KW Digital's guide to what the capital markets require from digital corporate communications

SPOTLIGHT: KW DIGITAL CAPITAL MARKETS SURVEY 2014
KW DIGITAL’S GUIDE TO:
What the capital
markets require from
digital corporate
communications

2 3SPOTLIGHT: KW DIGITAL CAPITAL MARKETS SURVEY 2014 SPOTLIGHT: KW DIGITAL CAPITAL MARKETS SURVEY 2014
We asked business journalists, analysts and investors how
they use corporate websites and social media when looking for
information about listed companies. Included were questions
about general company and press information as well as
information about reporting, share, IR, governance and CR.
The demand for fundamental functions was also investigated.
301 stakeholders from 20 sectors from Europe and the rest of
the world, participated in the Capital Market survey 2014.
Based on the findings, we present our tips on how to create
engaging online corporate content.
KW Digitial Capital Markets
survey 2014
300+
Respondents
Sectors
From Africa, Asia, America,
Europe, Middle East
20Sell-side
analysts
42
%
Buy-side
analysts
26
%
Business
journalists
20
%
Other
14
%
Contents
Meet the stakeholders................................................................................4
Stakeholders’ channel and content preferences........................................... 12
Channel preferences........................................................................... 13
Content that attracts your stakeholders................................................. 15
Raise the profile of your annual report....................................................... 25
Annual report..................................................................................... 26
Different ways of reading the annual report............................................ 29
Social media, from a No-No to a must have................................................. 35
Growing in magnitude but still maturing................................................ 36
Reach your target group in social media................................................ 38
Mobile and Apps...................................................................................... 41
Mobile devices
– the respondents have many and use them frequently............................ 42
Four out of ten use apps...................................................................... 44
10 tips on how to improve your digital corporate communications............. 48
About KW Digital................................................................................ 51

MEET THE
STAKE-
HOLDERSThe capital market is a complex ecosystem in which a wide
range of participants have different information needs and
ways of accessing information. In the report that follows,
we present three typical stakeholders that visit corporate
websites regularly: the business journalist, sell-side analyst
and buy-side analysts (including institutional investors).
Businessjournalist Sell-sideanalyst Buysideanalyst

Most used sources for company
information
Business journalists uses many different
sources to find company information. They
rely primarily on the corporate website for a
steady flow of company information but in
many cases they get their scoops from other
sources.
After the corporate website, news agencies
and database services including Datastream,
Bloomberg and Reuters Financial are the most
used sources. Both the online and printed
version of daily business papers, including the
FT and WSJ, are also important sources.
Journalists will, more than any other
stakeholder, rely on social media platforms for
information, rating Wikipedia, LinkedIn and
Twitter as their preferred channels.
In addition, journalists will from time to time
need to check the accuracy of news flows
or verify summarily released information.
In these instances, the quality of their work
will critically depend on ease of access to
corporate sources.
Most requested content that journalists
typical require
1. Contact information with
telephone numbers and emails 83%
2. Latest online annual report 83%
3. Key figures in tables on-screen 82%
How business journalists read
the annual report
For business journalists it is very important
that the annual report can be found on the
website. As many as 83% of all business
journalists find the annual report in an
online format very important on a corporate
website, while 77% find the PDF format
very important. One in ten read the printed
version, and about as many read the reports
in Google News.
The business journalists’ job is to gather information
about news and events that impact on the economy and
to distribute their work through mass media.
Business
journalists
As 85% read annual reports on desktop,
50% on laptop and a third use tablets, it is
important that the annual report is adapted to
mobile devices.
The mobile journalist
Almost 50% of the journalists think it is very
important that corporate websites work well
on their mobile devices/smartphones. 60%
visit corporate websites more or less regularly
from mobile devices. They commonly use
iPhone and Samsung Android, and three out
of four use both a smartphone and a tablet.
To give journalists news and updates
1. Email 94%
2. News agencies (Bloomberg, Reuters etc.) 46%
3. Twitter 29%
Company disclosures
The journalist is willing to use social media for
company disclosures. More than two thirds are
open to these channels.
Information
They highly value both brief and detailed
information.
Wish more of corporate websites
The journalist is generally rather dissatisfied
with corporate websites and wishes that
they were updated more frequently, more
transparent and easier to navigate. A specific
request is that a personal
media contact with
name, email address and
telephone number should
be easy to find.
43%

