In our previous blog, Analyst Communication: The Behavioural Approach (Part 1), we discussed how TechComms uses the first two behavioural economics principles: Choice Overload and Anchoring Effect to communicate with analysts. This article will cover the two remaining principles: Salience Effect and Scarcity Effect, and how we leverage these communications principles to build mutually beneficial analyst relationships for our clients.
Principle 3 – Salience Effect: Our attention is drawn to what is novel and relevant to us. Even though all of the analysts we communicate with cover the same domains, they have different approaches and interests. We create appropriate emails with the right eye-catching points for each analyst. Since some analysts focus on environmental impact, others scientific research, and still others on financial impacts, creating the right email that touches their sweet spot is essential.
Principle 4 – Scarcity Effect: This entails a feeling of not having enough of something. As we mentioned in our previous blog, analysts receive many emails everyday, and it is hard for them to determine which emails they should seriously consider for an analysis on a given subject. It’s critical to offer analysts unique opportunities such as meeting the founder of the company or giving them the chance to interview an executive. The key point is to make the offering privileged for them. When an opportunity is not offered in limited quantity or time, our brains do not really appreciate it. Therefore, it’s important to offer something an analyst would consider a scarce opportunity.
TechComms have numerous years of experience in building relationships with analysts. While this series covers some of our approaches from a scientific perspective, we also communicate with analysts in a heuristic fashion. Although this communication method is hard to quantify, it’s an absolute necessity in keeping analysts engaged with our clients.
As discussed in the first blog in this series, TechComms is now offering a behavioural economics training course for marketers. Contact us to learn more about this three part training series or sign-up for the next course here.
By incorporating behavioural principles into our analyst communications, we are now able to offer our clients a more engaging analyst experience. Want to know more? Contact us to learn how we can help you create positive analyst relationships.