professionals looking for insight into the various strategies and techniques used to support managed care markets. Registration is available through open-enrollment sessions at The Brooks Group or by a custom course with your team/organization.

If you’re interested in learning more about our managed care training curriculum or about our healthcare executive training programs, contact us today for more information.

This blog was originally posted on https://thebrooksgrouponline.com/2020/11/managed-care-101-a-must-for-sales-and-account-managers-in-pharma/

5 KEY PRESENTATION SKILLS THAT HEALTHCARE EXECUTIVES NEED TO DEVELOP TODAY

At the executive level, success depends a lot on effective communication. This is particularly true for healthcare, where entities frequently rely on one another for insights into healthcare market research, strategic goals and leadership development.

Innovations move fast in healthcare, and executives who want to keep pace will need to relay these insights to key participants within their organization, as well as other entities through presentations, boardroom meetings, or other speaking engagements. To this end, they need a communication strategy that gets the information across in a clear and concise manner, and demonstrates leadership, competence, and confidence.

These are the fundamental traits to have when presenting to strategic-level personnel, and they’re achievable by first nailing down a few essential presentation skills, noted below.

1. Develop the Right Content Structure for Effective Presentations

Presentations given to healthcare personnel must be well-designed, and logical. They need to speak to the benefits of new healthcare methodologies and get clinicians on board. For these audiences, content should be created with the following elements in mind:

• Clear objective setting
• Strategic focus of the content
• Logical structuring of material
• Establishing relevance to the audience’s area of work

In other words, it all starts with the content and how well it is structured.

2. Manage Distractions During Presentations

Technical problems. Memory lapses. Co-presenters going off-script. Distractions are inevitable. It’s how the presenter deals with them that matters.

Managing distraction is a function of experience and deliberate application of personal skills around voice and body language. Healthcare executives don’t need to be clever or quick on their feet to manage distractions; they just need to apply the same skills-based approach to distractions as they do to their other presentation goals. With the right healthcare executive training, presenters will have all the tools they need to stay one step ahead of such disruptions.

3. Leverage Media Tools to Support Verbal Messages

Slideshows and handouts are old favorites, but to be effective in today’s world of short attention spans, executives need to take things one step further. These days, interactive multimedia presentations are the easiest way to keep audiences engaged.

Modern digital media like 3D modeling and simulations, infographics, gamification, can all be leveraged to create interactive learning experiences for audiences. After all, the best healthcare presentations don’t simply speak to audiences. They’re customized with specific audiences in mind and built to facilitate participation and thoughtful dialogue.

The idea here is to determine the best combination of technologies to engage each audience and leave them with a “wow” factor that makes them eager to hear more!

4. Identify & Manage Varying Types of Audience Participants

It’s common to feel alone up there on the platform. But presenters aren’t alone – not when they’re familiar with their audience and how they can help reinforce the presenter’s goals. Some audience members may be supporters an executive can turn to for validation; others may be detractors, or “fence-sitters” that jam up a group consensus.

Learning to identify and manage these participants helps healthcare executives retain control during presentations and create better engagement among attendees.

5. Create Purposeful Audience Interaction

Healthcare is a dynamic industry, and healthcare presentations need to follow suit by engaging audience members and driving purposeful results from their participation.

But it isn’t easy to shake attendees out of apathy and get them involved in the discussion, which is why it helps to have dedicated training from healthcare consulting firms on the best way to create purpose-driven interactions in each presentation.

Healthcare Executive Training Begins With Communication

The above are just a few essential presentation skills that effective healthcare executives should know, but they’re only the tip of the iceberg in terms of what’s possible. The Brooks Group provides detailed presentation training through our Carpei Audientiam program, specifically designed to enhance executive presentation skills and the way they connect with their audience. Registration is available through open enrollment sessions here, or by custom course with your organization.

This blog was originally posted on https://thebrooksgrouponline.com/2020/11/5-key-presentation-skills-that-healthcare-executives-need-to-develop-today/

BROOKS GROUP UNIVERSITY

The Brooks Group University (BGU) is your one-stop shop for healthcare information geared toward customer-facing team members in commercial and medical roles.

Learn the latest insights, build marketplace acumen, and further develop your skills to be relevant and ahead of the curve with your internal and external customers.

Our instructional designers and healthcare subject matter experts have created a library of engaging learning solutions that will get you up to speed quickly so you can tackle the healthcare market, project competence, and instill confidence in your customers that you are their trusted advisor.

Best of all, the learning solutions housed on BGU have been developed for immediate use. They can be hosted within your LMS or ours, including full metrics and analytics, so you can get to learning faster and be certified as an expert in your topic of choice!

Visit Brooks Group University Here

This blog was originally posted at https://thebrooksgrouponline.com/2020/09/brooks-group-university/

WELCOME WILL BROWN TO THE BROOKS GROUP TEAM!

The Brooks Group is pleased to announce that Will Brown has joined our team as Vice President.

Will brings more than 20 years of pharmaceutical and life science commercial experience to the team, including senior level marketing and commercial operations leadership roles. Will’s new product planning and product launch experience spans numerous therapeutic areas, including oncology, acute care, and rare/orphan diseases.