Sell-side analysts
information
The sell-side analyst primarily looks for
company information on the corporate
website and via independent online sources
such as Datastream, Bloomberg and Reuters
Financial. After that they turn to the corporate
website and online daily business papers
including the FT and WSJ.
Among social media channels, Wikipedia is
the most popular, which is used by almost half
of the sell-side analysts.
Most requested content that sell-side
analysts typically require
1. Latest interim report presentation 94%
2. Latest annual report in PDF 93%
3. Financial presentations from
summits, AGMs 93%
How sell-side analysts read the annual
report
The sell-side analyst prefers the annual
report in PDF format and reads it most often
on desktop. This applies to more or less all
sell-side analysts. More than half also tend
to download then print it out. However, the
online version is more important than in
previous years, and three out of four consider
it very important.
The sell-side analyst’s job is to evaluate the company on
behalf of a brokerage firm, evaluating companies for
future earnings growth and other investment criteria.
The mobile sell-side analyst
More than half of the sell-side analysts visit
corporate websites from mobile devices more
or less regularly. Of those who visit corporate
websites from mobile devices nine out of ten
use a tablet and eight out of ten use two or
more devices.
To give sell-side analysts news and
updates
1. Email 100%
2. Calendar alert 24%
Company disclosures
The sell-side analyst is becoming more and
more inclined to use social media for company
disclosures, although there is still some
skepticism. 34% are open to these channels.
Information
Almost all sell-side analysts are primarily
interested in finding detailed information. It is
also very important that the website is easy to
navigate and information is easy to find.
Pleased with corporate websites
The sell-side analysts are generally satisfied
with corporate websites, but also think
that there is much that can be improved.
Requirements from the sell-
side analyst are that there
should be an archive of
older reports, presentations
and financial figures readily
available.
71%

Buy-side analysts
information
Buy-side analysts primarily access database
services and news agencies such as
Bloomberg and Reuters when looking for
information about companies. After this,
they turn to the corporate website and daily
papers, both online and printed. Among social
media channels, 37% use Wikipedia and 20%
each use LinkedIn and Twitter.
Most requested content about listed
companies that buy-side analysts
typically require.
1. Latest annual report in PDF 93%
2. Latest interim report in PDF 90%
3. Latest interim report presentation 89%
How they read the annual report
The buy-side analyst prefers to read the
annual report in PDF format. They will usually
read it on their desktop but 40% also read it
on mobile devices.
The mobile buy-side analyst
Buy-side analysts/institutional investors use
mobile devices quite frequently when they
visit corporate websites. Nine out of ten use
more than one smartphone or tablet and it is
common for buy-side analysts to use three or
more mobile devices.
Buy-side analysts (institutional investors included) work
for buy side money management firms such as pension
funds, mutual funds and hedge funds with a mandate to
find investment opportunities that improve the net
worth of the portfolio they work for.
To give buy-side analysts news and
updates
1. Email 95%
3. Calendar alert 22%
Company disclosures
This stakeholder group is the least willing
to use social media for company disclosures
and do not use social media for corporate
information to any great extent yet. 22% are
open to these channels.
Information
Buy-side analysts are predominantly interested
in finding detailed information, although it is
important that summarized information is also
available.
Pleased with corporate websites
Buy-side analysts are in most cases satisfied
with corporate websites, although there
are always things that can
be improved. Financial
presentations and reports
as well as information about
growth drivers are essential
on the corporate website.
77%

STAKEHOLDERS’
CHANNEL AND
CONTENT
PREFERENCES
The KW Digital Capital Market survey 2014 indicates that corporate
websites need to continuously improve to thoroughly address the needs
of data-hungry audiences. Although 85% of users have ranked the
corporate website as a very important source of information, only 69%
are fully satisfied with it.
To compete with alternative information sources and become a trusted
go-to source, the corporate website will have to provide frequently
updated, easy-to-access quality content; the reason why both content,
functionality and findability are of paramount importance.
Alongside database services and news agencies, the corporate website is the
most frequently used source. The success of these other sources stems from
a combination of continuous updates and quality content. They also offer
subscription services and make regular use of platforms like Twitter or LinkedIn.
Update visitors through the right channel
98% of survey respondents say they want to receive company news by email.
This means that sending out newsletters or news updates by email can be a
great way to complement the corporate website. In addition, calendar alerts,
RSS feeds and Twitter are the most popular sources for updates, the latter
especially among journalists in which about one third use it for company news.
Channel preferences
According to survey results, 99% of the stakeholders use the
corporate website for company information and 85% rate this
channel as very important.
Online business
magazines
Businessweek.com
fortune.com + other
magazine websites
49%
47%Business
magazines
(e.g. Business
Week, Fortune)
65
%
Social media
Twitter 47%
LinkedIn 42%
Facebook 20%
Corporate blogs
26%
Daily
business
papers
(e.g. FT, WSJ)
69
%
SEC Edgar and
other regulatory
databases
52%
Trade press
websites
(sector-related,
industry-specific
magazines)
56
%
56%
Business journalists: what
stands out among the profiles
Sell-side analysts:
what stands out
among the profiles
Buy-side analysts:
what stands out
among the profiles

