Multi-Party Communications: Four Keys for Success
As life science companies continue the trend toward partnerships, communications challenges can multiply. Partnerships help companies to enter new markets, continue niche research and introduce innovations sooner. But even though they are joining forces, each company will have a unique, and sometimes competing, set of communications and business goals.
While it’s easy to default to the needs of the larger company, strategic communications entails finding ways to balance the needs of all parties. A solid communications strategy conveys a clear and consistent message to stakeholders of all companies in the partnership, and also paves the way for patients, advocacy groups, media and investors to learn more.
The following are four key issues to consider for multi-party communications:
- Audience Identification: Ensure that both companies clearly establish the key stakeholders for their news, as well as the appropriate digital, print and broadcast media.
- Consistent Messaging: While the key messages should be tailored to each company’s audience, the underlying theme must be determined up-front and in conjunction with both parties, to ensure there are no surprises in how each are represented to various stakeholder audiences.
- Internal Communications: Coordinating among internal parties is key. The science, strategy and financials must be in internal alignment. Therefore the process for developing expectations and timelines goes a long way toward ensuring a smooth liftoff.
- External/Social Media Communications: Develop specialized pitches whenever possible. While based on similar underlying message, the outreach should be tailorable to the varying kinds of media outlets each company seeks to attract. Identify and train key spokespeople in advance so they are at-the-ready for media outreach. Consider videos and/or podcasts that may be uploaded to social media, and monitor discussion across both companies’ social channels.
The idea of coordinating communications between partners can be daunting. But with the right preparation and forethought, it can be an exciting time for a strategic communications program to cultivate trust with each company, and deliver results that meet the needs of all parties.
An in-depth version of this article was featured in O’Dwyer’s October 2017 Healthcare & Medical PR Magazine.