The ever-changing OTC market and how to master it

Nothing ever stays the same in healthcare. The same goes for the over the counter market – also known as “consumer healthcare”. And a good thing it changes. Every improvement within healthcare is a win for everyone. We take a look at the over-the-counter market and the evolution it is going through and how you, your sales representatives and the company, in general, can master the art of OTC sales rather than survive in the wild sea that is the over the counter market.

The OTC market goes digital

Just like every other industry in the world, digitalisation is a factor we just can’t and shouldn’t deny. Most people may not like change, but if Covid-19 taught us anything, it is that we are willing to go digital all the way. Digitalisation within healthcare was already happening, but Covid-19 accelerated the process a lot.

In the past few years, digital retail also became a thing in pharmacy. Over the counter products are not just something you buy in the local pharmacy. Nowadays, you can easily order your prescription free medication online. The countries that dominate the online OTC market in Europe are Germany and the United Kingdom. But who says others just leave it at that?

Over the counter market and how the Carebytes OTC sales tool empowers your sales team.

The Belgian consumer health market is worth €2,6 billion and these are the top 10 best sold OTC product classes:

  1. General pain relief
  2. Cold remedies
  3. Cough products
  4. Sore throat remedies
  5. Laxatives
  6. Eyecare
  7. Specific vitamins
  8. Muscular pain relief
  9. Wound and skin disinfection
  10. Milk products for children

OTC sales done right: 3 tips

The competition in the over the counter market is vicious. Your sales team needs to be at its best, to say the least. Your team and their knowledge are one thing, but you need more if you want to dominate the OTC market, rather than just survive in this complex world. 

Throughout the years Carebytes gained a lot of experience in the life sciences industry. We experienced the obstacles the market presents first-hand. We know the ins and outs of a sales team and we realise where it sometimes itches.

However, there are ways to improve your OTC sales team’s productivity, uplift your sales results and maintain a better connection with your pharmacies. Let’s take a look…

#1 Visible and real-time sales data

Our first tip is already double-layered: visibility on the level of the sales representative and the team leader.

First things first, visibility on the level of the sales rep. By showing your sales representatives their own sales results, they will get more motivated altogether. They know their target, they know what is expected from them. By showing them their real-time sales numbers, they can monitor their own results more easily and rethink their sales strategy if necessary. It’s easier to notice little shifts in the results.

On the other hand, there are the perks of having real-time data of your sales representatives for the team leader. Real-time data grants you an overview in a split second. It simplifies your job beyond imagination. Forget gathering data from 10 or more different sources. Never mind the endless looking through an Excel file. Coaching your OTC sales representatives becomes so much easier, thanks to a complete KPI overview. Real-time data saves you tuns of time, every day.

#2 Connect distributors & digitalize your sales

A great CRM platform allows you to keep all information up to date. All client’s info is gathered in one place, easily accessible and reliable. It boosts efficiency right away.

There are some specific benefits to a CRM system that empower your OTC sales:

  • Smooth clients follow up
  • Detailed data
  • Manage agenda’s
  • Advanced sales reports 

Basically, a CRM platform will save you time in the end.

#3 The art of giving feedback

Everyone is different and therefore everyone benefits from a different coaching method. As a team leader, it’s important to acknowledge that giving feedback is an art.

In general, there are four different types of people:

  • Dominant
    These people make decisions quickly, aren’t afraid of risks, don’t avoid conflicts, like a little competition and dare to set their own rules.
  • Influencing
    Influencers value new connections and are really good at establishing them. They find it easy to express their feelings, they enjoy the spotlight and form a bridge with others.
  • Steady
    The listeners of the group. They try to understand and try to be supportive. Keeping everybody happy is very important to them.
  • Cautious
    These people plan things to the very last detail. They set the bar high for themselves and are very analytical.
The four different types of people

You notice immediately that every one of these types requires a different approach. Always remember, people love receiving constructive feedback.

Our solution? Our OTC sales tool

Combine your individual coaching strategy with real-time sales data and a CRM system and you have a winner. That’s exactly what the Carebytes OTC sales tool is. Our OTC sales tool facilitates everything you need to conduct sales and this in one workspace. Your sales representatives can easily manage their clients and agenda. In only a few clicks they add new appointments, place new orders, follow up on communication and much more.

Get your free demo

Curious what the Carebytes OTC sales tool looks like from up close or how much simpler your sales flow could become? Our free demo will answer all your questions.

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We know as no other how important patient care is. That’s why we want you to discover all the advantages and possibilities our tools have to offer you without any obligation.
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