Case Study: Healthcare

Case Study

BI helped this medical equipment company jumpstart sales of its new product by utilizing BI’s patented goal-setting system called GoalQuest®.

Results

  • Sales increase over prior sales level: 112% increase
  • Incremental sales over prior level: $ 1,855,000
  • Percent of participants selling the product: 62%
  • Program ROI: 2-to-1

The spinal division of a medical technology company had released a new bone-graft substitute product. Sales of the new product were lagging behind plan due to a lack of visibility with the sales force, which includes 700 direct and indirect sales and biologics representatives. Less than 20% of the sales team was actively selling the product.

Issues

  • The company wanted to increase sales of its new product by getting its sales force to put more focus on selling the product.

Solution

  • The company collaborated with BI and developed a 3-month goalsetting incentive program for its sales force. Prior to this program, each salesperson had a pre-existing quarterly sales goal for the new product. This program required each rep to personally select one of three stretch goals via the program’s Web site. The higher the goal achievement, the more award points (AwardperQs®) they would earn.
  • Sales managers were included in the program and they selected their stretch goals based upon district performance.
  • To spur a competitive element among the top performers, a “double award bonus” was included for the top 5 performers in each sales group. A goals/rewards matrix was designed to fit the needs of each group. The company made sure the goal levels were not impossible to attain by any of the sales reps or overly easy by the top producers.
  • Throughout the program, reps and district managers were able to visit the program Web site and view their progress toward goal. The Web site also included thousands of award choices from brand-name merchandise to individual travel.