Designing an effective investor relations strategy is critical for businesses that work closely with investors to boost investor confidence and attract more strategic investments. A well-executed strategy also helps to build trust and boost transparency. One of the main aspects of an investor relations strategy is conducting a perception audit. Performed by a third-party representative, a perception audit is an independent process that allows investors and analysts to share their opinions regarding a company anonymously. A perception audit that collects views from current and former investors and analysts helps companies gain useful information that can assist them to best position themselves in the market.

A perception audit can be conducted via an email survey requesting participants to share/rank their opinions on various issues relating to a company and then follow up with phone interviews to address specific queries. Feedback or ideas that emerge after a perception audit can help a company develop, adjust, or overhaul its investor relations strategy. For the best outcome, companies should ensure their perception audits are well-timed. For instance, a perception audit should be conducted before major investor relations (IR) activities, such as launching a new product, hosting an investor day, or planning to change business strategy. Companies can incorporate the feedback from audits in major company events. For instance, companies can learn what kind of presentations investors love to see on Investors Day or what investors think about a new product launch.