Five Crucial Principals Of Profitable 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. 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 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 divided into five areas:

Principally, the nature of the relationship must be agreed and understood by all parties. 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. 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.

When it comes to the sales and marketing team, the customer accounts must be fully reviewed, its content absorbed and potential understood. 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.

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.