4 Keys to Driving Sales with Existing Accounts

Effective account management requires a careful balance of maintenance and growth. You must not only do everything in your power to retain the accounts you already have but also seek out new revenue opportunities to help your company expand. 

Both of these tasks require a significant amount of energy and focus from an AM, and the two priorities often compete with each other to the detriment of both. But what if you could serve both functions at the same time? The following four key concepts outline how you can shift your focus away from lead acquisition to make better use of the revenue potential of your existing accounts.

1. Shift Away from the ‘Anti-Shrinkage’ Model

For many years, the main goal of account management has been to avoid losing the customers with whom the firm is already doing business.

While it is always better to keep a customer than lose one, simply maintaining your existing accounts will never produce the growth you need. To do that, you need to add new business to your portfolio.

The most obvious way to do this is to secure brand-new clients you have never served before. However, it might be a better idea to look for new opportunities to upsell to the customers you already have. 

2. Customer Service is for Retention, not Growth

Many account managers assume that providing good customer service will automatically lead to growth opportunities. This is not always an accurate assessment. 

While customer service is extremely important in account management, it does not help AMs secure new business. Instead, its role is to keep existing customers happy with the services they are currently receiving.

A happy customer might be more inclined to purchase services from you instead of a competitor. The trouble is that if your company had something to offer that customer that they knew they wanted, they would already have purchased it. Unless something changes, that customer is unlikely to decide to become a greater source of revenue. Therefore, deliberate and effective upselling is important in order to generate more revenue from happy customers.

3. Leverage the Power of Customer Improvement

Instead of focusing on customer service, it is more useful to shift your attention to a different target: customer improvement. 

This model turns the idea of customer retention on its head by turning existing customers into new sources of revenue. Under a customer improvement strategy, your task is to suggest ways that the customer might grow or improve their business and let them know how your company can help them do it. As an example, for healthcare accounts, this might involve promoting a new and promising drug or therapy. 

If it is done tactfully and founded on solid evidence, customer improvement can benefit both you and your customers. You will secure the additional business you need, and they will gain access to a new tool that they can use to propel their organization's growth as well.

4. Improve Your Account Management Skills and Supports

To successfully implement customer improvement strategies, you will need in-depth knowledge of both your customers’ needs and the latest developments in the field. Pharmaceutical market research companies or other healthcare research groups can help you acquire the information you need to identify the products and services that are most likely to interest your accounts.

Further, it never hurts to have additional sales or customer service training during a significant undertaking like this. An extra round of strategic account management training can sharpen your skills and give you the confidence you need to make the most of this new approach. 

Bringing Effective Customer Improvement Strategies to Life

Customer improvement and similar upselling strategies are the cornerstones of predictable sales growth. Capitalize on your existing sales relationships first and you will quickly see how powerful established trust can be.

Healthcare consulting firms like The Brooks Group work with organizations to provide employee onboarding training, refresher training, and more. Contact us today to hear more about our account management training options and how we can help you better serve your existing clientele in the healthcare industry.

This blog was originally posted on https://thebrooksgrouponline.com/2021/10/4-keys-to-driving-sales-with-existing-accounts/

A Step by Step Guide to Succeeding at Account Management

Effective account management is a demanding practice that requires a combination of sales skills, interpersonal ability, and industry expertise. To succeed in this role, they need to adopt practices that allow supporting the customers using both technical and relational knowledge. Organizations need to ensure that their AMs onboarding training addresses this important aspect and helps them adopt a methodical approach to account management. The following five tips will help you establish those practices one step at a time. 

1. Take a Proactive Approach  

Proactive account management behaviors not only reduce the number of future problems you must deal with, but also fosters trust and respect between you and your customers. 

• Check-in with each key customer contact on a regular basis. You never know what they might need. 

• Provide regular updates to your organization to keep both them and yourself in the know

• Implement a customer onboarding process to create a better experience for all parties.

2. Balance Sales and Consulting

The consulting aspects of an account manager’s role distinguish this position from a salesperson. An exemplary account manager makes purchasing effortless by bringing solutions to their customers before those customers ever think to ask for them.  

To do this: 

• Keep up to date on current market trends and new innovations in healthcare. Information provided by pharmaceutical market research companies is invaluable for this purpose.  

• Cultivate a deeper understanding of your customers’ needs. Research how both they and their competitors are currently serving patients, then offer them solutions that either enhance their existing strategies or introduce new ones that are in line with their competition. 

3. Upsell Strategically 

As an account manager, your customers trust you to do what is in their best interest as well as your company's. 

