Top Pharmaceutical Consultants Recommend Pursuing 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. So many different issues have to be addressed including the company's position, public relations and media activities, lobbying in political circles, quite apart from core issues of marketing and economics. 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.
Following the appointment of a specific account to the role of “key,” the pharmaceutical consultants should help in composing a concerted plan of action. The business must look at the relationship from the client point of view and accurately gauge what they feel to be the substance of the relationship. 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.
If the client enters the comfort zone when dealing with a pharmaceutical company, it will be more inclined to not only continue the relationship, but also to enhance it or to expand it. 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.
Some experts observe that account management is really about damage control. Certainly issues and problems will arise from time to time. 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 calls for a highly intelligent assessment of the client's interpretation of any relationship. Satisfaction is paramount and should the company and its executives go the extra distance, an enhanced relationship and additional revenue opportunities are very likely. 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.
