Five Basic Principals Of Proper Key Account Management

In an increasingly sophisticated and competitive environment, pharmaceutical companies now realise that it is not sufficient to treat clients with a uniform approach and that certain client accounts represent an increased level of importance. If a particular client is very dominant, has a high level of transactions or is otherwise strategically important, they should be treated specially. 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.

For the pharmaceutical company executives, client management can be as much about public relations, lobbying and positioning as it can be about the provision of products or services for the end need. 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. If the key account values interaction, they will also elevate the importance of the relationship with the pharmaceutical company. The goal must be to facilitate the work of the key client and to ensure that the pharmaceutical company's products are more widely available, at competitive rates and the subject of enhanced information and education.

Key account management can be divided into five areas:

Principally, the nature of the relationship must be agreed and understood by all parties. Once this is cemented, it must be communicated throughout the company structure, ensuring the correct level of response. A level of formality should be achieved and maintained, incorporating reviews and communication as appropriate, but the ultimate goal should be to strengthen the bond between them.

Key account management involves the building of trust and two-way commitment. When the client is comfortable, it will relax funding and resources associated with program activities and enter a comfort zone with the pharmaceutical company. As such, a level of efficiency is achieved that in turn helps to build even more commitment. This interaction may appear complex and daunting, but pharmaceutical consultants are well versed in such strategies.

When it comes to the sales and marketing team, the customer accounts must be fully reviewed, its content absorbed and potential understood. 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. Conflicts are to be always avoided as they can create weaknesses in an association, but constructive conclusions should always be drawn as these could indeed lead to different paths and an even stronger relationship, down the road.

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.

These five concepts are fundamental to the pharma consulting approach.

Alan Gillies is the CEO of L2L Consulting, a cutting-edge pharma consultancy firm which specialises in optimising productivity and performance within international companies by applying tailored organisational strategies.