• Never attempt to upsell a customer on a treatment that does not align with their organizational goals. For instance, a mental health treatment facility aiming to specialize in teaching patients to manage anxiety using coping strategies might not be interested in a new, stronger anti-anxiety drug.  

• Do not attempt to upsell a customer until you have had time to build trust. Without that trust, your customer will interpret the action as an attempt to take advantage of them. 

• If you are unsure of how to upsell appropriately, consider investing in some account management training to help you learn new techniques to approach this as delicately as possible. 

4. Implement Key Account Management (KAM) Strategies 

Key account management dictates that account managers should devote most of their time and resources to select accounts that generate the most revenue. This can be an excellent way to maximize the impact of the work you put into your accounts. To make KAM work for you: 

• Choose your key accounts carefully.

• Secure buy-in from your entire company. For KAM to work, key accounts must receive special attention from all parties within your organization. 

• Ensure that you understand the level of service and dedication you will be expected to give to these key clients. Key account management training can help you prepare for this role and hone the skills you need to succeed. 

5. Use CRM Software 

Account management is a demanding field that often requires AMs to juggle many high-value accounts and tasks at once. Using tools like CRM software to automate some of the administrative work allows you to deliver better service in little time. Specifically, you can use a CRM to: 

• Store information on each customer's interests and preferences, past orders, returns or complaints, order dates, which representatives they have worked with in the past, and more. 

• Segment accounts into different categories based on criteria such as location, account age, and account value. 

• Track each customer's current position in the customer life cycle and determine the appropriate strategy to win more of their business. 

A Good Account Manager Never Stops Growing 

Account managers must never become complacent if they are to deliver the level of performance that their customers and their organization expect. With diligence and support from top healthcare consulting firms like The Brooks Group, they can simultaneously increase customer satisfaction, close more sales, and cultivate an exceptional professional reputation.

This blog was originally posted on https://thebrooksgrouponline.com/2021/09/a-step-by-step-guide-to-succeeding-at-account-management/

The Dominance of Oncology in Pharma: What Account Managers Need to Know

Despite significant disruptions in healthcare as a whole, oncology remains the dominant field in pharma, accounting for approximately $200 billion in healthcare spending at present. New reports suggest that this amount may rise to $273 billion by 2025. 

As oncology’s dominance continues in the pharmacological market, it will have several important implications for healthcare account management in the coming years. Account managers may be able to capitalize on this concentration of spending by acquiring in-depth knowledge of the oncology market and the factors which drive it. 

Oncology in Pharma: Projections for 2025 

According to a recent report from the IQVIA Institute for Human Data Science, here are some projections for the near future related to oncologic drugs and spending:  

• By 2025, oncology’s share of pharma spending is expected to experience a compound annual growth rate between 9 and 12%.  

• Over 100 new oncology drugs are projected to make it to market in this time frame. 

• Many of these new drugs are expected to be biomarker-driven therapies. These types of drugs produce excellent results, but are only useful for select groups of patients. 

Implications for Account Management 

With such rapid development occurring in the world of oncology treatments, pharma account managers who do not make a concerted effort to catch up with the trends, risk being left behind. AMs must be able to apply their knowledge of market trends & market dynamics in order to proactively bring solutions to their customers and facilitate internal decision-making. This level of service cannot be delivered without intimate knowledge of both the product market and its drivers.  

In-depth knowledge of current oncology research and drug development can help account managers identify the types of therapies that their clients are most likely to be interested in and benefit from. Customer-focused sales models like this not only provide ample opportunities for upselling and revenue growth, but also foster better relationships between account managers and the organizations they serve. 

Serving Oncology Customers Better with The Brooks Group 

Healthcare consulting companies like The Brooks Group can help account managers bridge the gaps in their knowledge of oncology pharmaceuticals. Our incisive healthcare market research reveals the pain points of key decision-makers in hospital systems, physician groups, and healthcare provider networks. Armed with this information, pharmaceutical AMs can upgrade the services they offer to customers with oncology-related needs. In doing so, they bring innovative solutions to patients in need while also capturing revenue for the drug manufacturers they represent.  

The Brooks Group recognizes the unique importance of incorporating oncology pharma knowledge in account management training workshops, for effective account management in 2021 and beyond. Our upcoming workshop covers topics such as oncology market trends and drivers, how customers are responding to these market drivers, and how to engage those customers with a value proposition that meets their needs. Enroll today and take the first steps toward becoming a better account manager for customers in this critical high-value sector. 

