1. Focus attention on your story and your story alone. A great deal of content is available to general business audiences on product and service categories, market trends, and forecasts. Even though much of it emanates from reputable market research and management consulting firms, the sheer volume of information can just as often confuse issues for investors as they clarify them. Amid the noise, IR practitioners should gener-


ate content specifically for investors that is trained squarely on the investment thesis. Formats should prioritize intra-quarter, on-demand, easily con- sumable digital media that supports the thesis by drawing out the company’s mission, secular trends, growth strategy, operational and financial metrics, and sustainability initiatives. The range of media for delivery can include short-form videos, digital forums, podcast/vlog series, and blog posts. As Berkshire Hathaway’s Charlie Munger wrote


in The Psychology of Human Misjudgment, “Man’s imperfect, limited-capacity brain easily drifts into working with what’s easily available to it. And the brain can’t use what it can’t remember.” IR grasps the finer aspects of the story perhaps


better than many others. What are the distinguish- ing attributes of the stock relative to direct peers and other companies in the industry? Which per- formance and valuation metrics will investors use to benchmark stocks in the industry? Who among investors by style, strategy, and size are likely to find the story appealing? And why does the stock represent a buy - today - for those investors? In addition, IR frequently interacts with


analysts and portfolio managers in the course of reporting and marketing. Tracking questions asked during earnings, in-person meetings, and one-on-one calls can validate the most compel- ling aspects of the story and alternately reveal the least understood. All the different inputs inform the develop-


ment of the investment thesis and—importantly— underlying elements of the thesis to drive content generation at certain points on the calendar. Apply the basic tenets of marketing to inves-


tor marketing. niri.org/ irupdate


2. Building a brand requires discipline and repetition. For IR undertaking work on an investor brand, devel- oping an unambiguous and convincing investment thesis is essential. Tat work involves simplifying complex material, eliminating industry-specific jargon and acronyms, and streamlining the telling to use fewer words rather than more. Te “Father of Advertising” David Ogilvy spent a


great deal of his career researching human behavior and developing the pitch for hundreds of campaigns. “Most campaigns are too complicated,” he wrote


Drawing on learnings from the current market valuation, ownership data, investor targeting, recent engagement, surveys, etc. is important for IR to bring perspective to conversations with management.


in Ogilvy on Advertising. “Tey reflect a long list of objectives and try to reconcile the divergent views of too many executives. By attempting to cover too many things, they achieve nothing.” Developing the investment thesis with the man-


agement team can feel similar. Drawing on learnings from the current market valuation, ownership data, investor targeting, recent engagement, surveys, etc. is important for IR to bring perspective to conversa- tions with management. Te actual campaign execution starts with creating


an ideal path to convert target investors to sharehold- ers. A prototypical marketing ‘funnel’ involves leading a prospective buyer from awareness to consideration to engagement and, ultimately, conversion. Integrat- ing direct, in-person engagement and direct digital engagement at each stage can result in far more informed investors at the all-important, in-person meetings in the engagement stage.


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