How Online Employee Training Accelerates Time To Market
In the pharmaceutical industry (as well as other industries), being first to market can give companies an advantage over their competition in gaining market share. According to a study by Professor David Ridley from Duke, “…even if the second mover spends just as much as the first mover on advertising at a given time, and in fact they do, their peak market share is much lower. [..] They spend the same as the first mover, but only catch about a third of the market at their peak.” Additionally, a McKinsey study stated that the degree to which being first to market has an impact depends on the context of the companies competing, where larger companies with greater lead time have an even greater advantage.
While there exists a variety of ways to reduce your product’s time to market (including revision control and defined product development processes), a key method is streamlined employee training. So it shouldn’t have been a surprise to me when I was asked to help build an online employee training course to do just that for a pharmaceutical sales team in a period of two weeks.
The timeline for the development of the course seemed ambitious. Typically, I like to allocate at least two months for the processes of analysis of learning needs, designing an experience, and developing the necessary resources. But in this scenario, the sales representatives needed to access their training quickly to retain a competitive advantage.
Impressively, the course design team quickly made decisions about the content of their training, the questions they would use for the assessments, and the launch date of their online course. Additionally, the agility of the NovoEd platform allowed them to immediately upload their content and launch the training on time, ensuring the sales team would be ready for the deployment of their new drug.
Two weeks following the launch of the course, the designers were able to track their learners’ progress, ensuring that the sales team had completed the modules, scored well on their assessments, and were qualified to do their jobs.
This was the fastest I had ever seen a company develop, deploy, and complete a online employee training program with this sort of speed.
Until the day we have Matrix-level speeds of learning retention, consider rapid but effective online training for your employees to reduce your time to market.
If you enjoyed this content, be sure to read our Online Sales Training Platform article.