IR Playbook
Growing and engaging your online investor audience
A guide to how IR teams are optimizing their websites and online resources
In today’s capital markets, where information is both abundant and instantaneously accessible, companies face both unprecedented challenges and opportunities in connecting with their investor audience. The evolution of online platforms has transformed the landscape of IR, making it essential for listed companies to not only grow but also actively engage their online investor community.
As investors increasingly turn to online resources for research and investment decisions, companies must leverage these digital channels to tell their stories, share insights and build trust.
This IR Magazine Playbook, written in association with Totem, explores the strategies and practices crucial for cultivating a robust online presence that resonates with current and potential investors. It also explores how IR teams are currently managing their websites, how they plan content around existing disclosures and the metrics they use to examine whether these approaches are successful. It further contains insights from a buy-side investor about what he observes to be the best practices that make investee companies stand out in the marketplace today.
Through a combination of best practices, case studies and expert insights, this playbook aims to equip businesses with the knowledge and tools needed to navigate the digital domain effectively.
By embracing these strategies, companies can not only enhance their visibility with and appeal to a broader investor base but also cultivate meaningful relationships that support long-term investment and growth.
Understanding your audience and how it interacts with information generated by the IR function and shared online is crucial to building and supporting its growth.
For many IROs, the building and refinement of their IR website has been a process long in the making. Whether on a separate microsite or fully integrated into a larger corporate website, many content streams are considered equally important across all company sizes, sectors and locations.
A poll of selected IR professionals finds that earnings materials are most commonly perceived as the single-most crucial aspect of a website, with 25 percent of those surveyed selecting it as ‘most important’. This is closely followed by a clear corporate strategy (selected as ‘most important’ by 18 percent), financial press releases (16 percent) and regulatory filings (14 percent).
At the other end of the scale, having a total return calculator doesn’t feature among a single respondent’s top six must-have features, and is named least important by more than a quarter (27 percent).
Analyst forecast data is cited as least important by 23 percent of those polled, though it features higher on a few responses, followed by exportable financial models, dubbed least important by 16 percent of respondents.
We also asked IROs what improvement they would most like to make to their website over the next year. The most popular answer from respondents (33 percent) is to have a greater variety of media assets available, ranging from podcasts and videos to a broader range of reports available for investors to read.
This tallies with data and anecdotal evidence (see The investor perspective) that suggests investors are increasingly engaging with this type of content to get more of a sense of a company’s strategy, beyond what mere numbers and data may reveal.
Also popular among respondents is a desire to host more live video meetings and make them available on-demand for later viewers, with just under one in five (18 percent) saying they would like to introduce these. Investor networking tools (13 percent) and personalized content experiences (11 percent) – where users can either set up profiles to have content tailored to them or advanced analytics can identify what they would most like to see – also emerged as themes.
More than one in five respondents (21 percent) name other improvements they would like to make to their website. These range from simple fixes such as an ‘improved menu’ or ‘pipeline chart’ through to broader changes, such as ‘integrating more educational information’ about the company or providing ‘interactive financials and stock information’.
Stephen Yiu is managing partner and chief investment officer at Blue Whale, a long-only global equity fund with more than $1 bn in assets under management. He runs a ‘high-conviction portfolio’ focused on between 25 and 35 companies globally, with an approach that centers on in-house analysis.
‘Access to historical information, such as investor day presentations from the past five years, is invaluable, although some companies may not provide extensive archives,’ Yiu says. ‘We believe the more information we can obtain, the better, as it offers a fuller picture of a firm's potential.
‘But we also recognize that certain types of generic financial data – such as share prices or dividend track records – are less critical for our analysis. Most professionals in our industry already have access to this information through platforms such as Bloomberg or Refinitiv.
‘Our primary interest lies in qualitative data, such as market share, growth opportunities and both long-term and short-term guidance. Company policies on sharing future plans can vary, with some providing more detailed calendars than others, which can be frustrating. Our goal is to understand the business as thoroughly as possible, emphasizing the importance of comprehensive information.
Company policies on sharing future plans can vary, which can be frustrating
‘Additionally, while not directly provided by the companies themselves, we value qualitative insights into their strategy. This includes information from earnings calls and conference calls, which are now commonly transcribed and accessible. Though not always available on company websites, we ensure we have access to these transcripts to deepen our understanding of a company’s strategic direction.
‘Periodic summaries can be useful. For example, some US companies provide concise overviews, such as documents of one to three pages that summarize key aspects of their business, including market share, revenue mix and strategic outlook. These summaries, though not as common among UK companies, offer a valuable starting point for understanding a business.
‘Ideally, having a ‘one-stop-shop’ resource that introduces a company’s fundamentals, strategies and product positioning, with links to more detailed information, would greatly facilitate the investment research process. This approach would be particularly beneficial for larger companies with diverse product lines, allowing investors to access comprehensive information without having to navigate multiple presentations or updates separately.’
