Promising emerging industries and niches must be easily accessed by companies and entrepreneurs that have an influence on its further expansion. In this particular case, we are talking about the increasingly growing industry of biotech and how at this stage its main requirement for further development is convenient means of communication for industry decision-makers – stakeholders and investors.
Proper targeting of their needs is almost half the success you can achieve in the field. Resources are still quite limited in this niche promoting advanced scientific solutions. Most startups also lack proper expertise in efficiently setting up communications.
This is why biotechs tend to adopt assistance from third-party specialists. To keep you in the know on the specifics of communication approaches in the biotech industry, let’s consider the best and most common practices and relevant investor communication technologies.
Convenient messaging for investors
In terms of your biotech startup infrastructure, messaging opportunities for investors should be an essential aspect implemented early on. This will ultimately serve as the tool for bridging the gap between investors and your startup’s potential along with other forms of value proposition (e.g., project whitepaper, roadmap, etc.).
Become closer to investors well before you launch a fundraiser
An investor outreach planning should also be timely carried out in order to target more specific milestones, adjust the fundraising strategy, and see the big picture of your fundraiser’s potential. All this is based on well-established relationships with the investor and the whole thing takes time and effort, so startups have to make sure to not delay this.
Strike the attention of investors with your outreach approach
In terms of promoting one’s startup among investors with the goal of grabbing their attention and conquering their hearts for future investments, it’s best to practice a number of approaches. Public and online press releases, detailed presentations, themed conferences, one-on-one meetings, and more can be carried out subsequently in order to really heat up your startup’s outreach. Getting your point across and telling your startup’s story can be done through multiple efficient mediums at once, so why limit yourself?
Use the assistance of field specialists
Properly specialized experts with enough experience can help you outline some of the most outstanding investor outreach tactics. IR specialists, for instance, can help you adjust messaging in line with your particular business objectives and milestones.
Composing a Corporate Narrative
The ultimate aspects you need to clarify in order to tailor the most efficient corporate communications tactics include the detailed outline of your target audience(s) and their main business goals and needs.
The common target audience segments in terms of biotech are industry thought leaders, potential investors and business partners, in-house and third-party employees, and patients. The type and goal of your particular startup should dictate the focus on a certain segment. For instance, your startup may be concerned with providing and/or managing biotech resources, in which case the primary efforts should be acquiring firm business partnerships.
When it comes to the corporate narrative, it should be the clearest representation of the startup vision that engages and compels potential business partners and investors. A seasoned corporate communications specialist can help you convey your startup’s mission most vividly via eye-grabbing business messages, authentic logo design, online visuals, and other branding efforts. You should also be prepared to cover multiple target audience segments with one event or communication session, which must be considered especially when preparing corporate communications materials for external use.
Due to the specifics of the industry, biotech requires some intense capitals in order to set things off into motion with some startups calling for recurring funding initiatives. This is why investors are so game-changing here. And this is why the way you convey your selling points and project messages to this audience defines the total success of your startup. So make sure to outline the investment opportunities you have to offer within your corporate narrative.
All that is backed up additionally by the common requirement to have the proper expertise and be able to distinctively deliver it to both mass and narrow audiences. The field of biotech has many complex specifics and you should be able to demonstrate your reputability with an in-depth expertise. And the best way to go is to have all that right at the moment you start to forge relationships with certain investors.
Timely establishment of investor relationships
The important thing you should know is that biotech investors usually come from a scientific background and are interested in the tiniest details of your biotech innovation and overall functionality. It’s your goal to make them appreciate the market value you bring across the board. So don’t take your time and launch IR initiatives as early as possible.
The most standard route you can take is partnering up with some public relations consultant or a healthcare communications company that would initiate sturdy corporate communications support without interrupting other essential startup processes. They usually start preparing everything in the background while your startup isn’t launched yet or is in the early stages of launch.
A reliable IR specialist will ultimately recommend how much scientific detail you should dive into, what themes to touch in order to strike the investors’ fancy efficiently, what to clarify and what to pass around the corner. In the long run, this should be formed into an individual approach to communicating with specific investors with specifics goals and needs.
Elaborating an Investment Thesis
You need to work on your Investment Thesis in order to tackle exactly the startup aspects targeted at picking the attention of investors. This Thesis should collect all communications materials interspersed with multiple value propositions. Thus, you both make investors’ lives easier and outline the strongest sides of your startup.
A well-structured Investment Thesis should also help with smooth management, including business strategizing and prioritizing. It may as well serve as yet another essential project guideline to follow.
Establishing investor relationships
Investor outreach, targeting, and brand messaging tactics are all essential parts of one big strategy for achieving the biotech market success. And in terms of this market, approaches should be continuously viable because biotech startups usually go through a number of fundraising rounds. You should focus your investor generating efforts not only on acquiring new stakeholders and investors but also on leveraging the relationships you have already established with board members, managers, and stakeholders (if there are any). In the long run, you need to build a list of investors that you target in various priorities. Based on this list, properly specialized experts work on building and strengthening relationships with them through a multitude of initiatives.
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