Although providing the right content should be straightforward, our past
research shows that websites do not always deliver. According to our survey,
the most requested items are the latest annual report, the latest financial report
and the latest interim report presentation, all of which focus on the company’s
current situation. Visitors also increasingly look for the company’s growth drivers
and financial targets.
Level of detail
Level of detail is another aspect that should deserve closer attention. It is
imperative to provide levels of information and interpretation to suit a range of
stakeholders as one size does not fit all.
Whilst business journalists request both brief and detailed information, 85% find
brief information very important and 81% want detailed information, analysts
prefer a deeper analysis of financial issues. Just over half of the analysts and
investors consider the availability of brief information to be very important.
Content that attracts
your stakeholders
A corporate website posting engaging, easy-to-find, and up-to-date
content will attract a regular following. The challenge is to reorganise and
regroup content, tailoring it to specific stakeholder needs.
Datastream, Bloomberg, Reuters Financial & other databases and/or news agencies
The corporate website
ft.com, wsj.com & other daily paper websites
Daily business papers (e.g. FT, WSJ)
Trade press websites (sector-based magazines, industry-specific)
Trade press (sector-based magazines, industry-specific)
SEC Edgar and other regulatory databases
Business magazines (e.g. Business Week, Fortune)
Wikipedia
businessweek.com, fortune.com +
other business magazine websites
Yahoo Finance, Google Finance
+ other free portals
Industry-specific chats/
blogs/discussion forums
Corporate discussion
forums/customer forums
LinkedIn
Twitter
Corporate blogs
86
%
85%
65%
63%
49%
46%
43%
41%
34%
29%
25%
23%
23%
21%
20%
20%
Sources used for information about listed companies

Make it look appealing
Most respondents, 80%, think it is important that corporate websites look
appealing but only 43% find this very important.
This sentiment is shared by all stakeholders, with only small variations.
However, a website’s appearance is something that subconsciously affects
visitors and their impressions of the company. It is therefore essential to ensure
their viewing experience is optimised.
Support long text with illustrations and interactive functions
Although content is king, there is also a hosting court. Content without
adequate functionality just drifts loose without capturing the visitor’s attention.
It is necessary that the website presents illustrations and interactive functions
that explain text and tables. 42% find this very important. However, with regard
to interactive features, only 21% feel that videos and animations are very
important.
Findability
If the first step is to post useful content, the next is to make sure visitors will
find it.
The internal search engine leads the visitor to knowledge. It makes expanding
content on websites and deeper content structures more findable, particularly
when the visitor does not enter the website via the homepage.
Users today are experienced in searching for content via external search engines
and have high standards for finding relevant information. Of all respondents,
81% find the internal search engine important and 54% find it very important.
However, only 46% consider it to give them relevant results. Nearly two thirds of
the buy-side analysts are dissatisfied with internal search engine results, making
them the least pleased stakeholder group.
Increase findability
Always aim to serve the user with the correct information as early as possible in
the search process. Use your analytics tools and website strategy and:
● Include the most demanded information from stakeholders on the
homepage and landing pages
● Offer auto-suggests for information directly in the search box
● Offer customised search results pages and make sure that the list provides
relevant results
● Arrange your search results page so that the information presented is easy
to navigate
● Use a navigation structure and names for links, headings and sections that
your visitors are familiar with and know how to use

