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. In these cases, key account management strategies must be established by the company and must be adequately communicated and implemented within the sales and marketing team as a core priority.
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. 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. 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.
A comfort zone must be the desired result, for if the client senses this, then a continuation can be expected and an expansion possible. 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 calls for a highly intelligent assessment of the client’s interpretation of any 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 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.
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