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5 Fundamental Principals Of Proper Key Account Management
December 25, 2009 | Leave a Comment
Not all clients are created equally and pharmaceutical companies realise that they may not treat them all with a similar approach, due to the competitive nature of this environment. 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. Key account management strategies must be created and then disseminated to sales and marketing people to enable relationships to be cemented.
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. If the key account values interaction, they will also elevate the importance of the relationship with the pharmaceutical company. 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 broken down into five distinct areas:
Firstly, all parties must fully understand the level of the agreement. Once this is cemented, it must be communicated throughout the company structure, ensuring the correct level of response. While formal communication is always important, including planning, reviews, development and information exchange, the goal must always be to strengthen the bond between the two companies.
Key account management involves the building of trust and two-way commitment. 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. Generally, pharmaceutical consultants are well-versed in this style of approach and can help to cut through any misunderstandings.
When it comes to the sales and marketing team, the customer accounts must be fully reviewed, its content absorbed and potential understood. 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.
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.
Key account management requires a continuous review of satisfaction. This will in turn help to reveal some potential stumbling blocks in the future and allow for the swift resolution of any issues or challenges as and when they arise.
All of these five concepts are revealed and explained within the pharma consulting approach.
Alan Gillies is the Director of L2L Consulting, an elite pharmaceutical consultancy firm which specialises in Strategy Development and Implementation Excellence for prestigious multi-national organisations.