Skilled Pharmaceutical Consultants Recommend Pursuing 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. 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.

A pharmaceutical company has many different stakeholders and must satisfy a number of different “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 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. As key account management is only as effective as methods and levels of communication and the efforts of the sales and marketing team, a pharmaceutical consulting firm should be engaged to help the company process.

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? 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.

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. 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.