Five Crucial Principals Of Effective 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.

Attention to fine detail is required here, like in no other environment, once an account has been classified as of strategic importance. If the key account values interaction, they will also elevate the importance of the relationship with the pharmaceutical company. 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 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. 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 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. 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. These accounts are always dynamic and a sales and marketing team must be on the ball and trained well.

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.

Key account management requires a continuous review of satisfaction. 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.