Sales Revamp: Streamlining Wells
Challenge:
The pharmacy landscape is increasingly competitive, with organizations contending for market share. Wells Pharmacy, a compounding company, sought to accelerate growth through a comprehensive assessment of its sales structure, people, and processes. The firm was grappling with a significant challenge – it offered 4000 product SKUs, yet a mere 5% of these were driving 80% of its revenue. Adding to this, Wells’ regional sales managers were over-invested in servicing existing customers, leaving the pipeline for new, higher-margin clients underdeveloped.
Approach:
Chameleon Collective was brought on board to document Wells’ sales process, examine existing issues, and develop a set of transformative recommendations. Our approach revolved around restructuring the sales operations and capitalizing on the untapped potential within the existing customer base. We devised a strategy to employ an inside sales team to upsell current customers, liberating the outside sales team to focus on cultivating new business relationships centered around high-volume, high-margin products and customers. In addition to these structural changes, we proposed several operational modifications within their sales organization. These adjustments were aimed at ensuring that Wells Pharmacy maximized revenue from their existing clientele, while gradually phasing out low-margin, high-cost customers that were straining critical sales resources.
Outcome:
The result of Chameleon Collective’s intervention was transformative for Wells Pharmacy. The firm was able to achieve an impressive uptick in revenue and customer acquisition – setting Wells on a trajectory of sustainable growth and profitability.