Review our calendar of events for other healthcare executive training programs here.

This blog was originally posted on https://thebrooksgrouponline.com/2021/09/the-dominance-of-oncology-in-pharma-what-account-managers-need-to-know/

Employee Onboarding - Best Practices

Your company’s employee onboarding process is much more than a courtesy for incoming hires – it is their first taste of what life is like as a part of your workforce. It is also often a key factor in employee turnover. Each employee’s first few weeks should be spent learning how your organization works, what is expected of them, and where they can turn for assistance, inspiration, or support.

Our three-stage overview of onboarding best practices will help you fine-tune this critical process within your company, ensuring that you can attract, retain, and develop the talented employees your company relies on.  

Stage 1: Setting Up for Success 

Some of the most important parts of the onboarding process should be completed well in advance of a new worker’s start date. For instance, your new employee should have all the equipment they need ready and waiting for them when they walk in. Depending on their role, this might include: 

• A desk and/or office. 

• Computer hardware, necessary peripherals, and a company phone. 

• A company car. 

• All necessary logins and access keys. 

• Any special tools they will need. 

Many roles that deal with sensitive information, such as analysts and researchers in biotech market research companies, also require some form of security clearance.

All paperwork should be completed and signed before your new employee's first day on the job. When they arrive, check that everything is in order. You should have completed versions of: 

• Their employment contract. 

• Their payroll forms, including tax and banking documents. 

• Their work visa (if applicable). 

• Any company policies that require a signature. 

• Any background or credit checks needed for their role. 

Stage 2: Breaking the Ice 

Once the new employee is on-site, it is time to begin integrating them into the team. Consider assigning your new worker a buddy from among their peers. This person will be responsible for showing them around the office, introducing them to their coworkers, and generally helping them get used to their new role. Choosing someone of a similar rank for this task gives your new employee the chance to form social bonds within the group of people with whom they will be working most closely.  

However, some aspects of this process can only be handled by someone with workplace authority. Designate a specific higher-up to oversee the employee’s transition and answer any technical and role-based questions they may have. Interpersonal interactions like these are not every leader’s strong suit, especially in scientific and technical industries. Healthcare executive leadership training can teach these high-ranking staff members the skills they need to confidently handle these managerial duties and make every member of the team feel welcome and valued.  

Once the appropriate introductions have been made, you can slowly start to assign tasks to the new employee – perhaps under the guidance of a more experienced mentor. You can use this initial period to familiarize them with your company culture, gauge their competence, identify their weak spots, and begin planning their professional development within your company. 

Stage 3: Charting the Future 

Employees perform better and are less likely to leave a position when they know that structured growth opportunities are available to them. After the first few weeks, set aside some time to let your new employee know what career development initiatives you have available to workers in your organization.  

If you don’t already offer additional training for your workforce, consider doing so going forward. Basic managed care training courses provide an excellent introduction to the managed care market for people entering the healthcare industry. You can offer courses like these to whoever is interested while reserving higher-level material such as strategic account management training for dedicated and promising employees who master the basic courses first.

These programs give employees a way to hone their skills, improve their work in their current role, and demonstrate their readiness for further responsibilities within your company. 

Improve Your Company's Onboarding Experience with The Brooks Group 

A quality onboarding process leads to higher productivity, greater retention, and an overall stronger organization. The Brooks Group has the training programs you need to get your new employees off to a strong start. With our help, your company can implement a custom onboarding training program that will teach new hires everything they need to know about your company’s policies, culture, standard workflows, and more with a limited need for in-person instruction. Our instructional design services take your training programs to the next level, ensuring greater engagement and knowledge retention on the behalf of the trainees.

This blog was originally posted on https://thebrooksgrouponline.com/2021/08/employee-onboarding-best-practices/

Healthcare Market Trends Overview by The Brooks Group

The US healthcare market is a vast and ever-changing space, and even the most dedicated professionals may worry about falling behind.

The Brooks Group's Key Trends in the US Healthcare Market Primer pulls information from multiple sources (such as the JP Morgan Healthcare Conference, the latest CVS Health Trends Report, and the Pharmaceutical Research and Manufacturers of America) to offer an in-depth look at the latest trends in the American healthcare landscape. Read our highlights below to take a quick look at some of the most important developments in this field, including coverage expansions, alternative payment systems, and the impact of new technologies. 

Section One: US Healthcare Economics 

• US healthcare spending rose by 4.6% in 2019 to reach a total of $3.8 trillion or $11,582 per person. Hospital care and physician & clinical services make up $1.2 trillion and $772.1 billion of that total respectively.   
• Commercial care is by far the largest segment of the healthcare market, accounting for 153M lives and approximately $1.33 trillion in total spending. 

