Five Crucial Principals Of Effective 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. 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.

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. 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. 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 divided into five 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. A level of formality should be achieved and maintained, incorporating reviews and communication as appropriate, but the ultimate goal should be to strengthen the bond between them.

Key account management must also help to build trust and commitment in both directions. 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. This interaction may appear complex and daunting, but pharmaceutical consultants are well versed in such strategies.

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. Any stumbling blocks ahead may be revealed and challenges will invariably be simpler to resolve, once they appear.

These five concepts are fundamental to 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.