Great Points For Determining If An Account Really Is Key
When a pharmaceutical company says that one of its clients is “key,” what type of criteria is it using to say so? If this decision is based simply on financial data, then it is likely that the company’s entire account management philosophy is flawed. Why not look at this from the opposite view, as if you were a designated key account? This client is clearly able to see if the association is based on a dollar value and is not based on strategic importance or the provision of services over and above the standard. It’s not possible to mask the true meaning of the relationship, as designated by the pharmaceutical company, regardless of the levels of interpersonal relationships at the executive levels.
The key client understands why it should be designated as “key,” whether that is purely to do with revenue levels or not or whether, as more likely, it is a product of strategic positioning as well. This client will expect a certain level of attention from the company and will be looking for leadership positioning in the industry, as part and parcel of the agreement to do business in the first place.
Always maintain a two way association between the company and the client. Remember that there are always options available and as such, therefore, the company must go above and beyond what would ordinarily be expected. Within the very make up of a company, all staff should be infused with this philosophy, but this can be a difficult position to achieve. A pharmaceutical consulting firm can be worth its weight in gold in these situations. The pharmaceutical consultants can often speak from a position of experience and strength and may well directly understand the requirements of the client better than the company. As such, the consultants can help the training of staff at all levels with regard to the intricacies necessary when dealing with clients.
A typical client these days is looking for a pro active company engagement, interested in any ways possible to improve a relationship and will be looking for privileged information and data to help them in their day-to-day business. Interaction in this way will not necessarily result in a direct revenue increase and therefore if the sales executive is only motivated by revenue related bonuses, this level of incentivisation may not work in everyone’s best interests at all.
It is often not as “black-and-white” as this and even the most sophisticated incentivisation scheme employed by the pharmaceutical company can fail to break down the invisible barrier to success. A lot of experience is called for in this situation and each key account must be handled carefully and with precision.
The pharmaceutical company must understand that there are sometimes hidden costs involved in handling these accounts and the designation of “key” should not be given easily. Always read between the lines and assess how strategically important the relationship could be, far above bottom-line figures and revenues. In our modern business world, pharma consulting firms are on point here and can help to reveal the reasons and circumstances that can affect a company’s decision and help to safeguard the company’s best interests in the beginning.
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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