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The global COVID-19 pandemic is changing the way things are done across society. How companies market themselves to Wall Street is taking a new form as well. Investment banks, like medical and trade organizations, are utilizing online platforms to power virtual events to keep clients and members connected during these trying times. Now, with six months of experience helping facilitate corporate presentations and investor meetings through a variety of virtual forums including conferences, non-deal roadshows and IPO roadshows, we have learned how to optimize the experience to generate nearly the same value these events were designed to deliver in person.
- Video > Audio – The video calls certainly took getting used to, and now it appears they are here to stay. We have found that they increase engagement and interaction, especially in the presentation or fireside chat setting at conferences and investor days. At this point, video has gone from “optional” to “strongly recommended” by banks because it is generally believed to be more interesting and captivating.
- Video Conferencing Platforms – There are many software solutions for video conferencing and presenting available now – Zoom, Teams, BlueJeans, Issuer Direct, Open Exchange and the list goes on. Because we are using so many different platforms, it is important to understand this presents another logistical hurdle that needs to be addressed by taking time to learn and use them properly. It is always important to test these platforms with your computer, microphone and camera to avoid any delays or coming off as unorganized or unprofessional in meetings and presentations. Without a consensus choice platform for presentations, we need to be sure to always take advantage of any speaker ready or dry runs configuration checks offered by event hosts. If you plan to use a presentation, make sure you can share your screen and are familiar with the projection software.
- Participation – Removing the burden of travel makes events more accessible to both companies and investors. This increased participation has been demonstrated over the past six months. It is now easier for companies and investors to participate in multiple days of a conference. Another factor contributing to increased company participation is the expanded communication from companies regarding updates around COVID, as well as strategic responses serving as pertinent discussion points. This is a top concern of investors trying to get a handle on the current environment and future trends.
- Schedule – With the aforementioned increased participation rates, creating efficient schedules that balance interactions between top holders, potential investors and larger funds without repeating too often becomes more challenging. Banks do not have visibility into companies’ schedules at other conferences, and the fact that investors are not guaranteed meetings with companies makes it challenging for them to manage their individual schedules and requests at different conferences. We continue to play an active role here to ensure top holders can have appropriate access, while accommodating new investor requests and being mindful that repeated meetings without news from a company will not be the most productive. We collaborate with the banks to help ensure schedules are optimized for companies and investors. Another layer of logistics is created by participating companies and investors in different time zones. West Coast companies probably do not want to present at 8am EST. On the other hand, East Coast investors probably do not want to have their last meeting at 4pm PST. Lastly, different management teams have different preferences around breaks; who really wants to be in back-to-back meetings without scheduled breaks for eight hours?
- Targeting – When companies are participating in virtual non-deal roadshows hosted by banks, investor targeting becomes less geographically focused as there are no longer physical constraints dictating companies’ ability to meet with certain investors on a specific day. This has created opportunities to meet with investors in less concentrated regions like Seattle, Portland, Atlanta and Charlotte. It also means it is more important for IR teams to collaborate with corporate access teams so that if multiple events are being coordinated, banks can avoid duplicating targeting efforts in certain regions.
- IPO Roadshows – Finally, as a result of the ease and increased accessibility afforded by virtual meetings, IPO roadshows have been condensed to around four action packed days of video meetings. Banks are seeing added value to this model beyond the previous “fly back and forth across the country for two weeks” approach. Part of the reason roadshows have been condensed is because an increased number of test-the-water meetings can be conveniently conducted before the IPO process officially kicks off. Investors have gotten comfortable with this model so companies with an IPO in their future should expect this to be the norm for the time being and beyond.
This new investor meeting landscape is filled with nuance and its own logistical hurdles. We hope this helps you prepare for your next event and would be happy to discuss optimizing your approach. Contact our team today.
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Philip Taylor, Vice President
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