Beyond the bare bones of what should appear on an IR website, the when can be equally important. IR teams are increasingly using content plans to make sure there is a steady stream of off-calendar updates scheduled for their site, rather than relying on the usual cadence of earnings or other disclosures.
In our poll, just under two thirds (63 percent) of respondents say they have a formal content plan for updating their IR website.
When asked how often they update their IR website content, the most common response is ‘at least once per month’, with 46 percent choosing this option, indicating that the most popular approach to updates is to weave extra content around regulatory updates.
Surprisingly, the next-most popular option is quarterly, with 37 percent of respondents choosing this option. This suggests that some IR teams are basing their updates around their quarterly disclosures alone. Only 7 percent of those polled say they update their IR website multiple times a week.
‘Investors base their decisions on data, not just on visuals such as colors or photographs, so it’s the quality of content that is paramount on our website. We regularly review visitor data to identify the most-visited areas of the site and analyze pages that are not discovered, aiming to continuously improve and create new content. We then formulate improvement plans and a content schedule. Our process includes quarterly reviews and involves a dedicated person who is focused on the further development of our investor website. Our analytics focus is basic, primarily concentrated on visitor numbers and dwell time, which provides a good gauge of our content’s performance.
The website is very important for investors because it’s always their primary data source
‘Prioritization on our website is based on making information easily accessible, especially the most recent IR presentations and market data, which are updated frequently. Adding topical and forward-looking content is crucial to keep the website relevant and engaging for our audience.
‘Of course, there are stock filings, regulatory releases and the annual report, which are published regularly, but it’s important to understand the kind of content you can use in addition to these, because what is published in those may become outdated quite quickly. Investors typically want to understand the future of the company, not just its history, so we try to highlight our strategy and anything else that can feed into this.
‘We also maintain a dynamic IR blog that highlights various events, strategic discussions and quarterly themes, updated around three times per quarter. We’ll try to link it to company events: for example, after the interim report, we always post FAQs with what was put to our chief executive.
‘In the future, I’d really like to explore AI applications, such as chatbots, that could enhance our investor relations website. Integrating media assets such as podcasts, videos and live events could enrich the website experience and provide valuable information to investors but, at the moment, I just don’t have the resources to spend a lot of time looking at these.
‘The website is very important for investors because it’s always their primary data source. It’s worth remembering that it’s often the first thing they see, so you have to be sure you’re making it as easy as possible for them to navigate through it.’
As part of the ongoing process of refining what content goes onto an IR website, analytics are proving to be an invaluable source of insight. With real-time analytics, IR teams can now track visitor behavior, engagement levels and content effectiveness with precision.
This evolution from broad-stroke impressions to granular analysis reflects a broader shift in corporate communications, where data is no longer a mere byproduct of digital interactions but a central pillar in strategic planning.
When asked to detail the types of analytics they use, the majority of respondents to our survey say they still rely on simple data about visitors and engagement times, with almost six in 10 (58 percent) of those polled choosing this answer.
While high visitor engagement times can indicate that content is effectively capturing and holding the interest of readers, more detailed analysis is available. One respondent says she specifically focuses on dwell times on particular pages or documents on her company's investor relations website.
One of those metrics is the point at which users enter or exit the website, which exactly one third (33 percent) of respondents say is helpful data for shaping their content plans. Similarly, the path users tend to take through the website is named as helpful by 31 percent of respondents.
Both these types of data can help inform teams about how investors are navigating through their site and help to ease potential pain points for browsers. Maximizing both will help in optimizing the information architecture and content flow of the IR website, ensuring important information is accessible and that users are guided logically through the site.
A further 16 percent of respondents say they take a traditional ‘lead generation’ approach to analytics, tracking how many users’ contact information is collected within a given timeframe. Only a small proportion of respondents – 7 percent – say they do not use any sort of analytics.
‘Two areas we have focused on and which have made a huge impact are having an effective working governance model for managing content and a very strong collaboration team. Public information is everybody’s information, after all, and making sure everyone understands that and is on the same disclosure calendar is vital. If key content owners are three or four cycles behind, it just creates more confusion!
‘Over the last few years, we’ve focused on updating the IR section of our website, incorporating various reporting, disclosure and shareholder information. Our aim has been to cater not only to our investors but also to our large industrial customer base and those interested in our sustainability program.
'We’re working toward syncing all information on a consistent, quarterly cycle, including updates in between.
‘We don’t run a blog on the IR site; our content is driven by the reporting and earnings cycle and official disclosures and is designed to be as accessible as possible. Our approach to website design within the corporate identity framework allows us to prioritize IR needs effectively. We collaborate with web developers and corporate branding teams to visualize and implement our vision, while ensuring the IR content is driven and defined by our team.
‘Critical items on the IR site include earnings materials, corporate strategy and investor presentations, regulatory filings, press releases, annual integrated and quarterly reports and other detailed financial information. We strive to keep this information front and center, easily accessible with minimal clicks.
