How to Run a Successful Non-Deal Roadshow
Why Non-Deal Roadshows Matter
Non-deal roadshows (NDRs) are the single most effective tool for expanding your institutional investor base outside of quarterly earnings. Unlike deal-related roadshows that occur during capital raises, NDRs are proactive outreach — management traveling to meet investors purely to build relationships and communicate the equity story.
Companies that conduct regular NDR programs consistently outperform peers in institutional ownership growth and analyst coverage expansion. The face-to-face interaction builds trust and conviction that no earnings call or investor presentation can replicate.
Planning Your NDR Program
A well-structured NDR program includes 2-6 roadshows per year, timed strategically around your earnings calendar and industry events. Most companies schedule NDRs 3-4 weeks after quarterly earnings (when results are fresh and the quiet period has cleared) or around major industry conferences.
Begin planning each roadshow 4-6 weeks in advance. This allows time for your IR team to target the right investors, schedule meetings, and prepare management with updated materials and briefing notes.
Investor Targeting and City Selection
Effective investor targeting starts with understanding your current shareholder base and identifying gaps. Analyze your 13F ownership data to see which types of institutions own your stock and which don't. Then target institutions that own your peers but don't own you — they're already familiar with your sector.
City selection should follow the investors, not the other way around. New York and Boston are obvious choices given their concentration of institutional assets, but also consider San Francisco (tech-focused funds), Houston (energy), Chicago (value investors), and emerging investor centers like Dallas, Denver, and Nashville.
Meeting Preparation
Every NDR meeting should be customized based on the investor you're meeting. Your IR team should provide management with briefing notes for each meeting covering: the fund's investment style, their current holdings in your sector, questions they're likely to ask, and any prior interaction history.
Your investor presentation should be updated and concise — 15-20 slides maximum for a 45-minute meeting. Leave ample time for Q&A, which is where real relationship-building happens. Investors remember candid answers to tough questions more than polished slide decks.
During the Roadshow
A typical NDR day includes 4-6 meetings, usually 45 minutes each, across 2-3 days per city. Management participants typically include the CEO and CFO, though some companies rotate in the COO or division presidents for relevant meetings.
Between meetings, debrief with your IR team. Note specific questions asked, investor concerns, and follow-up items promised. These notes are invaluable for post-roadshow follow-up and for preparing for future interactions.
Post-Roadshow Follow-Up
The follow-up after an NDR is just as important as the meetings themselves. Within 48 hours, send thank-you notes to every investor you met, along with any materials or data you promised during the meeting. Your IR team should log all interactions in your IR CRM.
Track which NDR meetings convert to share purchases by monitoring 13F filings in subsequent quarters. This data informs future targeting and helps you measure NDR program ROI.
Virtual NDRs and Hybrid Approaches
While in-person meetings remain the gold standard, virtual NDRs have become an accepted complement. Virtual meetings work well for initial introductions, follow-up conversations, and reaching investors in cities that don't justify travel. However, for building deep relationships with your most important current and prospective investors, in-person meetings are irreplaceable.
Measuring NDR Success
Key metrics for evaluating your NDR program include: number of new institutional investors added post-NDR, institutional ownership growth rate, analyst coverage expansion, meeting-to-ownership conversion rate, and qualitative investor feedback.
Ready to launch or optimize your NDR program? Get a free consultation with our investor relations team.
Frequently Asked Questions
How many non-deal roadshows should we do per year?
Most mid-cap companies benefit from 3-4 NDRs per year, timed after quarterly earnings. Newly public companies or those undergoing strategic changes may do 5-6. Quality of investor meetings matters more than quantity of cities visited.
Who should participate in NDR meetings?
The CEO and CFO are the standard participants. Some companies bring the COO, CMO, or division presidents for meetings with investors focused on specific business segments. Avoid sending IR-only representatives for initial meetings.
How do we get meetings with investors who don't know us?
Work through your IR firm's relationships, leverage sell-side analyst introductions, and target investors who own your peers. Cold outreach with a compelling one-page investment thesis can also work for funds actively looking for new ideas in your sector.
What cities should we target for our first NDR?
Start with New York and Boston — they have the highest concentration of institutional assets. Add San Francisco if you're a tech company, Houston for energy, or Chicago for industrial/value investors.
How long should each investor meeting be?
45-60 minutes is standard. Plan for 15-20 minutes of presentation and 25-40 minutes of Q&A. More experienced investors will want to spend most of the time asking questions rather than listening to a pitch.
Should we do NDRs virtually or in person?
Both. In-person meetings are stronger for building relationships with key investors, but virtual meetings allow you to reach a broader set of investors efficiently. A good program includes 2-3 in-person NDRs supplemented by virtual meetings.
How do we measure if our NDR was successful?
Track 13F filing changes in the 1-2 quarters following each NDR to see which meetings converted to ownership positions. Also track sell-side analyst engagement — NDR meetings with analysts often lead to coverage initiation or target price increases.
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