IC Plan Evaluation
A vital aspect of any IC plan is knowing how effective the plan truly is and the degree to which it is motivating and energizing the sales force. However, common methods for evaluating IC plans, such as analyzing the results of sales force surveys or the distribution of payout curves, are not only inaccurate, but do not indicate the precise areas of an IC plan that need improvement.
In contrast, our SCOR³ES® evaluation is a powerful and thorough tool that rates and evaluates the effectiveness of IC plans. SCOR³ES® is an acronym that stands for the six critical criteria that an IC plan must meet if it is to be an effective IC plan, with special attention being paid to equity. Through SCOR³ES®, IC plans receive a full diagnostic assessment that reviews all elements of the plan.
Each of the six SCOR³ES® criterion is evaluated and given a rating of 1.0 to 5.0. Ratings are then combined for an overall plan rating. What is so powerful about SCOR³ES® is that increases in SCOR³ES® ratings have been statistically shown to be correlated with increases in sales, in fact, improvements in SCOR³ES® ratings have been shown to increase sales in excess of 10%, a percentage that truly speaks to the power of a motivating and energizing IC plan.
IC Plan Design & goal setting
We have been designing IC plans exclusively for the pharmaceutical and biotech industries for over twenty five years. Not only have we designed more pharmaceutical IC plans than any other company, but we have also developed more innovations in IC design than any other company. Many of these innovations are goal setting calculation methods, such as our area-quintile cluster goal setting and aggregate integration goal setting.
Our design process considers all of our innovations and involves the development of various alternative IC plan designs that consider all possible plan:
- Types--the means by which compensation will be determined (goal, ranking, grid, etc.)
- Methodologies--the specific technique used to calculate the above type (how goals are set, etc.)
- Pay structures--the structure under which payouts are awarded (the type of payout curve, threshold level, etc.)
- Metrics--the performance indicator used to calculate compensation (TRx, NRx, market share, etc.)
The optimal configuration of the above factors is determined for each product individually. We design IC plans that help the sales force sell their product portfolio in their unique selling environment, so the design process considers product-level elements such as life cycle stage, seasonality, managed care status, and acute vs. chronic indications.
Administration & Management
TMA offers support above and beyond our competition in the day-to-day management of incentive compensation plans. We do this by:
- Assigning a dedicated project manager and experienced team to each client
- Documenting and maintaining business rules
- Developing communications for field-level and executive-level audiences
- Researching and responding to field inquiries regarding IC, data, reports, etc.
- Responding to changes and requests with speed and accuracy