The Case
Intimate Brands, Inc. (IBI) is perhaps best known as the proud parent of blossoming
brands such as Victoria's Secret and Bath & Body Works. But in May 1999,
the company was focusing on its own reputation and attractiveness to the investment
community. IBI was gearing up to launch "IBInvest Direct," a program that would
allow individual investors to purchase shares of its stock directly from its
Web site (http://www.intimatebrands.com).
The program was set to launch in July, and the company hoped to generate media/analyst
buzz as a means of bolstering its reputation as a technology leader in the investment
community. The challenge was making the campaign sexy without being able to
reveal all the details. SEC regulations prohibited the company from discussing
the specific attributes of its direct stock purchase option - or even referring
to the program by name - before its launch. IBI tapped the investor relations
firm Waggener Edstrom to craft a strategy.
Courtship
IBI and Waggener Edstrom identified the campaign's key target audiences as follows:
Individual investors who bypassed brokerages houses and engineered their own stock transactions. Given the health of the economy, and the proliferation of online
brokerages and financial Web sites, individual investors were wielding more power than ever before. These pioneers were going directly to companies to research financial
information and make their own informed stock purchase decisions.
Institutional investors representing large investment firms. IBI feared these decision-makers might view an online direct stock purchase program as direct competition,
and react negatively to the concept. The I/R team would need to reassure big brokerage houses that the concept of direct investing would not negatively affect their business.
In addition to positioning itself as an innovator in the use of technology, IBI hoped to score points with individual investors by treating them like preferred customers. "As
an investment brand, IBI is as innovative as its consumer brands [and just as committed to customer service]," says Leslie Burger, manager of Intimate Brands financial
communications. The philosophy: savvy investors wanted not just strong earnings reports, but also positive interactions with the company. Giving online "shoppers" greater, more
efficient access to financial information would increase loyalty.
The Power of Suggestion
To gauge IBI's position on the technology totem pole, Waggener Edstrom conducted a Dow Jones search online to determine how many other traditional retailers had implemented
direct stock purchase programs. Informal press interviews also unearthed details about other players on the scene. Agency representatives contacted key journalists to alert them
that IBI would be participating in an upcoming Wall Street Forum (an analyst event), and that the event would be Webcast from the IBI site. But at the same time, they polled
reporters to determine whether they'd already covered the direct stock purchase trend. This informal research revealed that the trend had yet to break, and IBI was positioned as
a leader in its industry. The press calls piqued reporters' interest in the topic, and the Waggener team stored its findings - to be cashed in at a later date.
First Date
On May 18, IBI was a featured speaker at the Wall Street Forum and Webcast the event from its site. For the first time, an analyst forum traditionally accessible only by
institutional investors was open to the public (read: private investors).
In the two weeks surrounding the event, banner ads in Motley Fool, TheStreet.com, the Wall Street Journal e-newsletter and DoubleClick helped drive traffic to the IBI
site. The Waggener Edstrom team also posted promotional messages on investor discussion boards and newsgroups to drive traffic. Select investors received personalized letters
announcing the event. During and after the Webcast, site visitors could navigate a synchronized slide presentation, register to receive IBI updates, and check out the company's
annual report, financial Q&A, stock performance reports and other data. Familiar images from IBI's branded companies (such as Victoria's Secret lingerie models) helped link
the Webcast to those brands in the minds of investors.
Revealing All
When IBInvest Direct was officially launched two months later, the agency team revisited its previously cultivated press contacts (about 90 outlets), and created a short list
of interested reporters and analysts to ensure launch day coverage. When the new service debuted on July 19, along with several site enhancements, it scored coverage in
Bloomberg Business News, C/Net, ZDNet News, E-Commerce Times, Reuters, Dow Jones News Service and the Wall Street Journal. The IBI Web Events channel on the
site drew 7,731 page views for the Webcast. All told, the IBInvest Direct feature attracted more than 1,500 potential investors in the first two weeks, and made a significant
impact on the company's sales reports. Unfortunately those figures are proprietary. (Ok, so they wouldn't show us the full Monty.)
More for the Money
Although IBI's initial Webcast wasn't specifically intended to snag airtime (as much as it was meant to serve investors and create inroads with reporters), it yielded some
pretty results. A VNR garnered more than 8 million impressions with placements in CNN, CNBC and PBS and top markets such as New York, LA, Chicago and Boston.
Waggener Edstrom
Santa Clara, Calif.,
408/986-1140
http://www.wagged.com
Waggener Edstrom Stats
HQ: Portland, Ore.
Founded: 1983
Staff: 430+
Campaign span: May 4 - July 28, 1999
Budget: $100,000 - $150,000