Elite Pharmaceutical Consultants Recommend Undertaking Key Account Management Strategies

The 80/20 rule is a metric used within the business world which reveals that fully 80% of all business can be attributable to only 20% of the actual clients. Whether this is essentially correct or not, it is certainly true that some clients take on additional importance in the eyes of the pharmaceutical company, whether this is from the point of view of transactions, their market dominance or other more strategic elements such as the provision of a gateway to other segments and markets. Key account management provisions should be brought in by the company and all members of the sales and marketing team made keenly aware of their existence and importance.

The pharmaceutical company has to answer to a number of diverse stakeholders and demanding clients. The company is always involved in industry positioning, political lobbying, public relations and media, as well as the fundamental issues of sales, marketing and financial measurements. There is a lot to take on, from a daily and weekly perspective and company executives must ensure that they do not try and address too many complex issues while diluting their overall effectiveness. 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.

Once an account is designated as key to the success of the business, a determination should be made and a plan of action composed in concert with the pharmaceutical consultants. From the client perspective, what value do they gain from the relationship with the pharmaceutical company and vice versa? There should be an interactive approach to communication here and the goal should be to create a “win-win” scenario at all times, regardless of complexity. While attention to the essentials is of course important, the key account would be more likely to continue the association if additional value is perceived.

A comfort zone must be the desired result, for if the client senses this, then a continuation can be expected and an expansion possible. Trust is everything and the establishment of a comfort zone promotes the client to relax many of the resources it may engage to control the associated activities, marking the relationship as efficient in its eyes.

It has been said that account management is often one of “damage control.” Every now and again problems and issues will undoubtedly arise. The company should do its utmost to fully understand the workings of its client and try and pre-empt any objections or problems. The more educated the sales and marketing team and the better the training levels initiated, the more likely it is that any potential stumbling blocks will be easily resolved.

Key account management requires a constant review of the client's interpretation of the relationship. As always, a level of satisfaction is at the top of the list and when senior management goes overboard, a long-term relationship is likely, with great potential for additional revenues. In almost every instance, pharma consulting firms practice the art of delivering satisfaction.

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.