Get the financial information right
All the stakeholders regard the latest annual report, financial report and interim
report presentation as highly relevant content.
Archives of reports and presentations are also popular among the stakeholders, and
especially among analysts and investors. They also highlighted a need for growth
drivers, financial targets and key figures.
However, the stakeholder groups do not share the exact same needs. Business
journalists request more summarised information while analysts and investors are
looking for more detailed information. Looking at the annual report, journalists
prefer the online version while analysts and investors still prefer the PDF version.
Most important financial content
Latest annual report in PDF
Latest interim report presentation
Latest interim report in PDF
Financial presentations from summits, general meetings
Archived annual reports
Growth drivers (key drivers for growth)
Latest online* annual report
Latest online* interim report
Financial targets
Key figures in tables on screen
89
%
84%
84%
80%
80%
80%
77%
75%
74%
74%
84%
The graph shows the percentage of respondents that find the information very important,
ranking it a four or five on a scale from 1–5, where 1 is least important and 5 is most important.
*The online annual report is either presented on a microsite or in a separate section on
the corporate website
As mentioned earlier, different stakeholders are looking for different type of
content. Business journalists are of course more interested in media related
information, especially content related to press releases. Analysts and investors
on the other hand are primarily looking for reports and presentations.
Business journalists
The most important content for the business journalist on a corporate website
is a personal media contact. After that the online version of the annual reports,
key figures, a press release archive and fast facts about the company. The
ability to filter press releases by date and category is also highly valued and for
virtually all who think that a release archive is important, it is a vital feature. A
link to the latest report and press release as well as brief information about the
company’s business should also be available on the homepage too.
Top five most demanded information among business journalists
Media contact (telephone number and email)
Latest online annual report
Key figures in tables on screen
Archive of press releases
Fast facts with key information
Link on start page to latest financial report
Link on start page to latest press release
Ability to filter press releases by time and category
83%
82%
81%
80%
85%
84%
81%
83
%
The graph shows the percentage of respondents that find the information very important, ranking
it a four or five on a scale from 1–5, where 1 is least important and 5 is most important.
Adapt content to audience

Sell-side analysts
Annual and interim reports as well as a report archive are vital for the sell-side
analysts. Most important, are however the latest interim presentations and
financial presentations from summits and general meetings. To avoid detours
and unnecessary clicks to get to the latest report and press releases, there
should be links to these on the homepage.
Top five most demanded information among sell side analysts
Financial presentations from summits, general meetings
Archived annual reports
Link on start page to latest press release
Link on start page to latest financial report
93%
93%
90%
88%
88%
85%
83%
94
%
Buy-side analysts
Also for buy side analysts and institutional investors, the latest annual and
interim reports are the most important features on corporate websites.
Besides this, the latest interim presentation and information about markets
growth drivers as well as business operations are the most requested content.
Information about growth drivers can be supplemented with an outlook for the
coming years from the company’s point of view, which is also high in demand.
Top five most demanded information among buy side analysts and
institutional investors
Information about the business operations
Growth drivers (key drivers for growth)
Link to latest financial report
Link to latest press release
90%
89%
87%
87%
86%
80%
68%
93
%

The tables shows the percentage of respondents that find the information
very important, ranking it a four or five on a scale from 1–5, where 1 is
least important and 5 is most important.
About us
In the about us section, it is still information on the company’s business that
is most in demand. Geographical and operational information as well as data
about employees, production and sales are highly requested.
Content Very important
Information about business
operations 82%
Geographical spread of production
and sales 79%
Sector description, market share
and competitors 75%
Press
An archive of press releases is the most important content in the press section.
Almost four out of five in the survey say that it is very important. Almost as
many think that the ability to filter press releases by date and category is a
must-have on the corporate website.
Archive of press releases 79%
Contact information with
telephone numbers and emails 71%
Transcripts from teleconferences
in PDF format 69%
Financial reporting
The latest annual report is the most important piece of content on the corporate
website. Almost 90% say that an annual report in PDF format is very important
and three out of four think the online version is very important. The online
version is very popular among business journalists, while analysts and investors
Most important content
per section according to
the stakeholders
primarily prefer the PDF version. Almost as highly valued are the latest interim
report and financial presentations.
Latest annual report in PDF 89%
Latest interim report presentation 84%
Latest interim report in PDF 84%
The share
Share information is particularly in demand among investors and analysts.
They rate information about shareholdings and the company’s dividends as
most important. Business journalists generally have a lesser demand for share
information, requesting general share information and standard share graphs.
Content Very Important
Information about major
shareholders/free float 67%
Dividend policy 66%
Dividend history 65%
Investor relations
In the investor relations section, content about growth drivers is the most
requested. It’s important to present the factors that influence the company’s
market and future and to inform stakeholders about the company’s
expectations around future challenges and market influences. Financial targets,
achievements and key figures, which are very useful when making assessments
of a company’s future value and profits, are also among the most demanded
content in this section.
Growth drivers (key drivers for
growth) 80%
Financial targets 74%
Financial target achievements 71%

