External Communications: Is Your Healthcare SME Compliant?
A top-level view of what healthcare SMEs need to do in relation to contacting key stakeholders for marketing purposes under GDPR and other regulatory standards.
11th May 2018
Whether it’s a business angel or venture capital firm, getting your business in front of an investor is hard work. Early stage start-ups and SMEs in healthcare is a growing scene, and there is a lot of funding out there for innovative companies. However, there is also a lot of competition to get and keep hold of that funding, which is why it’s important to get your communications right.
At Onyx Health, we look at some of the key considerations when communicating with healthcare investors (existing and new):
Categorise your investors according to their interest in your business. Knowing why investors support or want to support you will help you send them relevant information. For example, some will be interested in the clinical development of your product or service, while others may be purely focussed on return on investment. Be careful not to overload investors with messages that aren’t meaningful to them, otherwise they may lose interest.
In healthcare, illustrating your position in the market and why there is a need for your product or service takes careful consideration. Have the confidence to say why and how your innovation will make a difference in your market. Clearly defined messaging will help investors – existing and potential – to understand the market and give you the platform to highlight your expertise and valuable market insights.
Investors don’t like surprises and will want to know what they can expect from you. Be clear on your aspirations and if these aspirations change, inform your investors why. Whether the information you communicate is positive or negative, investors will respect your honesty.
Consistency and transparency will build your credibility. Make sure existing investors are kept informed of any developments to the business and potential investors have a clear understanding of your business, to allow them to make an informed investment decision.
Corporate communications come in different formats, so it’s important to choose the right format for your audience. Newsletters or regular email updates provide investors with specific, up-to-date, accessible information and are easy to share.
Investor presentations can also be used to communicate visual information to a wide audience. Investors will be interested in the information you share through these means, but you can also speak to them to face-to-face in shareholder/investor meetings or one-to-one briefings.
Not all communication needs to be direct. You may wish to target certain media outlets, so identify those read by potential investors and find how you can contribute to the publication. Milestones can be shared via press release; organisational, managerial and board member changes may create interest when announced publicly, if they are delivered as part of the organisational narrative.
Careful consideration is vital for effective investor communication. At Onyx Health, we are experts in healthcare marketing communications and we know what it takes to stand out.
For more information on how we can specifically help your healthcare business with your marketing needs, email us at firstname.lastname@example.org or call us on 0191 640 3638.