Using Data to Hit the Right Sales Targets at DASCO HME
on March 04, 2022
By Jill Cisco, Sales Manager, DASCO HME
A sales and marketing strategy is only as good as the data that you have behind it. Without a way to measure or benchmark your success, you don’t fully understand your current positioning and how you have improved over time.
For years, DASCO Home Medical Equipment used its own data and book of business to gauge the impact of its sales efforts, which did not show the whole picture of potential. We used inaccurate information, often self-reported by referral sources, to determine which accounts were frequently using DME services. Each year, we planned based on which physicians had utilized our services, which were new accounts to DASCO, the accounts that had retracted from a previous period. Goals and performance were set based on the analysis of our own data.
Today, we have an entirely new outlook on goal setting and performance. As part of our overall growth strategy, the leadership at DASCO HME decided to invest in VGM Market Data and utilize it to its fullest potential. The utilization of the market data tool has been beneficial for DASCO HME over the past couple of years.
VGM Market Data has changed how we establish goals and targets for our sales and marketing team. We use Market Data to identify the top prescribers based on a number of claims and decile ranking, which has allowed us to concentrate our efforts more precisely. Territory plans are more focused on prescribers with high utilization according to the Market Data, not referral source-reported intel. Then we use our real-time internal data to measure growth in these accounts.
Having the data at our fingertips means the pre-planning work is already done for us. It provides our account executives more time to focus on being in the field and gives them confidence they are calling on the right accounts.
In addition, the market data tool provides solid information about how we are doing compared to our competitors. Being successful in sales has always included understanding the successes and challenges of competitors and setting precise plans to take over market share.
Previously, we were using intuition and referral source statements to determine success and how we compared to our competitors. Now we have supporting data to assist our sales team in strategizing. With the market data tool, we know our overall percentage of market share with physicians and can easily see as the data is updated if our executed plans are making a difference.
Having Market Data access to multiple states gives DASCO HME the ability to identify and strategize about business expansion. We can evaluate referral volume and understand the competition before adding new locations. Prior to utilizing the Market Data tool, this was based on referral source statements, standard population data, and intuition. VGM Market Data provides a more accurate method of identifying new service areas with maximum growth potential.
Utilizing the market data tool has proven to be beneficial for DASCO HME. It has helped the sales team to better prepare, strategize, and execute plans.
Additionally, the market data tool supports better management of the sales team. Sales managers are basing direction, coaching, and performance evaluations on real market information.
Since using the market data tool, DASCO’s sales team growth has improved by an estimated 5-8% year over year. We will continue to use the market data tool as an important component of our growth strategy.
This article was originally featured in the VGM Playbook: Forecasting 2022. To read more articles like this, download your copy of the playbook today!
- business development
- market data