Corporate governance
The most important content within the governance section is information about
the board of directors and group management. If presented in detail, analysts
and investors can make informed judgments about the experience and strength
of the company’s executive management.
Another highly requested piece of content is the breakdown of board share
transactions. It is particularly requested by analysts and investors, but provides
good transparency for all stakeholders, and increasing the company’s credibility.
Information about board of
directors 63%
Management and board share
transactions 61%
Information about group
management 61%
Corporate responsibility (CR)
Most important in the CR section is an explanation of the company’s CR-
strategy. It is also important to explain how the CR-strategy relates to the
business strategy and to illustrate how CR-related activities impact on the
company’s day-to-day operations.
Explanation of CR strategy and
link to overall strategy 41%
Environmental data, targets and
achievements/KPI 37%
CR/Sustainability section on
corporate website 36%
RAISE THE
PROFILE OF
YOUR ANNUAL
REPORT
Annual reports have come a long way since their humble beginnings.
Throughout, they have benefited from the technology and thinking
on how to spread knowledge and raise awareness of the company’s
achievements. As our survey shows, companies are still far from
finding a format that caters to everyone’s needs.

26 SPOTLIGHT: KW DIGITAL CAPITAL MARKETS SURVEY 2014
Transparency and comparability are keywords
for the structure of the report. In order to
attract a wide range of capital markets’
users, a digital annual report needs to be
scalable, sharable and usable, whilst a printed
annual report needs to be legible and easily
understood.
No matter what format, the annual report
needs to discuss the factors that the
stakeholders see as important, in a structured
way. While an annual report cannot serve all,
a good report includes elements which take
industry as well as business into account.
The demand for online annual report is increasing
Last year, 67% of the sell-side analyst ranked the online annual report as very
important. This year 74% does. For buy side analysts and institutional investors
the increase is from 70% to 75%.
The demand for the online annual report among business journalist is still rather
high. This is the group of stakeholders embraces this format the most as 83%
find it very important. Of all respondent in the survey 35% read the online
annual report, but as many as 77% find it very important.
Still, annual reports are mostly read as a PDF; either on screen or downloaded
and printed. This is the preferred format for analysts and investors.
Annual report
A good annual report is a competitive advantage in the chase for capital
and long term credits and is an excellent supportive decision document.
A good annual report is also adjusted to the reader, including when and
where they read it.
The printed version is still read by 30% of stakeholders. Only a small small
percentage of the respondent to the survey download reports via apps.
The percentage of respondents that find each version of the digital
annual report very important
Latest online annual report
Latest online interim report
84%
77%
75%
89
%
The graph shows the percentage of respondents that find the content very important, ranking it a
four or five on a scale from 1–5, where 1 is least important and 5 is most important.
Many choose to read the annual report on mobile devices
Evolving reading habits and multiscreen usage have affected how the capital
markets’ stakeholders read the annual report. Over the last couple of years
there has been a growing demand for the report to be adaptable to different
screen sizes.
Currently some 38% of all respondents read the annual report from laptops,
28% read annual reports on tablets and 6% from smartphones.
The trend in mobile usage is set to continue over the next few years. Therefore
companies are well advised to focus on offering responsive online reports,
providing an optimal viewing experience whatever device the stakeholder
choses to use.
The online report enables customisation and garners valuable insight
One of the major differences between the online annual report and the PDF or
printed ones is that the digital report can offer interactivity and customisation
to an extent the printed cannot. Web analytics also provides the ability to track
and garner insight into how digital reports are accessed – a powerful tool that
cannot be extended to the PDF and printed versions.
Digital annual reports
• The online annual report is either
presented on a microsite or in a
separate section on the corporate
website
• The PDF can be read either on
screen or be downloaded and
printed by the visitor
Printed annual report
• The printed annual report is a
printed booklet

