R-002-002 Quality objectives_2023_004
Objective details
Objective number: 4
Description
Increase in turnover 3.4 times
Establishment date
18th January 2023
Planning
Responsible
JD-001
Departments involved
As it is a huge objective, all the departments are involved, but the main departments developing the objective are the Sales and Communication departments.
Planned actions for 2023 period
220% increase in sales turnover (Indicator 9)
January 2023 plan
1. Increase sales in Pharma companies by 40%
- Sales outbound: Targeted marketing and prospecting effort to headquarter decision makers in global pharma companies with whom we have not open contact at the moment.
- Partnerships: Deeper collaboration with Alira to increase the amount of join opportunities in the pipeline.
- Client penetration: Becoming the standard photography vendor provider for Almirall, to be used in all clinical trials and studies as default, rather than on a one by one basis.
- Example target companies: Abbvie, Pfizer, Lilly, Leo Pharma, L’Oreal
2. Increase sales in Healthcare companies by 40%
- Sales outbound: Targeted marketing and prospecting effort to biggest remote healthcare providers in the market.
- Marketing hands-off-the-wheel approach to raise awareness in medium size remote healthcare providers: Legit.Health represents an easy way and quick way to offer an effective and efficient teledermatology service to their clients.
- Example target companies: Consultant Connect, Derma2go, SkinUvita, Euromelanoma, Davinci Care, Gyant, 100plus, iHealth
- Renovations: VITUP, San Roque, Ribera and HM.
- Carryovers: Viamed, Vithas, San Juan de Dios, HLA and CUN.
3. Increase sales in Insurance sector by 20%
- Sales outbound: Targeted marketing and prospecting effort to biggest insurances in the market (AXA, Sanitas, Cigna, Mapfre, Caser, Linea Directa, Aegon).
- Generate use cases and success stories that serve as marketing content
- Make the Cigna project in Spain a success in order to launch the project in Cigna internationally
April 2023 plan
Increase the focus on Pharma companies up to 60%, that are the market sector that higher revenues produces. Healthcare and insurance companies effort will be 20% each one.
The details of the current deals and its status can be consulted at the corresponding Q1 Business development goals and strategy presentation
Additionally, we are hiring 2 new employees for the sales team: a sales business manager and another sales development representative.
July 2023 plan
The new strategies to diminish risk and reach the goals are the following:
- Find ways to improve the sales communication with new messages. (e.g. CE = Robustness of results)
- Find ways to increase prices or change the pricing structure justifying a more expensive service.
- Investigate again the competition and find weaknesses that we can use (e.g. contact as client).
- On the short term focus on sectors that respond faster: Pharmaceutical and Insurance sector.
- Explore opportunities internationally with new contacts of companies that are either using our product or have shown interest in it. (Pfizer, Cigna, Lilly etc.- outside Spain )
- Consider approaching new sectors (e.g. CROs)
- Improve the lead qualification, generation and prospecting so that we can generate hundreds or thousands of contacts fast and reaching out to them sending massive semi-personalized emails so that it is possible to do continuous follow ups. This way we can reach out to new target clients all over the world fast avoiding more laborious collection of contacts and initiate conversations in a larger scale.
- Team restructuring:
- 2 members focusing on lead qualification generation and prospecting.
- 2 members focusing on the discovery, demo and further processes until a deal is closed.
Resources needed
- Personnel for increase in sales: We need to hire a sales business manager and another sales development representative.
December 2023 plan
1. Reevaluation of objectives and expectations
- Adjust the growth target to a percentage that fits the current team's capabilities. Considering the right approach is a balance, but focusing on the team being adapted to the company's needs. The difficulty of finding such team, along with lengthy recruitment and training processes, lead the company to lower its objectives.
2. Team strengthening
- Intensive Recruitment: Launch a focused recruitment campaign to attract talent with sector experience, utilizing specialized recruitment agencies and high-profile job platforms.
- Funding Search: Essential actions due to one of the main challenges in finding qualified profiles being the competitive market salary level. Seeking funding will allow for higher salaries, thus securing more experienced sector personnel requiring less training.
- Training and Development: Refocus and intensify team training to shorten the average training duration.
- Post-Sale Actions: Enhance the customer success process to increase loyalty, improve project success, and raise the billing ticket with the current portfolio.
3. Customer feedback
- Implement a structured system for collecting and analyzing customer feedback, enabling swift adjustments to product and market strategies.
4. Organizational restructuring and alignment
- Roles and Responsibilities: Clarify within the team to ensure everyone is aligned with the revised objectives.
- Company Culture: Promote a culture of adaptability, continuous learning, and orientation towards achievement.
5. Constant monitoring and adjustments
- Implement a rigorous monitoring system to assess team performance, market strategy effectiveness, and customer satisfaction.
- Conduct monthly performance indicator reviews with the management team to ensure alignment and focus on the revised objectives.
This plan aims to adapt the company's strategy to the challenges faced throughout the year, with a renewed focus.
Resources needed
- Increase the budget for recruitment and training.
Monitoring and follow up
Period | % Annual goal achieved by quarter | % Progress towards annual goal | Follow up | Short-term actions |
---|---|---|---|---|
Q1 | 7% | 7% | The process of sales is slow since the client is contacted until the contract is signed and the payment is performed. Turnover has been higher than the same period of 2022. One member of the sales team leave the company during the Q1 and the clients were transferred to other team members. | Strategy has been modify as explained at the planned actions section |
Q2 | 12.6% | 19.7% | We have improved the sales team: the new business manager started last June, and the last communication manager was transferred to a full time position as sales development representative. Turnover has been lower than the same period of 2022, as some deals were cancelled or frozen, and others resulted in lower invoices than expected, but there are contracts already signed waiting for the payment. | Strategy has been modify as explained at the planned actions section |
Q3 | 14.45% | 34.2% | Sales have improved compared to the previous period and compared to the same period of the previous year. However, the overall increase is still below target. | Business development team is going to be restructured: Rebeca and Moise are leaving the company and they are going to be replaced by senior people |
Q4 | 14.5% | 48.2% | Despite the company's revenue increasing quarter after quarter, it has not been sufficient to reach the established growth objectives. This gap between what was projected and what was achieved underscores the need to reevaluate current approaches. This increase in revenue has been linked to the team's expansion in the business development department; however, the team's level of experience and knowledge has not met what the company needs at this stage of growth. This situation suggests that, in addition to expanding the team, it is crucial to improve its quality through the acquisition of more experienced and specialized talent, in order to effectively drive the company's growth towards the desired objectives. | Despite the efforts made in training and monitoring the team, the company has identified that the current level of the team does not meet the demands of this critical development phase. There has been an insufficient understanding of the sector and the necessary tools to perform their functions effectively, which would imply a prolonged training process. This process would consume significant resources that the company is not in a position to commit at the current time. In response to this situation, the company has opted to seek external financing that allows it to hire staff with the required experience who need less adaptation and training time. As part of this optimization strategy, the team has been restructured, resulting in the departure of Menelaos and Anneliese, who will be replaced by professionals with a more experienced profile. This adjustment seeks to better align the team with the strategic needs of the company and accelerate the path towards achieving its objectives. |
Status
- In progress
- Completed
- Extended
- Discarded
Record signature meaning
- Author: JD-004
- Review and approval: JD-001