7.3 Perception Studies
How well do you know the market? How we perceive ourselves and how others perceive us often do not match.
By systematically questioning various stakeholder groups on the capital market, perception studies reveal the view that the market has on the company with regard to issues such as strategy, innovation, positioning, management, and communication. Surveying the perception of the company is a suitable measure of the success of the IR, as it is essentially influenced by the company’s communications. The results shed light on information and communication deficits as well as the potential for optimization that can be derived from that. Repeating a study of this kind every 12–18 months, with identical questions, is advisable in order to gain a systematic evaluation and to identify any changes.
The Procedure for Performing a Perception Study Is Divided into Three Steps:
- The first phase involves preparing the survey and defining the scope and nature of the interviews (possibly with the help of an external service provider). To this end, the current information material is inspected and survey objectives, target groups, geographical target area, and the contents of the survey are defined.
- The focus of the second phase is the implementation of the survey and the evaluation and documentation of the results.
- The third phase looks at the impact on the communication strategy and objectives. Based on the survey of perception, a company obtains starting points concerning the current information requirements and target group-specific indicators for future measures.
The greater the market capitalization and thus the investor base of a company are, the more reliable the results will turn out to be. This means that, for small caps, the results will sometimes have to be treated with caution, as it is frequently the case that only a dozen or so institutional investors are themselves invested or deal regularly with the company in question. The picture is shaped by only a few voices.
For medium and large companies, it can be worthwhile conducting studies of this kind in various markets – Switzerland, Europe/UK, the US, for example – especially as the perception can frequently vary significantly from country to country.
A prerequisite for good perception studies is finally that they are carried out by a neutral party that can guarantee confidentiality to the investors and analysts interviewed. It is then more likely that they will talk freely.