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Successful Communications Strategies for Reputation Management

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Successful Communications Strategies for Reputation Management ASHTON TWEED Successful Communications Strategies for Reputation Management Recently, Business Week highlighted a story on The Corporation reputation of Target it would boost market value by $9.7 billion. with the headline “What Price Reputation? Many savvy Life Sciences companies face unique challenges in managing companies are starting to realize that a good name can be their their reputations. The products marketed by these companies most important asset– and actually boost the stock price.” The have a profound effect upon the health and well-being of patients article reiterates that “more and more (companies) are finding around the globe. The risk/benefit ratios associated with these that the way in which the outside world expects a company to products result in Life Sciences companies being held to a behave and perform can be its most important asset. Indeed, a higher standard. company’s reputation for being able to deliver growth, attract Building, maintaining and protecting reputation is driven top talent, and avoid ethical mishaps can account for much of the by effective communications strategies. This paper will discuss 30%–to–70% gap between the book value of most companies key considerations in building a comprehensive communications and their market capitalizations.” Furthermore, by evaluating the strategy to help manage the public perception of a Life value of perception, the article concludes that if Wal-Mart had the Sciences company. 2 Successful Communications Strategies for Reputation Management www.ashtontweed.com An Effective Furthermore, reaching out to key opinion Elements of the leaders should be an integral part of the Communications communications strategy. Communications Strategy to Build, There are a few key questions for Strategy for consideration to ensure the building of an Maintain and Protect effective communications strategy. These Reputation questions as well as guidance on how to Reputation address them will be presented throughout Management this paper. Life Sciences companies evolve through The elements of a communica- different levels of maturity and/or product Have you developed a tions strategy can be simple or life cycles over time. Depending upon the Q communications strategy extremely complex. It depends stage of development or product life cycle, around your key milestones? upon the focus and resources one or more of the fundamental building of the company. Nevertheless, blocks of an effective communications the elements of a communica- A company with a product in phase III with strategy should be emphasized. These tions strategy for a Life Sciences the intent to commercialize may include building blocks include: company should include some physician and consumer communications to combination of the following: • Message Development prepare the market for introduction of the product. Defining the company image for • Financial Communications selected stakeholders is also a key consid- • Product and Corporate Positioning eration at this stage of development. • Media Relations (Traditional • Issues Management and “New Media”) Have you developed • Financial, Clinical and Human Q key messages, identified • Clinical and Medical Resource Milestones audiences and detailed a Communications media strategy? For example, a privately held company • Publications and Medical with a product in early stage development Companies who already have marketed Meetings will require significant communications products often encounter significant issues regarding milestones– clinical trial results, based upon any number of vagaries– • Patient Advocacy financing and significant hires. The target adverse events, label changes, FDA Communications audiences (investors, partners, potential inquiries, patient and physician complaints, employees, etc.) may vary depending etc. These companies require an emphasis • Policy and Government upon the intent to commercialize or to on issues management, message Affairs seek partners for commercialization. development and media preparation. • Internal Communications • Community Affairs • Pro-Active Marketing Communications/Initiatives These strategy elements appeal to and are focused on multiple, diverse audiences who require communications tailored to their roles and needs. www.ashtontweed.com Successful Communications Strategies for Reputation Management 3 Have you developed a Q core messaging strategy with variations for selected audiences? While messaging may differ by audience there should be a core message that is reflected in all communications to physicians, employees, policy makers, patients, etc. To comprehensively address messaging and successfully reach multiple audiences, consider: • What Do You Want to Say? • To Whom Do You Want to Say It? • What will Resonate with the Audience? • When Do You Want to Say It? • How Often to Repeat the Message? • When to Expect a Response? So What? Who Cares? For example, in • Business Data Selectively Provided order to effectively engage the Wall Street While these questions oversimplify Journal (print or online) you need to have • Select News Media (and the “new the process they nevertheless content covering new science (clinically media”) Invited Inside the Company provide a construct for preparing a interesting data) and significant unmet communications strategy that builds medical needs. While the key is good • Experts Made Available to the Media upon product and/or corporate science, the story can also revolve around messages, which will be addressed in the business (for example, large financial Many senior executives and accom- the next section. relationships or partnerships.) In trade plished scientists face the media without magazines, for example PharmaVoice, the preparation or with inadequate prepara- most important element is putting a face tion, and the results can be disastrous. Winning Messages to the company. A devoted and passion- Preparing for media interviews is essen- and Media Tactics ate leader will always be a source for tial for all senior executives and includes trade magazines. a firm understanding of the media and the for Reputation techniques for bridging to key messages Management Media Tactics during interviews. Winning messages are not only Do your messages Have you developed a targeted at the media. A corporate Q answer the questions– Q tactical media relations plan and product communications strategy What’s new? So what? must relate to the advertising, sales to successfully articulate your and branding strategies so that there is Who cares? messages to the media? consistent messaging throughout the company. In fact, all of these elements The backbone of a communications Winning media tactics require will define reputation and therefore strategy is messaging. In order to be the following: reputation management is a reflection of successfully quoted in a story com- an integrated communications strategy panies need to prepare messages that • Senior Management Interviews across many functional areas within answer three questions: What’s New? the organization. • Research Aggressively Leveraged 4 Successful Communications Strategies for Reputation Management www.ashtontweed.com Reputation Are you prepared to react to It is important to evaluate new marketing Q the “new media”? communications campaigns based upon the Management and following criteria: The implications for Life Sciences com- the “New Media” panies resulting from the “new media” • Well Defined Audience are profound. Before a story breaks in The “new media” present even the Wall Street Journal it may have been • Measurable Objective greater challenges for reputation disseminated around the world and have management. Who are the “new already garnered questions and com- • Research Driven media”? ments from a variety of outside sources Blogs allow users to publish to the company. • Meaningful/Inspiring their own content– there are now Companies need to understand more than 57 million worldwide. and prepare for the power of the “new • Staying Power Healthcare ranks in the top five media” by recognizing that the con- most active content areas. trolled communications process of the • Science/Medical Connection past (advertising etc.) has given way to an uncontrolled process that can affect Social networks MySpace • Clear Metrics and Facebook, which leverage reputation in a positive or negative way in the blink of an eye. Life Sciences personal connections for support • Emotional Connection and community. For example, companies need to embrace the “new GroupLoop is a social network for media” and be prepared to respond to Regarding specific product oriented “cam- teen cancer patients and survivors positive as well as negative news as it paigns”, best practices dictate that the most created by the Wellness Community “breaks.” successful marketing communications with corporate sponsorship from “campaigns” include the following: Amgen. Criteria for a • Product Positioned As New Standard RSS (Really Simple Successful Marketing Syndication) data format that Communications • Wall Street Forecasts Leveraged allows users to pull content from a variety of Web sources and Strategy for Reputation • Peer Reviewed Research Heralded aggregate it for easy comparison. Management Thousands of health-related RSS • Emotional Connections to Patients feeds exist today. In mature companies, often a marketing Highlighted Podcasts or product communications strategy is rich-media audio described internally as a “campaign”. • Special Events Created to Maintain content
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