BUSINESS JOURNALIST
The business journalist is the stakeholder that has embraced the online version
of the annual report the most.
As many as 83% of journalists in the survey say that the online version of
the annual report is very important on a corporate website. We know from
previous studies that only a minority of companies, despite high demand,
publish an online version of their annual report. With that in mind, the two
thirds of business journalists who read online annual reports is relatively high
percentage.
The digital trend is high among journalist as nearly 90% access the PDF version
and 77% find it very important. 9% also choose to read the annual report from
Google news, though it is still quite new. Moreover, only one out of ten read the
printed version.
Because virtually all companies offer a PDF version of the annual report,
it automatically becomes the most widely used and preferred option for
stakeholders. 58% still prefer the more widespread PDF version while 32% of
journalists say they prefer the online annual report.
85% of business journalists read the annual report on their desktop, 47% on
their laptops and 30% on tablets.
Different ways of reading
the annual report
find the online PDF
annual report
very important
find the online
annual report
very important
13% read printed version 9% read in Google News
read the online
annual report as a
separate webpage
or section on the
corporate website
read the annual
report from a PDF
(on screen or printed)
77
%
63
%
83
%
85
%
47
%
30
%
Devices used to read Annual report
89
%
find an archive
of annual reports
very important
find an archive
of interim reports
very important
58
%
71
%
Online annual report
Annual report in PDF
Archive of annual report
BUSINESS JOURNALIST

SELL-SIDE ANALYST
The sell-side analyst prefers the annual report in PDF format and reads it most
often on desktop. This applies to more or less all sell-side analysts.
More than half also tend to download and print it. The online version is however
more important than in previous years, and three out of four consider it very
important. About a third of sell-side analysts also read traditional printed annual
reports.
As a tool in their daily work, 88% find it very important with an archive of
annual reports available on the corporate website. Equally important is an
archive of interim reports.
87% of the sell-side analysts read the annual report on a desktop, while a third
read it from a laptop and over a fifth from tablet.
find the online PDF
annual report
very important
find the online
annual report
very important
33% read printed version 3% read from apps
read the online
annual report as a
separate webpage
or section on the
corporate website
read the annual
report from a PDF
93
%
23
%
77
%
87
%
33
%
22
%
97
%
find an archive
of annual reports
very important
find an archive
of interim reports
very important
87
%
88
%
SELL-SIDE ANALYST

BUY-SIDE ANALYSTS
The buy-side analyst and institutional investor have a fairly similar usage pattern
to the sell-side analysts when it comes to annual reports.
As with sell-side analysts, they think that the PDF version of the annual report
is very important. About as many think that the interim PDF version is very
important and three out of four think that the online version of the annual and
interim reports are very important.
About a third of the buy-side analysts read annual reports in printed format.
91% read the annual report on a desktop, 37% read it from a laptop and no less
than 40% read it from tablet.
find the online PDF
annual report
very important
find the online
annual report
very important
31% read printed version 3% read from apps
read the online
annual report as a
separate webpage
or section on the
corporate website
read the annual
report from a PDF
93
%
36
%
75
%
91
%
37
%
40
%
96
%
find an archive
of annual reports
very important
find an archive
of interim reports
very important
64
%
76
%
BUY-SIDE ANALYSTS

SOCIAL MEDIA,
FROM A NO-NO
TO A MUST HAVE
Corporate and financial information in social media has gone from a
big NO-NO, to a must-have in the past five years. Legislation allows
it, stakeholders demand it and an increasing number of companies
are doing it.

General company information
Career information
Press Information
Press Information
Corporate governance
Press Information
Financial Information
Press Information
Press Information
41
%
25%
13%
13%
12%
12%
10%
10%
9%
9%
8%
Reputation of key executives
Company news
Videos, pictures, presentations
Company news
Company news
Videos, pictures, presentations
Company events
Reputation of key executive
Company news
23
%
17%
16%
14%
14%
11%
10%
10%
9%
9%
3%
But the use of social media is still maturing. Investor relations stakeholders in
Asia are, according to Brunswick Group, more active social media users, which
could be explained by the fact they tend to be younger than their western
counterparts.
Young investors are growing up expecting to get information from many
different sources. Five years ago, social media activity was completely blocked
at many listed companies and at some companies it still is.
So, expect the number of financial stakeholders using social media to rise
and make sure to package your content in different ways, depending on the
characteristics of the channel and what the stakeholders expect.
Wikipedia information in the front seat
Wikipedia is not a typical social network site. Some don’t even consider it a
social media site despite the fact users can interact with each other, collaborate
and have their own profiles. No matter the label, Wikipedia is the second
stop (after the corporate website) for most financial stakeholders looking for
information about companies.
Business journalists are the most active users of Wikipedia. More than half
of them use Wikipedia to find general company information. Other typical
information they look for includes corporate governance and reputation of key
executives.
Growing in magnitude
but still maturing
Our research show that 72% of all respondents use social media for
accessing any kind of information about listed companies and correlating
numbers are shown in other research*. Among the stakeholders,
journalists are the most likely to use social media for company disclosures
(66%), while investors are the least likely (22%).
Twitter is the place to get news
The most popular social media channel to get company news is Twitter. Twitter
is fast and the limitation of 140 character forces the publisher to be concise and
clear with the message – a perfect match for a journalist or investor scanning
the web for information. Note well though that this year’s climbers in the news
category are LinkedIn and Google+.
LinkedIn
LinkedIn is used by around one third and is one of few channels where all
stakeholders are reached. The majority look for career information, general
company information and press information. The types of content that are most
requested include reputation of key executives and company news.
Which channels do you use to find the following company information
topics?
Most requested type of content in each
channel:
*Such as the 2014 Brunswick Investor Use of Digital and Social Media Survey.

