Prepare your calendar and set your objectives
Events on the IR calendar present a tangible engagement opportunity with the sell side, but IROs need to ensure they’re capitalizing on every interaction.
‘Talk to the analyst and his/her corporate access team to assess marketing strengths, cornerstone events and the time of year,’ advises Victoria Hyde-Dunn of Informatica. ‘Is it an annual conference over several days in the fall, or a one-day thematic event in the spring? Are you working with a boutique firm that prefers an in-person non-deal roadshow or a bus tour around an industry conference, or does a virtual non-deal roadshow make more sense? What do US and international interest in your stock look like? Ask your shareholders which conferences and events they attend. Do they prefer to meet with management directly, through the sell side, or in combination? How much are they traveling now?
‘You have limited time marketing, so look for ways to maximize time and efficiency. Meals tagged on before or after a conference or travel are an excellent way to reach several sell-siders and extend buy-side interest.’
For Mitch Haws of Skyworks, it is important to be clear and robust in ensuring that the event matches the objectives of the company.
‘Make sure you have a solid target list of, firstly, who you would like to see and, secondly, those you want to prioritize – sometimes they’re different. Be firm in making sure your key targets are included.’
Coty’s Olga Levinzon echoes these views and points to the value of feedback. ‘For both non-deal roadshows and conferences, I’ve found it most effective to be clear and direct with the sell side on how we want to allocate management’s time and which investors we want to meet with,’ she says. ‘It’s also helpful to hear their feedback on what they are hearing from investors on our stock and our sector.’
Calling on his sell-side knowledge to discuss events, Steve Willoughby of Revvity comments: ‘I think it needs to be a two-way street for both sides to really work well.
‘Again, based on my prior sell-side experience, I know the intent and desire for corporate access, but I’ve learned since moving into IR that corporate access needs to be an effective use of our time as well, and not just a way for sell-side firms to drive their revenue.
‘Over time, I’ve adjusted my approach to non-deal roadshows and conferences and have become much more active in directing the schedule of who we want to meet with during these events, while still trying to be cognizant of the sell-side firms’ ultimate desires, such as increased access for their multi-strategy hedge fund clients.’
You have limited time marketing, so look for ways to maximize time and efficiency