In addition to working with The Brooks Group, Will is an adjunct professor of business with the University of Arizona Global Campus, and is utilizing his combined life science and education experience to work with clients in developing successful strategic commercial plans, and learning and development programs that will help his clients achieve their business objectives. Please join us in welcoming Will Brown to The Brooks Group team, and if you would like to discuss more about how he can help your team, please reach out directly by email at will.brown@brooksgroupinc.biz.

This blog was originally posted at https://thebrooksgrouponline.com/2020/09/welcome-will-brown-to-the-brooks-group-team/

WHEN FACED WITH CHAOS

As each of our organizations are faced with the global pandemic of COVID-19, we are all faced with a new reality (I won’t say those dreaded words that go something like – new norm…). That realty is fraught with uncertainty and a lack of a concrete vision. Additionally, you can probably take that strategic plan you created in January & throw it in the garbage. No matter what your role is in life, from homemaker to CEO, that role has changed. People are looking to you for insights on what they should be doing. Therefore, what are the behaviors we should be modeling? How should we be modeling these behaviors? Well, let’s start with a little word with huge meaning – Process.

At The Brooks Group, we are big believers in PROCESS. Process allows us to have a set way of doing tasks, typically in a linear fashion, leading to an expected outcome. As our Chairman, Dan Brooks, always pontificates from his time in the US Air Force, “in the Air Force, it’s all about process. When the sh*t hits the fan, you can fall back on the process & have the highest likelihood of success.” Therefore, as we find ourselves in the midst of the proverbial “sh*t storm” of a global pandemic impacting every facet of our daily lives, we should be looking towards process to guide us to success. We can start with the words of Admiral William H. McRaven & begin our days with the simple task of making our bed. Start out on the right foot. From there, dive into the simple business processes that have brought you success.

At The Brooks Group, those processes include:
• Accessing & Integrating with Customers – using the time to connect with customers you have great relationships with to see how you can assist them in their transition & how this transition is impacting your customers’ customer. If you are not a trusted advisor, ensure you have a keen awareness of your customer’s market before reaching out to know the pointed questions you should be asking to gain their attention & show you have paid the price of admission by doing your homework. Cold emailing right now can be difficult, but if done correctly it can lead you to big wins!
• Strategic Thinking & Planning – now that your living strategic plan has been blown off the tracks, get back to business in identifying what new opportunities are out there in todays market. Juxtapose that with the current issues & identify the strategies that can lead you to success.
• Executive Level Presence – as we shift to virtual environments, ensure you control all variables. This includes items like meeting length (everyone’s children typically need a snack at the 45-minute mark), to lighting for your web camera so you’re not drowned out by background light, & of course, knowing your content & your technology as a start.

If you find yourself feeling like you’re stuck in the middle of an ocean with no land in sight, reach out to us at The Brooks Group & we can help you to understand the correct processes to instill to find your land, find your success. Its these basic processes that will get you through any storm – pandemic or not.

This blog was originally posted at https://thebrooksgrouponline.com/2020/06/when-faced-with-chaos/

ANNOUNCING EXECUTIVE LEADERSHIP TRANSITION

West Chester, Pennsylvania (June 1, 2020) – The Brooks Group today announced an executive leadership transition: effective June 1, 2020, long-time President, Dan Brooks will become Managing Partner of The Brooks Group.

With that move, current Brooks Group, Sr. Partner Ryan Evans will be promoted, as the company’s new President. Today’s announcement represents the successful culmination of the board’s long-range leadership succession planning process. Since joining The Brooks Group in 2010, Ryan has been a key member of the team and has proven himself as a strong leader with extensive industry experience. Importantly, with the experience he has gained in the various roles he has held, Ryan is intimately familiar with Brooks business operations, evolving products, healthcare market landscape and customers.

Ryan has been responsible for overseeing all of Brooks business strategic advisory services, market research, and training with pharmaceutical companies and payers to enable them to position their value proposition in the era of Quadruple Aim.

“Ryan has been a consistent top performer since joining the Company ten years ago. His vision & strategy led to the hiring of a Chief Learning Officer & staff in 2019. With the advent of Covid-19, this strategy seems prescient and has positioned the Company well for the transformation now occurring. He is the ideal person to lead and prosper the Company into this rapidly evolving virtual environment and I’m proud to announce his promotion to President.”

Ryan said, “I am excited for the opportunity to lead The Brooks Group forward as its next president. We have a talented team, and I am honored to lead this team as we build on our momentum as an industry leader. Importantly, I want to thank Dan for his tremendous leadership, as well as his mentorship and friendship over the years. I look forward to transitioning with Dan, and I am appreciative of the opportunity to continue to benefit from his experience.”

Prior to joining The Brooks Group, Ryan held a variety of positions of increasing responsibility in sales, operations, training and general management during a 15-year career at Wyeth Pharmaceuticals.

This blog was originally posted at https://thebrooksgrouponline.com/2020/06/announcing-executive-leadership-transition/