Elite Pharmaceutical Consultants Suggest Undertaking Key Account Management Strategies

Some business practitioners use a metric termed the 80/20 rule, which dictates that 80% of an organisation's business comes from just 20% of its clients. This can be the subject of conjecture and certain clients are always seen as more important by the pharmaceutical company, due either to their pure volume of sales, their position in the market or other important considerations such as a transition to other market areas. In these cases, key account management strategies must be established by the company and must be adequately communicated and implemented within the sales and marketing team as a core priority.

The pharmaceutical company has to answer to a number of diverse stakeholders and demanding clients. So many different issues have to be addressed including the company's position, public relations and media activities, lobbying in political circles, quite apart from core issues of marketing and economics. There is so much on the plate, be it daily or weekly and there is always a danger that senior management may take on too many issues and end up being less effective overall. Key account management will not be effective if certain layers of communication are not maintained, leading to a less efficient sales and marketing operation and calling for a pharmaceutical consulting firm to be retained for best effect.

Following the appointment of a specific account to the role of “key,” the pharmaceutical consultants should help in composing a concerted plan of action. From the client perspective, what value do they gain from the relationship with the pharmaceutical company and vice versa? Communication must be full and constant and all parties must be able to achieve a “win” no matter how complex this is to achieve. The key account is more likely to want to continue with the company if value is delivered over and above the core essentials.

If the client enters the comfort zone when dealing with a pharmaceutical company, it will be more inclined to not only continue the relationship, but also to enhance it or to expand it. When trust is established, the client will often not have to engage so many of its resources in trying to oversee and control the related activities and will foresee the relationship as an efficient one.

It has been said that account management is often one of “damage control.” Certainly issues and problems will arise from time to time. It falls to the company to try and understand how a client works and to do its best to anticipate any problems or objections before they occur. If a sales and marketing team has achieved a high level of training and education, it will be much better positioned to get past the hurdles in its path.

Key account management requires a constant review of the client's interpretation of the relationship. Satisfaction is paramount and should the company and its executives go the extra distance, an enhanced relationship and additional revenue opportunities are very likely. Satisfaction is top priority, according to pharma consulting firms.

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.