FOMO (Fear of Missing Out) is real in the IR business. Did you miss a Boston investor who asked for a 1:1 the next time you’re in town? Did you forget that great question asked by a San Francisco-based analyst? But try to capture too much intelligence, and you wind up with TMI (Too Much Information) – a bloated, overwrought database where useful information is buried. In the battle between FOMO and TMI, we recommend a balance of customization and consistency to capture relevant intelligence, define real-time insight and create on-going outcomes.
Customization Do not use customization as an opportunity to develop an unlimited number of categories. Rather, a philosophy of “minimal optimal” will ensure a manageable number of categories, optimized for your company-specific purposes. For example, one general category for “meetings,” whether it’s a one-on-one held at a conference, as part of an NDR or an on-site visit.
Consistency Once the customization is in place, make a commitment to enter company-specific information on a consistent basis. For example, every time there is an interaction with an investor or analyst, input a note: “Met with Taylor at BofA conference.”
Relevant Intelligence With a minimal optimal framework in place, you can input company-specific insight within the note to capture relevant intelligence. “First-time meeting with Taylor, holds position in PeerCo.”
Real-time Insight Include a bullet point that addresses the contact’s real-time feedback. Are they waiting for a particular milestone? Attending J.P. Morgan/Biotech Showcase in January? “Will continue to monitor OurCo, in particular interested in pipeline.”
On-going Outcomes Use a final bullet point to summarize next steps. “Make sure to reach out for next West Coast trip.”
Any subscription database is a means to an end, not an end into itself. While there is a baseline value in the subscribed data, the real prize comes from intelligence you add that is specific to your company. With a balance of customization and consistency, your database can provide relevant intelligence, real-time insight and on-going outcomes.
LaVoieHealthScience is all-in for life and health science companies. With 15 years of experience delivering strategic communications, we know how to amplify your business success. Contact us today to learn what we can do for you.