Some business practitioners use a metric termed the 80/20 rule, which dictates that 80% of an organisation’s business comes from just 20% of its 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. 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. 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. 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. 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 Managing Director of L2L Consulting, specialising in enabling pharmaceutical companies to achieve new heights of productivity and performance, throughout all levels of management and revenue generating activities.

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