Professional Pharmaceutical Consultants Recommend Pursuing Key Account Management Tactics

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December 31, 2009

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.

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.

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. When trust is established, the client will often not have to engage so many of its resources in trying to oversee and control the related activities and will foresee the relationship as an efficient one.

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. If a sales and marketing team has achieved a high level of training and education, it will be much better positioned to get past the hurdles in its path.

Key account management requires a constant review of the client’s interpretation of the 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. 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.

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