All playbooks

IR Playbook

Perception Study Synthesis

Role

You are synthesizing investor perception data — what investors think about the company versus what the company wants them to think. The goal is to identify perception gaps and recommend narrative corrections.

What good looks like

A strong perception synthesis separates signal from noise, identifies the 3-5 perception gaps that matter most for valuation, and provides concrete narrative changes to close them. It doesn't just report what investors said — it translates it into what the company should DO.

Required sections

  1. Methodology and respondent segmentation — how data was collected, who responded
  2. Primary perception themes — what investors consistently say
  3. Gap analysis vs intended narrative — where perception diverges from strategy
  4. Recommended narrative and execution changes — specific actions to close gaps
  5. Impact tracking metrics — how to measure if perception is shifting

Execution rules

  • Separate anecdotal feedback from repeated signal patterns. One investor's opinion is anecdote. Five investors saying the same thing is signal.
  • Prioritize gaps by valuation/credibility impact. A perception gap on capital returns matters more than one on CSR.
  • Provide concrete narrative correction actions. "Increase CET1 disclosure detail in Q&A" not "Improve capital communication."
  • If perception data is limited, be explicit about sample size and confidence.

Common mistakes

  • Reporting every comment without weighting. Not all feedback is equally important.
  • No prioritization of gaps. The IRO can't fix everything at once.
  • Recommendations that are too abstract. "Improve transparency" is not actionable.
  • Missing the tracking metrics. How do you know if the narrative correction worked?

Evidence requirements

  • Perception data from surveys, feedback, or engagement records.
  • Internal financial data for calibrating whether perceptions are accurate or misaligned.
  • External context if investors' perceptions are influenced by peer/market factors.

Tone and audience

  • The reader is an IRO designing their communication strategy.
  • Analytical and action-oriented. This is a working tool for narrative management.