5 Essential 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. This can be due to their position of dominance within the market, the volume of transactions or any other strategic elements making them of particular interest to the company. 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.

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. 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.

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. The exact nature of the relationship must be communicated throughout the company structure, so that an integrated response is always applicable. 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. 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. This new level of efficiency prompts 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 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.

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. 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 Director of L2L Consulting, an elite pharmaceutical consultancy firm which specialises in Strategy Development and Implementation Excellence for prestigious multi-national organisations.