Section Two: Evolving Payment and Service Delivery Models 

• The Biden administration has indicated that they are interested in implementing a Medicare drug pricing model similar to Germany’s Institute for Quality and Efficiency in Healthcare (IQWiG). Under this model, drug companies could freely set the price for their products for their first 12 months on the market but would face strict value-based limitations after this period. 
• The Centers for Medicare and Medicaid Services (CMS) are also investigating several alternate methods of delivering and paying for care, including physician-focused payment models and value-based care. Now may be a good time to offer employees managed care training as a refresher on the current state of the US healthcare market. 

Section Three: Healthcare Innovation and Investment 

• Precision medicine, pharmacogenomics, and gene therapies have emerged as excellent but expensive treatment options for cancer, rheumatology, and other gene-based diseases. Now is the time for payers to plan how they intend to handle these expenses in the future and invest in strategic account management training for executives in these up-and-coming fields. 
• Similarly, AI is poised to have a greater impact on healthcare in the coming years. Key stakeholders such as hospitals, research centers, and biotech market research companies are most interested in using this technology to streamline billing and administrative efforts and to aid in scientific research.  

Section Four: Better Consumer Healthcare Experience 

• 2021 saw a new focus on social determinants of health, or SDOH. Vulnerable and underserved populations, including racial and ethnic minority groups and those who live in rural areas, will receive $2.25 billion in targeted support from the CDC. 
• To combat waning consumer trust, new CMS rules for 2021 require hospitals to electronically publish comprehensive and transparent pricing information on all items and services they provide. 

Section Five: Health Policy and Government Impact 

• 2021 has seen a new political focus on affordable healthcare, with increasing support for Medicare-for-all and strong outcry over drug prices from increased patient advocacy in the pharmaceutical industry. 
• The Biden administration also plans to work on expanding access to specific types of care, including contraceptive care, mental health care, and care available through community health centers. This initiative will likely require extensive collaboration between payers and health organizations; healthcare executive leadership training courses may be useful in helping leaders develop the skills necessary for these interactions. 

Update Your Knowledge of the US Healthcare Market

These key insights are just some of the many powerful influences reshaping US healthcare at this time. Download the full Brooks Group Primer report for more details on how the US healthcare landscape is changing in 2021 and beyond, and how your organization can prepare for these shifts.

This blog was originally posted on https://thebrooksgrouponline.com/2021/08/healthcare-market-trends-overview-by-the-brooks-group/

How a DISC Assessment Helps you Understand Yourself and Build Better Teams

 

Effective team-building is a critical part of every organization's success; no single employee can do everything on their own. However, promoting collaboration is not always an easy task. Some team members may have difficulty integrating into your team dynamics and making meaningful contributions to your shared efforts. 

A DISC assessment can give you some insight into this matter. This model describes how individuals behave in group settings, making it very useful for organizing teams in the workplace. Knowing your DISC style will provide insight into how your actions are perceived by others and will give you the opportunity to tailor your communication to suit each member of your team. 

The Origins of the DISC Model

The DISC model was invented in the 1920s by psychologist William Marston as a result of his observations on how individuals’ emotions impacted their behavior. 

According to the DISC model, each person has a primary behavioral style. This style dictates how they are the most comfortable behaving. While they can behave in other ways if it is necessary to do so, the change does not come naturally to them and may hinder their abilities or morale. 

Many companies use DISC assessments as part of their employee onboarding training, finding it helpful to set expectations regarding workplace interactions. Others only offer these assessments to key personnel like managers and executives.

The Four DISC Styles

The following four DISC styles are currently accepted within the model’s framework. A person's primary style may combine two of these types to create a more nuanced profile of behavior. 

• D (Dominance): D-types are results-oriented people. Direct and to-the-point, they value competency over almost everything else. They excel at achieving goals, but they may struggle with interpersonal interactions.

• I (Influence): I-types are energetic, outgoing, and eager to speak their minds. They are good at building relationships with the people around them, making them excellent at rallying their peers and increasing motivation. However, they may lose track of time while socializing and sometimes need reminders to stay on task. 

• S (Steadiness): S-types are patient and thorough, always ready to hear everyone out. They strive to maintain stability, but this sometimes makes them hesitant to speak their minds. They also shy away from conflict, even when it is necessary for the good of the project. 

