Several Basic 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. If a particular client is very dominant, has a high level of transactions or is otherwise strategically important, they should be treated specially. Key account management strategies must be created and then disseminated to sales and marketing people to enable relationships to be cemented.

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.

Attention to fine detail is required here, like in no other environment, once an account has been classified as of strategic importance. 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 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 broken down into five distinct 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. 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. 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. As such, a level of efficiency is achieved that in turn helps to build 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 truly key accounts, the pharmaceutical company will help the client through the dissemination of important trends and industry data. This is always fluid and dynamic and thus the company sales and marketing team must be always aware and trained appropriately.

Few relationships of this kind run smoothly and without issues from time to time. 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. This will in turn help to reveal some potential stumbling blocks in the future and allow for the swift resolution of any issues or challenges as and when they arise.

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.