The audience for this video is primarily employees but also customers and vendors. They are often âequalâ in the agreement. Letters to customers are letters written by businesses to people or organizations who buy goods and services from these businesses. If you own a business, there are many times you may find it necessary to write to your customers. Who should make the announcement, and what communication channels should they us They can also access all the presentations, playbooks, books, articles, checklists, software, assessments, webinars, research, tools, and templates on MergerIntegration.com. What should employees say to customers, vendors and other publics? Mergers and acquisitions go through three broad phases. Some may do it in order to get rid of competitors, while others create value for their businesses by gaining new customers, boosting business productivity, and expanding into new markets, which are all possible through this strategy. PRITCHETT Merger Integration Certification Workshop Attendees, and Paid Website Subscribers can access this resource. In the past six years, AccentCare has doubled in size organically, and through a lot of acquisitions, going from about 12,000 employees to 25,000 employees. Corporate reorganizations, mergers and acquisitions affect employees, customers, suppliers and vendors. We have many opportunities ahead of us â from driving effective, modern communications that meets customersâ expectations using the latest methods, to enabling the integration of what is now a large group with some 4,000 colleagues. In fact, poor communication can lead to the failure of the transaction, making it vital that your HR and executive teams work together to effectively communicate all impending changes with staff in an easy-to-digest form. Here are four keys to success when planning and deploying your communication strategy during a healthcare brand merger. Before the merger takes place, make sure that you: Find Your Narrative When a merger or acquisition takes place, everyone in your organisation will want to know whatâs happening, and why. Is this a merger, acquisition, joint venture or divestiture? Communicate early on the anticipated level of integration and assimilation and what that will mean for employees. A merger is when two or more companies combine to become one new company (and legal entity). A merger or acquisition will create numerous questions in the minds of stakeholders. Keep in mind that whatever you tell employees will leak to the press, vendors, suppliers and customers. Employees are people. An integration is always a time of uncertainty. As the Gallup study suggested, if you are not doing a good job of welcoming new customers today, you better start to get on your game to welcome those coming to you through a merger. Plan Before the Announcement: The reason behind the merger should be explained to employees, shareholders, government agencies, and customers. A merger process for creating a Shared Vision that can be owned at each level of the organization and readily expanded into an integrated strategy. Once your customers are aware that a merger or acquisition will take place, they are sure to have questions for you. Keep the organization and customers focused on the benefits and drives the realization of these The more your employees, partners, customers, and shareholders know about the nature of the deal, the more likely they are to get behind your decision. Which systems, policies and processes will change? These letters can be addressed to specific customers or to all customers, depending on the issue. At the outset, employee concerns are going to be top of mind for them. Give your employees and community members a voice by allowing them to offer input whenever possible during the merger process. After a merger takes place the two companies require a face of unity to allay the fears of the workforce and show that the company will be stronger in its new incarnation. As with any major change effort, the approach needs ⦠Without frequent communication, rumors can develop and speculation can occur. It is formulated to support and define where the new company is going and communicate how the formation of this new company fits the overall vision. They wonât much care about impact on customers immediately; theyâll care about changes to their jobs, benefits, pay, taxes, etc. In this episode, we have Lindsay Williams, not only a friend of mine, but also, more importantly, the Director of Digital Communications at AccentCare.. Probably the most important strategy to prevent customer attrition is clear and effective communication. It will give them a sense of ownership and establish support. While both companies had a cohesive approach and style in announcing the merger, not all brands who amalgamate with another are as well equipped to handle customer inquiries or proactively communicate the benefits of the merger. Until the closing, GoTo and LogMeIn remain entirely separate entities, and will continue to provide support for their respective customers. And make sure you regularly communicate your appreciation to employees for all their efforts during a merger; when they feel valued and engaged, theyâre more likely to go the extra mile for customers. Recognize And Reward Your Loyal Customers During Periods Of Change Airlines have certainly had to communicate changes like this on a periodic basis, in ⦠Design merger conversion communications as if you were onboarding a new customer. The mere mention of the term "merger and acquisition" (M&A) can send messages of misinformation or half-truths. Communicate, communicate, communicate. Communicate long-term value of merger: The merger is safe and the value of the combined company will be enhanced, giving us the scale to compete: Press releases, website, direct mail: Customers at bank being acquired: Service, pricing: Retain customer relationships Good communication is essential to successful mergers and acquisitions. Your M&A messaging strategy will ⦠For Clarion and the communications team the delivery of the merger was the beginning of a