• C (Conscientiousness): C-types emphasize accuracy and detail, making them superior analysts and fact-checkers. However, they also tend to overanalyze certain tasks and situations due to their perfectionist streak. They enjoy having control of their work and may struggle to hand off tasks to others. 

Building Better Communication Among Teams

DISC styles reveal the strengths and weaknesses in a person's behavior, making this model an invaluable tool for managers and executives. Leadership roles require you to interface with many different types of people, and not all of them will be equally receptive to your default behavioral style.  

If you know your own DISC style and understand how this model works, you can approach various team members in the way that works best for them. For instance, if you are a D-type speaking to an I-type, you know to allocate a little extra time to let that person speak freely before they get to their point. Conversely, if you are an I-type and need to speak to a D-type, you may want to take that extra time to distill your points into key takeaways instead. 

This type of deliberate DISC-related consideration leads to more effective communication, happier employees, and better overall productivity in the workplace. In fact, some account management training courses are dedicated to teaching leaders how to do this, proving the utility of the skill.

Bring DISC to Your Organization Today

Empowering leadership with better communication tools is one of the most effective things you can do to improve productivity and raise employee morale. Consider offering in-depth assessments and training for your company’s leadership through a certified DISC partner like The Brooks Group. This additional interpersonal knowledge could be the key to unlocking higher productivity and helping your team achieve its true potential.

This blog is originally posted in https://thebrooksgrouponline.com/2021/07/how-a-disc-assessment-helps-you-understand-yourself-and-build-better-teams/

5 Behaviors of a Cohesive Team

 

Effective teamwork is the driving force behind most major business breakthroughs. As such, improving the cohesiveness of internal teams should be a major goal for your organization.

The Five Behaviors profile system was developed by business management writer Patrick Lencioni to demonstrate how to build effective and cohesive teams. This five-stage system is structured like a pyramid: to get to the final payoff, employees must go through all of the previous four stages in sequence. It is up to your company's management to guide their team through each behavioral stage as described below.

The Five Behaviors

1. Trust

Trust is the most fundamental building block of an effective team. Each team member should feel comfortable expressing their emotions at any time, confident that they will be supported and not judged. Vulnerability should be seen as a strength, not a weakness.

To that end, the team’s leaders should do whatever they can to foster an open, accepting environment. Fun team-building exercises can be helpful in this regard, providing a casual environment where team members can get to know one another as people instead of just as colleagues.

2. Conflict

If true trust is in place, a team can handle the conflict that always arises as part of group dynamics. It is understandable that not all people on a team will agree on every issue, and this is actually a good thing.

To a good team, disagreements are not scary – they are a chance to work through issues and come up with the best possible solution. When presented with a challenge, your team should take the time to thoroughly discuss the matter, giving everyone a chance to voice their real feelings on the matter

3. Commitment

When all relevant concerns have been expressed and a decision has been reached, a good team becomes committed to that course of action.

Leaders must not confuse commitment with consensus. Commitment can only happen when everyone on the team genuinely feels that their thoughts have been heard and seriously considered. Any given team member may still have preferred to do something else, but each understands why the final decision was made and are prepared to support that choice in any way they can.

4. Accountability

A good team not only works together but shares responsibility for the final results of that work. Each member strives to keep the others accountable for their input on each project they tackle together.

Remember that this must be done tactfully and supportively as well as consistently. If someone on the team is struggling to deliver what they promised, they may need extra support from their colleagues to finish the job. It is the genuine effort that matters during this process.

5. Results

Results are the ultimate outcome of a cohesive team. With all members working diligently toward a collective goal, it is possible to achieve incredible things.

Many teams will falter before this stage, becoming uncoordinated and unproductive due to difficulties in establishing one of the other behaviors. Most often, it is Accountability that gives them the most trouble. Do not lose heart if this happens to your team. Each project is a fresh chance to try to instill each of these five behaviors, and you may well reach a better outcome next time.

Strengthening Teams One Behavior at a Time

Lencioni's Five Behaviors model is proven to help teams succeed in achieving better outcomes for collaborative tasks. Managers and executives who receive training on how to implement this framework will have a powerful new tool at their disposal in their efforts to mobilize your organization’s workforce. This investment in team cohesiveness is sure to help your employees produce the industry-leading results you know they are capable of.

The Brooks Group utilizes the Five Behaviors™ model in its interactive healthcare executive leadership training workshops to help team members learn to work together more efficiently and effectively and to become a more cohesive team.

This blog is originally posted in https://thebrooksgrouponline.com/2021/07/5-behaviors-of-a-cohesive-team/