Value Creation in Major Accounts in the Digital Era!
Value with your strategic accounts means focusing on the concept of joint value creation between a strategic supplier and a key account. The joint value creation process often impacts both growth and strategic relationships.
The greatest opportunity in your major accounts is your quarterly meetings with executives from your team and key executives from your key account. Look for opportunities going forward that create ideas, relevance and value. C-Suite relationships drive measurable behaviours in your business, which creates opportunities for growth based on the value-add things you provide.
Value-added activities are covered in depth in Managing B2B customers you can’t afford to lose.
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I have the pleasure of working with some of the most innovative pharmaceutical and medical technology companies across the world that fully understand the power of value creation in their key accounts.
These businesses continue to grow, which requires a laser focus on new products and services: market access. Many researchers have noted, to gain market access and remain competitive, pharmaceutical and medical technology manufacturers must demonstrate clinical and economic evidence to providers, healthcare decision-makers and payers. Now more than ever, pricing pressure and regulatory restrictions are generating increased demand for outcomes evidence. The Health Economics team brings extraordinary focus to an account or market or key government stakeholders.
Companies that look at this team as a value creation point of difference, actively use them in their major accounts — deeply understanding their markets and what added value can help their top accounts be successful.
These senior managers think differently and come to meetings with an inquiring mind. They are not trying to sell; they are trying to deeply understand the connection between them, as a supplier, the key account and the market.
Why are inquiring senior managers so important? The market has changed; everyone is focusing discussions around price because new technologies are making markets more complicated and more competitive. Price pressure also comes from governments or payers who wish to drive down the cost of doing business.
Clarity around value and the ability to demonstrate and document the sustainable value that this product, medical device or service provides is important.
So, for leaders, what does this mean? It means that every time you attend an account review, the question should be how are you using the Health Economics’ team in your major accounts and how do you measure their effectiveness to your business? What value are you creating and how can you measure it, demonstrate it and more importantly communicate it to your top accounts?
Change the focus on the communication piece to stay ahead of the market. Continuously do market research for your customers across all industry segments that you serve and share with the C-Suite the value beyond the products services that you supply to your top accounts.
Manage your digital strategy for your top accounts practically. In your quarterly reviews, make them less about numbers and more about sharing value creation stories from the past three months. Then apply that knowledge to value creation over the next three, six, nine months and beyond. Have multi-functions from your organisation attend the quarterly account meetings to share knowledge and discuss more, what-if type scenarios.
Your digital strategy for your top accounts should drive growth. Your C-Suite relationships and your added value give you a sustainable and competitive piece: access to key decision-makers.