process, not the end. even so, social loafing also has an effect on the people today that comprise the team. Effective communication is the key to building and nurturing any relationship - be it personal or professional. Be sure to communicate with employees, collect feedback to take targeted action for retention, and provide ongoing support. Start at home. How to Communicate with Customers . Will leadership be changed or kept intact? If customers feel uncertain about direction of the merger, they will be very sensitive to any dips of communication and service. Here are his five simple rules to help any communicator be more effective when itâs time to put on the merger comms hat. Using the old sender name gives customers a chance to associate both Storenvy Printing and Threadbird Printing as one and the same company prior to sending under the new Threadbird banner. Preannouncement Communications. The communication role needs to begin during the preliminary stages to set the scene. Communicate. The news spread quickly to industry regulators, but spread even more quickly to T-Mobile and Sprint customers. The preceding area identifies the impact of social loafing on a bunch which can be arguably essentially the most notable Breaking the News the best way to Communicate a Merger to Employees consequence on the group behavior. As part of an AT Kearney global survey, [â¦] There are several different types of merger, but essentially, itâs an agreement that unites them as one. Post-Merger Integration Plan. Competitors will certainly seize any opportunity to poach customers and top-performing employees. Best-selling author Simon Sinek said it best, âCustomers will never love a company until the employees love it first.â The merger or acquisition is sometimes prompted by a desire to improve CX, ... âOn the surface, M&As can elicit a feeling of uncertainty for both employees and customers⦠Be sure to keep your message consistent and communicate it clearly and effectively to employees, customers and investors. Post-Merger Integration Progress Reports. Ensure that you begin with the end in mind and drive the merger with a clear view of the end state. Too often the communication starts too late and doesnât deal sufficiently with the post-merger integration issues. Equip internal teams with communication best practices And remember, you donât need to wait until things feel settled to collect feedback post-merger ⦠Be ready with an explanation of how the deal will benefit them and the changes, if any, that they can expect. Below are three ways to avoid losing customers during an acquisition or merger. The earlier you communicate, the better. We have compiled lists from our M&A integration consulting projects of the most common questions asked by: Communication plays a key role in every merger or acquisition. Communication tools such as community press releases, letters, emails, employee intranet announcements, brochures for customers, and FAQs should be used. An acquisition is when one company is purchased by another. If you deny the rumors when you are negotiating, any communications you make regarding the merger or acquisition from that point on will be suspect. Rather than leaving everyone to wonder how the reorganization will affect their relationship with the company, itâs wise to develop communication strategies that address employee concerns as well as questions from customers, suppliers and vendors. Communicate quickly to customers the rationale and new value proposition of the merger. Sometimes itâs referred to as a takeover. The way you communicate with your future business partner is important. Embed consideration of the cus-tomer experience as an integral part of merger planning. When you reply to an official proposal for the business merger, and you accept to discuss further, you will have to draft a polite answer to the opposing party. Gaining a deeper understanding of existing brand perceptions and the nature of the brand experience of both brands through research before any merger is complete will help guide brand strategy decisions. By anticipating their concerns in advance, youâll be better prepared to address them. Clarity about motives and intent, as well as timing the release of information during a merger, requires strategic information management. There are plenty of reasons for a company to decide to merge with or acquire another company. ( Read More: Good Merger Communication Strategies Make or Break Banking Deals ) 1. 4. Culture, Comms & Cocktails is internal comms served straight up. In the meantime, you can learn more about the announcement in our press release and on our merger website. organization will look once the merger is complete will: Communicate the strategic rationale for the merger and the value to be realized. During organizational change, it is important to communicate frequently with those involved and impacted by the change. 2. Itâs especially important to focus on people and culture during times of transition. But when is the right time to tell employees about a pending merger? Some more reasons to enter into a merger or acquisition include: Even in business, communicating with customers effectively can help you gain their loyalty - leading to repeat purchases, positive word-of-mouth, and referrals.. On the flipside though, failure to communicate well can create dissatisfaction, frustration, and a decrease in sales. We intend to communicate additional information as the transaction progresses. Keeping customers ï¬ rst in merger integration stable with no defections following the merger, and its churn rate actually dropped. Failing to properly manage a merger or acquisition can come with significant risks. Better prepared to address them your customers Good merger communication Strategies Make Break... Benefit them and the value to be realized two or more companies combine to become one new (... Communication Strategies Make or Break Banking Deals ) 1 aware that a or. You tell employees will leak to the press, vendors and other publics integral part merger... 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