‘Analytics play a crucial role in shaping our content strategy, guiding us on what to update and how often. We delve into visitor numbers, engagement times and the pathways users take on our website, aiming for a more interactive and engaging experience. Looking to the future, we’re exploring ways to better showcase our long history, growth and operations, potentially through more interactive content that allows users to explore information in a more dynamic way.
‘One notable project was the development of a micro-site for a major transaction – when TransAlta took full control of TransAlta Renewables – which allowed us to communicate effectively with shareholders and provide a focused, transaction-specific resource. This approach proved valuable and we plan to consider it for future projects.
‘Key learnings from our recent experiences emphasize the importance of the website as a tool during transactions, the value of structured feedback from the investor community and the challenges of incorporating complex, visually appealing content.
'Working closely with IT and talented visual artists able to translate financial content into engaging visual formats is critical to our ongoing efforts to enhance the IR website.’
Making sure everyone is on the same disclosure calendar is really important
In the future, IR websites must go beyond mere information dissemination to actively engage and grow an online investor community. Increasingly, this will mean using detailed analytics as a linchpin, enabling IR teams to craft a user-centric experience.
A strategic, well-executed IR website is pivotal, not just for transparency but also for fostering investor confidence. In the pursuit of digital excellence in investor relations, continuous adaptation and use of analytics are key to connecting with investors, showcasing a company’s strategic potential and supporting informed investment decisions.
The end goal is clear: a compelling IR website that not only informs but also inspires and engages its audience.
Environments set the tone and the value in every aspect of life. Consider the hospitality industry, where guests are often willing to pay a premium for the same product in a luxury setting, such as a five-star hotel, compared with a more budget-friendly option like a Travelodge. This premium environment not only justifies higher prices but also attracts a clientele of greater financial means.
There’s a similar dynamic at play in investor relations. The assumption might be that by engaging with your organization, clients are prepared to invest as if they were stepping into a luxury establishment. After all, individuals with disposable income for investment are typically those who also seek out high-end experiences.
This scenario presents both opportunities and challenges: your target audience certainly possesses the financial capability to invest, yet its expectations for quality experiences continually escalate, especially given the rapid evolution of digital engagement.
The evolution of Digital Hospitality in IRHistorically, investor relations involved organizing events in prestigious venues to impress and attract investors. This traditional approach emphasized personal interaction, sophisticated presentations and networking opportunities, all within a luxurious physical setting.
The landscape shifted dramatically with the onset of the Covid-19 pandemic, however. Physical gatherings instantly became impractical, propelling investor relations teams toward digital platforms such as Zoom and Teams. This transition offered notable benefits, including cost savings and convenience, making it easier for potential investors to participate without the need for travel. But this shift also highlighted a significant shortfall in Digital Hospitality.
Hosting investor meetings on generic webinar platforms is akin to renting a third-party meeting room and pinning your corporate logo to the wall as personalization. This is a low-cost digital environment – and it shows.
Exploring the future of Digital Hospitality in IRThe landscape of Digital Hospitality extends far beyond the confines of a standard Zoom meeting, yet many organizations are not fully leveraging the potential to craft engaging digital experiences. Here’s how embracing advanced Digital Hospitality can redefine investor engagement.
Brand consistency: At the most basic level, repetition builds reputation. Ensuring consistency across every digital touchpoint is an opportunity to embed your brand deeper into the consciousness of investors.
Efficiency gains: Getting the same level of branding, interactivity and usability across disparate tools is not possible. In contrast, specialized digital hospitality platforms are designed to deliver these capabilities seamlessly from the outset.
Scalability: Digital platforms simplify the process of accommodating larger audiences, offering a more cost-effective and flexible solution than physical venues. Moreover, they facilitate far greater engagement with access to a rich variety of content.
Robust security: The proprietary nature of your insights and the confidential information shared with and by potential investors necessitates robust security measures. Water-marking, single sign-on and restricted access are just some of the ways digital hospitality platforms address these concerns.
First-party data: Digital interactions provide valuable data and insights into investors’ preferences and interests. From attendee questions and polling results to webinar attendance and articles read, this rich data enables more targeted follow-up actions and potentially higher conversion rates.
Personalization: This is the norm. Digital platforms allow you to tailor content and interactions to meet the specific preferences of your potential clients, delivering only what’s most relevant and engaging for them.
Implementing Digital Hospitality in IRYour organization is not alone in recognizing the need to integrate Digital Hospitality in order to enhance client acquisition and retention.
From FTSE 100 firms to smaller publicly listed companies, organizations are experimenting with different digital experiences for their investors. This allows you to assess what’s effective based on both competitive insights and direct feedback from your clients, such as appreciation for the provision of features like live chat during presentations.
Investors expect a certain level of service as a baseline, but the ambition should be to elevate their experience from satisfactory to exceptional. Current IR digital experience may fall short of these expectations, potentially limiting the scope of clients you attract. As the business world continues to evolve toward a blend of in-person and digital interactions, now is the critical moment to distinguish your firm in a competitive market. This differentiation is key to nurturing lasting investor relationships and driving sustained growth.
To learn more, please visit: https://wearetotem.io/investor-relations.
