Five Basic Principals Of Effective 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. 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. Executives must decide whether an account is key or not, but interaction and daily implementation falls to the sales and marketing team, with the pharmaceutical consulting firm providing critical direction.

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 broken down into five distinct 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. 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. 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. These accounts are always dynamic and a sales and marketing team must be on the ball and trained well.

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.

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 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.