pany, who discussed the use of alternative data sources (aside from traditional targeting reports) to improve shareholder identification and develop targeted investor outreach. Gamache began by noting the two traditional
“buckets” of information that give analysts baseline data. Te first is company press releases, presentations, SEC filings, earnings calls, transcripts, and anything that tells an investor what happened historically, with some caveats about the future in terms of risk disclo- sures. Te second is widely recognized benchmarks from government and trade organizations. “Now we’re looking for something that’s coming
from a third party that fills in between the cracks,” he said. One example is scanner data or syndicated consumer transaction data collected by major retail- ers to measure market sizes or growth rates as well as any shifts in individual company market share. “Tis data is still extremely relevant,” Gamache explained. “But maybe a new strategy shift is about pricing versus volume, or perhaps in innovation or product buying. “We’re looking at things across all channels, not exclusive to any individual retailers or product groups. We’re thinking about aggregate demand, we’re think- ing about big macro factors. Overall, credit card data could tell us basically where consumers are spending their money. Ten data from apps that shows how consumers are thinking about how they’re going to spend their money can inform us about drivers of a certain product or category. We can disaggregate that because of the access to data that the consumer gives us through mobile devices. So, it’s pretty cool. It’s getting more democratized over time.” He also talked about brand sentiment data col-
lected from social media sites such as Instagram, X or Facebook. “Te other social media platform is LinkedIn, where we’re able to watch outside employee sentiment scores and see how they are thinking about the company they work for,” he added. “You can look at a company in the midst of a
turnaround and find someone who is trying to embark upon new strategy shifts. Tose are really interesting areas for us to monitor. People bring their mobile devices everywhere and they are pinging off a cell phone tower so you can get a pretty good read on
2 8 WINT E R 2 0 24 ■ IR UPDAT E
“This is a big evolving space. We are at a stage where the individual is more empowered by technology than ever before. So, get out there and try a few things.”
— Tim Gamache, Weiss Multi-Strategy
what people are doing and the economic activity related to that. “Tere are tracking services where you can watch
where corporate jets are going to and coming from in real time, and for mergers and acquisitions they create a treasure trove of information. “Tere is also web traffic where we can monitor
the overlap between, for example, someone who’s looking at an investor relations page and then a peer group. We might also see that they happen to log in to an investment bank webpage very frequently. That’s really interesting information to have. The idea is to have a more fulsome view of competitive markets in real time.” Fasken shared some of the types of alternative
data that can help identify new shareholders. “Look at investor relations from the perspective of a sales and marketing team,” he suggested. “You have a product—your company’s stock—and you’re trying to build interest and awareness in that product. When you look at how many sales and marketing teams operate, they are looking for ‘intent data.’ A lot of IROs we talk to think about intent at a high level, which is helpful. But it doesn’t necessarily provide you with any real differentiated view.
niri.org/ irupdate
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