Five Crucial Principals Of Profitable Key Account Management
posted in Off-line Marketing |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. This can be due to their position of dominance within the market, the volume of transactions or any other strategic elements making them of particular interest to the company. 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.
Success in the ultra-competitive business world requires attention to fine detail and a declaration of strategic importance for each account. 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 broken down into five distinct 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. 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. When the client is comfortable, it will relax funding and resources associated with program activities and enter a comfort zone with the pharmaceutical company. This new level of efficiency prompts 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. This is always fluid and dynamic and thus the company sales and marketing team must be always aware and trained appropriately.
Few relationships of this kind run smoothly and without issues from time to time. 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.
The constant review of satisfaction should be part of key account management. 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.
