Five Expert Insights on Investor Targeting That Will Transform Your IR Strategy

Successful investor targeting isn't about meeting as many investors as possible—it's about having strategic conversations with the right investors at the right time, measuring what matters, and playing the long game.

At NIRI Annual 2025, we participated in a panel that included five IR leaders sharing what actually works in investor targeting. From mega-cap challenges to small-cap creativity, here's what we learned.

Meet the experts

Our panel brought together diverse perspectives across market caps and industries:

Mark Fasken moderated as SVP and Co-Head at Irwin, a FactSet Company, bringing deep expertise in IR technology and investor engagement strategies.

Anna Saliba, Manager, Investor Relations at Salesforce, manages the "good problem" of overwhelming investor demand at a $250B mega-cap leader in cloud computing and AI.

Jason Fooks, Head of Public Investor Relations at Brookfield Asset Management, has navigated IR across market caps—from a $350M IPO at Safehold to Brookfield's current $88B market cap, giving him unique insights into scaling targeting strategies.

Rodney Nelson, VP IR at Twilio, has successfully managed story transitions at high-growth companies, including guiding Twilio's evolution from a growth story to a profitability-focused narrative.

Brendan Fitzpatrick, Founder of Fitzscores LLC, brought empirical research on targeting effectiveness, analyzing data across 14,000 funds and 6,000 securities to identify what actually drives investor initiation.

The biggest targeting mistake? Volume over strategy

When asked about the most common targeting mistakes, our panelists were unanimous: IROs focus too much on quantity over quality.

"You can't convert an investor if you don't speak to them, and usually it's going to be 3, 4, 5 meetings with an investor before they'll even consider buying," explained Rodney Nelson, VP IR at Twilio. "But it all starts with making sure that who you're targeting aligns with the story you want to tell."

The solution? Start with a filtered list. Nelson targets about 150 funds that understand Twilio's story and want to invest for the right reasons—not funds chasing 30% growth when the company is focused on consistent, profitable growth.

How to measure targeting success (beyond stock purchases)

While tracking who buys your stock is essential, the best IROs look beyond just purchase activity:

Engagement metrics matter. Jason Fooks from Brookfield Asset Management tracks earnings call attendance, material downloads, and post-event surveys. "At the end of the day, you're in the content creation business and you should be trying to grow your audience."

Quality over quantity. Anna Saliba from Salesforce focuses on qualitative feedback: "We look at who's asking the right questions when we meet with them, who is insightful, who gets it."

Connect wins to activity. Brendan Fitzpatrick from Fitzscores emphasizes tracking the behavior patterns behind successful conversions: "When someone buys your stock, a lot of things are going right. If you can connect those wins with the activity behind that success, that's very valuable."

See around corners: Long-term targeting strategy

The most sophisticated IROs think years ahead. Nelson shared how he started targeting value-oriented investors at Twilio a full year before the company's financial profile shifted from growth to profitability.

"Rather than me just pounding pavement when the results actually started to show up, those same folks that I started talking to a year prior began proactively reaching out to us," Nelson explained. "If not for having these initial conversations when it wasn't obvious, we would've been behind the eight ball."

The lesson: Work with your FP&A team to understand what your business will look like three to five years out. Are you targeting the right investors for that future story?

Research-backed targeting approaches

Fitzpatrick presented compelling data on what actually works in targeting:

• Industry exposure targeting shows diminishing returns at high exposure levels
• Fundamental targeting dramatically outperforms, with initiation rates up to 9.12 times higher when fund and company fundamentals align
• The average initiation rate across all funds is just 0.33%—targeting helps you beat those odds

For unique companies without obvious peers, the advice is clear: target based on similar fundamentals, not just industry classification.

Practical tools that drive results

NDRs are underutilized gold. Nelson calls non-deal roadshows "criminally underutilized" because they give you control over who you meet. Push back on corporate access teams if your target list isn't getting requests.

IR-only roadshows work. All panelists endorsed solo IR roadshows, especially for smaller markets. "It's your responsibility to get in front of those folks," Nelson noted. "That can then be a filter for who to bring to your management team."

Direct outreach requires persistence. While time-intensive, direct buy-side engagement pays off when you identify windows where other approaches aren't productive.

Creative approaches for small caps. Fooks recommends partnering with boutique analysts, targeting microcap indices, and leveraging platforms like podcasts where unique stories get noticed.

Key takeaways for your targeting strategy

1. Start with strategy, not spreadsheets. Align your target list with your company's story and future direction.
2. Measure engagement, not just outcomes. Track content consumption, meeting quality, and conversion patterns.
3. Think in quarters, not quarters. Start conversations with future target investors before your story becomes obvious to the market.
4. Use data to guide decisions. Fundamental alignment beats industry exposure for targeting effectiveness.
5. Take control of your calendar. Don't just react to conference requests—proactively schedule NDRs and IR-only roadshows.

The best IR teams aren't just busy—they're strategic. They understand that effective targeting requires playing the long game, measuring what matters, and staying focused on quality relationships over meeting quantity.

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