Dec
25
Skilled Pharmaceutical Consultants Recommend Pursuing Key Account Management Tactics
December 25, 2009 | Leave a Comment
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. This can be the subject of conjecture and certain clients are always seen as more important by the pharmaceutical company, due either to their pure volume of sales, their position in the market or other important considerations such as a transition to other market areas. 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.” 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. Key account management will not be effective if certain layers of communication are not maintained, leading to a less efficient sales and marketing operation and calling for a pharmaceutical consulting firm to be retained for best effect.
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. There should be an interactive approach to communication here and the goal should be to create a “win-win” scenario at all times, regardless of complexity. While attention to the essentials is of course important, the key account would be more likely to continue the association if additional value is perceived.
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.
Some experts observe that account management is really about 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 Director of L2L Consulting, an elite pharmaceutical consultancy firm which specialises in Strategy Development and Implementation Excellence for prestigious multi-national organisations.