B2B Markeplace

Value is very important in any business-to-business relationship and both sides must clearly see its benefits. After all, without value what is the point of the relationship? This value must be apparent on both sides of the coin, in equal amounts, or the relationship is not very likely to survive, let alone prosper. The differential of value is one of the key challenges facing the pharmaceutical company’s executives and their consultants, as they determine how to deliver this value to their clients, most especially those who are classified as “key.” Because of this, much emphasis is to be placed on key account management training, so that all employees who have to interact with the client know how important it is to differentiate value well.

In the ultimate analysis, the pharmaceutical sales company provides products to the professional, which represent a clear value and a distinct benefit to the end user. In order for the purchaser to receive the value of these products, he or she must make certain sacrifices in return. This is how most business-to-business relationships are formed, through an exchange of value in this way. If there is an additional perception of value, relationships can be elevated, on either side. This is where key account management training reveals that additional benefit could take the form of market position, enhanced service, exchange of valuable information, reputational enhancement and/or a number of other, often subtle elements.

In some cases, the value of a key account is interpreted differently and even independently. In one analysis, the client may not think that the company is treating their business as “key, in any shape or form.” The interpretation may be entirely one-sided, as it may not need to affect the way that services and products are delivered from the company to the client. This may be perfectly fine and the relationship may prosper. Often, however, value is determined according to the actual relationship itself, where a certain amount of collaboration is expected and required and value is obtained through close cooperation.

If an organisation pays particular attention to key account management training, its entire operation will be devoted to enhancing the relationship and the value derived from a straightforward exchange of product for remuneration may well represent only a small part of the value exchanged. The relationship should be everything and a clear definition should be established to show exactly why the key account is so special and important. Not surprisingly, pharma training can, consequently, be very complicated and can be set to focus on areas that do not represent the critical mission statement of the organisation, necessarily. Pharma training must emphasise how dynamic these relationships should be and how “over delivery” can help to cement their future.

It is the job of the successful pharmaceutical consultant to ensure that the parent organisation is well aware of how real value should be imparted to each of the key accounts on the books and how such attention to detail can move them ahead of their competitors, who may not be so proactive and careful. Determination of value is a critical component of key account management.

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.