BUSINESS JOURNALISTS
83
%
40%
55%
30%
30%
General company information on Wikipedia
Career information on LinkedIn 33%
Reputation of key executives on Wikipedia 30%
Press information on Twitter 27%
Press information on LinkedIn 33%
Company news on Twitter 33% LinkedIn 26%
Company news on LinkedIn 26%
51%
Use social media for any kind
of corporate information
The percentage of business journalists that use each channel for the specific purpose.
Reach your target group
in social media
SELL-SIDE ANALYSTS
General company information on Wikipedia
Career information on LinkedIn 24%
Google+ 15% & LinkedIn 14%
Videos, pictures and presentations 16%
Company news on Google+ 15%
Press information on Google+ 14%
Press information on Twitter 11%
36%
25%
47%
22%
20%
71
%
The percentage of sell side analysts that use each channel for the specific purpose.

BUY-SIDE ANALYSTS
67
%
General company information on Wikipedia 41%
LinkedIn 15% & Google+ 11%
LinkedIn 14% & Google+ 12%
CR information on LinkedIn 11%
Company news on Twitter 13% & LinkedIn 10%
41%
13%
48%
23%
The percentage of buy side analysts and institutional investors that use each channel for the specific purpose.
MOBILE
AND APPS
The proportion of mobile traffic on company websites is increasing
both steadily and rapidly. In just a few years, there has been an
increase from only a few percent to over a quarter of all traffic.

One of the reasons for the increase is of course the smartphone and tablet
revolution of the late 00s. This trend has continued and as the proportion of
visitors using mobile devices has doubled in the past year, largely due to the
steady adoption of tablets. There is a strong indication that the growth will only
continue.
Number of visitors from mobile devices to 15 corporate websites
Respondents use more than one mobile device
81% of those who visit corporate websites from mobile devices use two or more
mobile devices. This also supports the need for companies to adapt to mobile
technology to succeed in keeping pace with competitors.
Mobile devices
– the respondents have many
and use them frequently
55% of the respondents say that they visit corporate websites using a
tablet or smartphone more or less regularly. Buy-side analysts (63%)
followed by business journalists (60%) are the most frequent users of
mobile devices when visiting corporate websites.
The percentage of respondents that that visit corporate websites from
mobile from one or more devices
58%
23%
23%
Using
1 device
Using
2 devices
Using
3+ devices
19%
23%
58%
Apple is the most common brand
Among all respondents iPhone (49%) and Samsung (30%) are the most popular
smartphones. For tablets, iPads (83%) are by far the most common. Only 20%
are Samsung tablet users.
35%
30%
25%
20%
15%
10%
5%
0%
June
2011
June
2012
June
2013
May
2014
5%
17%
24%
33%
27%

The type of apps most frequently used are corporate/IR apps, with 23% using
them. Corporate magazines in Apple Newsstand and Google News are the most
used apps by business journalists while corporate/IR apps are most used by
analysts and investors.
Company disclosures the third most looked for information in apps
Seeing what kind of information users look for via apps, financial reporting
content, share information and company disclosures are the most popular.
Four out of ten use apps
About 40% of all respondents use an app to receive information about
listed companies.
83%
33%
28%
Use any app
Corporate
Magazines
(Newsstand/
Google News)
Aggregated
apps
Corporate
/IR apps
63%
79%
84%
Press
information
Company
information
News &
events
38
%
Type
Content
60
%
93
% 72
%
48%
37%
26%
76
%
77%
18%
Use 2+ devices
Visit corporate websites
from mobile devices
14
%
Use 3+ devices
BUSINESS JOURNALIST

