Creating corporate communications fit for today
In the famous words of Jerry Maguire, "we live in a cynical world, a cynical world, and we work in a business of toughcompetitors". Although he was talking about the cut throat business of being a sports agent, this sentiment rings true for today's pharma industry too. After an uplift in positive public opinion following the pandemic, scepticism is creeping back in as the default attitude towards companies from both external and internal stakeholders.
In the Brands in Motion 2023 report, 61% of people who were surveyed believe companies that have spelled out their commitments are not delivering on them. Cynicism is surging, with the public increasingly sceptical that promises made have genuine intent. For example, half (50%) of survey respondents stated companies taking a stand on societal issues are just trying to sell more products and services. Turning our attention to pharma and biotech specifically – the expectations are high. Healthcare professionals expect these companies to add value to society beyond the provision of products and services, more than any other sector.
People are sceptical about companies striving to do good, yet they want healthcare organisations to show their dedication to making the world a better place. These insights beg the question: what should the rules of audience engagement be for pharma and biotech?
1. Push the boundaries of transparency
Transparency is the antidote to scepticism. A survey in 2021 by Label Insight found 94% of the public prefer brands that practice transparent communications. In healthcare, data-backed actions and results, customer testimonials or reviews and content that explains what the company is doing and why can build reputation. As well as shining a light on the positives, we mustn’t go silent on the negatives, a sure-fire way to inflame cynicism. Openly acknowledging mistakes, creating policies to reduce future risks and communicating steps to correct issues are authentic ways to fix reputation.
In addition to the public, transparency is also valued by employees. In the Slack Future of Work 2018 study, 80% of workers want to know more about how decisions are made and 87% want their future company to be clear on its direction.
2. Communicate impact
To meet growing expectations, companies should be proud of their achievements and communicate the impact they have made. First and foremost, we can’t lose sight of our primary purpose. That’s saving lives and improving the world’s health for pharma and biotech. The ABPI’s UK Pharma Reputation Index for 2023 revealed 71% of people surveyed agreed the sector produced effective medicines and vaccines, with four in five healthcare professionals appreciating investment in research. These insights should be harnessed to create compelling narratives that highlight the positives the industry is making and puts proof points to promises.
Remember though… to successfully build a strong corporate reputation, it’s essential to strike the correct balance between showcasing impact and providing transparency. Companies must avoid the temptation to focus solely on positive outcomes without discussing the journey that led to them.
3. Prioritise the personnel
As well as communicating about primary business performance like saving lives, companies must consider how they are talking about their employee experience. In a nervous world, where we’re facing a cost of living crisis, geo-political tensions, the unknowns of Artificial Intelligence (AI) and much more, people are turning to brands for help…and expecting to get it. The Brands in Motion 2023 report shows 60% of survey respondents say companies should demonstrate what they’re doing to address inflation and 54% want to know about compensation and benefits offered to staff. 64% say responsible use of technology such as AI is quickly becoming a bigger factor in company reputation.
Internal reputation equates to a company’s external reputation. Some key data points for pharma and biotech… 40% of healthcare professionals prioritise employee wellbeing as most important in the companies they’re engaging with and 62% of healthcare professionals feel brands addressing employee wellbeing such as work-life balance is a top priority.
The bottom line is corporate strategy matters in healthcare, and it must meet the current needs and values of our audiences. The big question has been – what is the best way to go about building positive reputation today? In a world that is rightly questioning everything… with high expectations… and a need for personal personal-level support, there is a huge opportunity for open conversations, powerful narratives showing impact and demonstrations of genuine care for employees. Successful companies will adapt communications to deepen their connections with their audiences and if they do, they can watch their reputation grow.
