Five Critical 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. 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.

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 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:

Firstly, all parties must fully understand the level of the agreement. Once this is cemented, it must be communicated throughout the company structure, ensuring the correct level of response. 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 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. 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.