28%
62%
23%
Corporate
Magazines
(Newsstand/
Google News)
Aggregated
apps
Corporate
/IR apps
53%
63%
79%
Press
information
Company
information
News &
events
43
%
Type
Content
Use any app
54
%
92
% 82
%
51%
32%
34%
90
%
74%
28%
Use 2+ devices
24
%
Use 3+ devices
from mobile devices
SELL-SIDE ANALYSTS
33%
71%
17%
Corporate
Magazines
(Newsstand/
Google News)
Aggregated
apps
Corporate
/IR apps
57%
62%
76%
Press
information
Company
information
News &
events
39
%
Type
Content
Use any app
63
%
80
% 82
%
69%
92
%
22%
77%
18%
Use 2+ devices
24
%
Use 3+ devices
19%
from mobile devices
BUY-SIDE ANALYSTS

Channel preferences
 Keep your website updated
99% of the stakeholders are visiting corporate websites for company
information. One of the most common complaints about them is that they are
not frequently updated.
 Send out your news by e-mail
E-mail is by far the most popular way to receive company news. But do not
forget to add Calender alerts, use RSS feeds and post news on Twitter to meet
the demand of all of your stakeholders.
Content that attract your stakeholders
 Offer both brief and detailed information
Different professions require different level of detail of the information.
Therefore, ensure that both brief and general as well as detailed information are
available.
 Focus on the most requested content
Annual reports, interim reports, financial presentations and a well-structured
press release archive are highly in demand among all stakeholders. If you
deliver these effectively, you’ve come a long way.
 The most important information first
Nine out of ten think it is very important that both the latest press release
and the latest financial report are available on the home page. Do not let your
visitors have to search for this information!
10 tips on how to improve
your digital corporate
communications
Use interactivity
 Interactive features
Interactive features are a great way to lighten up long texts. Visualization of
data in an interactive manner makes it also much easier to understand.
 Develop your internal search engine
Visitors have high an expectation on search engines and today more than 50%
are in general dissatisfied with the results they generate.
Annual reports
 Meet stakeholders demands with an online annual report
Although the PDF version of the annual report is the most frequently used, there
is a continued high demand for online versions. Not less than 77% consider it
very important that companies offer one.
Social media
 Three of four use social media for company information.
Wikipedia for company information and Twitter for news. Reach all stakeholders
on LinkedIn where they look for career information, general company
information and press information.
Mobility
 A quarter of the traffic from mobile devices
The visits of business websites from mobile devices continues to steadily
increase. If you want to be at the forefront today, it is a must to adapt to
mobility.

About the Capital Markets survey
This spotlight is produced by KW Digital. It is based on the KW Digital Capital
Markets survey 2014 which is carried out yearly to understand what content
business journalists, sell-side analysts, buy-side analysts and institutional
investors expect from corporate websites and other digital channels. The
purpose of the report is to better help companies meet stakeholders’ demands.
The report summarises the responses of the survey which was distributed in
February 2014. 25 questions were asked ranging from the most important
content, to the most trustworthy sources and how stakeholders use mobile
devices and social media. Our research gives a good insight into what corporate
websites visitors expect from digital corporate communications at the moment.
The KW Digital Capital Markets spotlight 2014 is published as open research
under a Creative common license.
For more information about the report please contact:
Linda Hultberg
KWD Webranking project manager
+46 8 407 20 38
linda.hultberg@kw-digital.com
About KW Digital
KW Digital is a digital corporate communications agency that helps companies
make better use of digital channels in their corporate communications. We
provide strategic advice and implementation based on our research and
experience. KW Digital has more than 50 employees at offices in Stockholm and
London, and also partners in Milan and Lisbon.
For more information about KW Digital please visit http://kw-digital.com
Contacts for more information:
Staffan Lindgren
Managing Director
+46 8 407 22 12
staffan.lindgren@kw-digital.com
Phil Marchant
Managing Director UK
+44 203 700 5554
phil.marchant@kw-digital.com

KW Digital's guide to what the capital markets require from digital corporate communications

KW Digital's guide to what the capital markets require from digital corporate communications

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KW Digital's guide to what the capital markets require from digital corporate communications