Several Critical Principals Of Profitable Key Account Management

Not all clients are created equally and pharmaceutical companies realise that they may not treat them all with a similar approach, due to the competitive nature of this environment. This can be due to their position of dominance within the market, the volume of transactions or any other strategic elements making them of particular interest to the company. As such, key account management strategies must be implemented and communicated to the sales and marketing team as the company aims to cement relationships with these principles.

Client management can be a complicated undertaking, involving public relations issues, politics and positioning just as much as it can be about the provision of services. While fundamentally the overall approach to client management must be decided at the executive level, implementation on a daily basis requires the effort of the sales and marketing team as the pharmaceutical consulting firm advises strategies and positions.

Success in the ultra-competitive business world requires attention to fine detail and a declaration of strategic importance for each account. The key accounts in turn will value the relationship with the pharmaceutical company more highly, especially if they are predisposed to a more interactive approach. The ultimate goal involves making the key client's position easier, focusing on product availability at the most competitive rates and being attached to the highest level of education.

Key account management can be divided into five areas:

Principally, the nature of the relationship must be agreed and understood by all parties. The exact nature of the relationship must be communicated throughout the company structure, so that an integrated response is always applicable. While formal communication is always important, including planning, reviews, development and information exchange, the goal must always be to strengthen the bond between the two companies.

Key account management must also help to build trust and commitment in both directions. The client must feel that it is in a comfort zone when dealing with the pharmaceutical company and will therefore not have to invest effort or money in trying to control certain activities associated with the program. This new level of efficiency prompts even more commitment. Generally, pharmaceutical consultants are well-versed in this style of approach and can help to cut through any misunderstandings.

The sales and marketing team will be charged with the responsibility of fully understanding the customer account, its context, make-up and trends. In addition, the pharmaceutical company might communicate industry information or trends to the client, enhancing the client's position. This is always fluid and dynamic and thus the company sales and marketing team must be always aware and trained appropriately.

From time to time, issues will arise. While conflict should be avoided at all costs as it could disturb the two-way commitment to the program, it can also be constructive in certain situations, leading to new paths and the exploration of different options, potentially cementing a relationship still further.

The constant review of satisfaction should be part of key account management. Any stumbling blocks ahead may be revealed and challenges will invariably be simpler to resolve, once they appear.

All of these five concepts are revealed and explained within the pharma consulting approach.

Alan Gillies is the Managing Director of L2L Consulting, specialising in enabling pharmaceutical companies to achieve new heights of productivity and performance, throughout all levels of management and revenue generating activities.