How to Prepare Your Life Sciences Company for a Successful Non-deal Roadshow
Looking for advice as you are planning an in-person, virtual or hybrid non-deal roadshow (NDR) for the first time, or for the first time in our new pandemic environment? The NDR remains an important part of the investor relations toolkit, and when well-executed it can be a highly effective tactic for getting your story in front of new investor targets, engaging current targets and deepening relationships with your current investors.
Here are 10 tips from the MacDougall Investor Relations team to ensure that you get the most out of your NDR:
- Identify your goals and prioritize targets. If there is an update or an expectation you want to communicate with current investors or those already engaged with your story, you may wish to prioritize those meetings. If the goal is to meet new investors and spend time introducing your story, you may target a different list.
- Determine format and location. Consider your priority targets when deciding on the format, and the need to choose a geographical location for your NDR if you plan to do meetings in-person. A hybrid schedule may be the best of both worlds – but could potentially be less efficient for the executive team.
- Take care when scheduling. Be thoughtful when scheduling the NDR’s timing, avoiding potential conflicts with quarterly earnings periods, banking and industry meetings. When possible, time your NDR around key corporate milestones (before or after data readouts, unveiling a new program, financial updates etc.).
- Cross-reference our conference calendar to ensure your NDR does not overlap with any investor, scientific or business development meetings.
- Tightly coordinate outreach & scheduling logistics. Setting up a robust process for internally or externally facilitated outreach (i.e., through bank or agency partners) can ensure an efficient and effective outreach effort and optimal schedule coordination. Make sure to include guidelines for scheduling virtual meetings in lieu of a priority in-person NDR, and plan for at least two representatives from the company to be available for all meetings (virtual or in-person).
- Consider adding a group event. Group events, like a lunch, dinner or group “teach-in,” can be effective ways to reach certain stakeholders in a different setting than a 1×1 meeting. These types of events can be useful to introduce your story to a group of new shareholders for the first time, meet high priority targets in a more casual setting, or manage high demand overflow for 1×1 meetings.
- Know your audience. Before your meeting, make sure to access the most current background information on your individual investor targets, their fund strategy and current holdings. It’s also important to identify where you have had prior touch points, and if the investor is a current or former owner of your shares, or a current owner of your peer companies.
- Get ready to address the current controversy. Understand the current consensus views on your company and your peer group, including controversy and points of contention. Ensure you are “in the know” with the topics that are top of mind for your target investors and are likely to be discussed at the majority of your meetings. These can be company-specific, peer-related, or more broad macroeconomic related topics.
- Tighten your messaging. Identify 2-3 key messages about your company that you want investors to take away from your meetings. Incorporate those in any prepared remarks and be ready to bridge back to those messages during any Q&A. Make sure your materials, including your corporate deck, reflect this messaging as well.
- Prepare your team to answer the tough questions. Develop and rehearse a robust Q&A ahead of the NDR, anticipating potential questions. Work on bridging back to the messages you have identified. Ensure that your company participants are fluent with current corporate disclosures, and familiar with your company’s Regulation FD policy.
- Follow through post-meetings. Fuel the momentum after the NDR by following up with investors on action items or requests. Document any investor specific notes, incorporate any feedback or learnings for future communications, and monitor investor actions post-meeting.