With annual report season right around the corner, many public issuers are wondering whether to create an online version or not.
Our advice is if you choose to do one, it needs to be more than just an exact replica of your printed piece put online. Think book versus movie. The movie is an interpretation of the book, not a verbatim recital. No one is going to pay money to watch someone read The Lord of The Rings. A copy and paste of your printed report simply won’t cut it.
Because people read differently online that they do when reading printed material, you need to engage them differently. Studies show that people reading online often skip long editorial sections, scanning copy instead for keywords and bullet lists. They’re also more likely to explore something well-designed for screen and are attracted by Flash, video and other multimedia elements.
For this reason, issuers should realize that there is a cost associated with building a great online annual. Storyboarding, programming, videography and editing all have to be budgeted. If there is no budget, our advice is to not engage in half measures. Post a PDF of your printed version and move on.
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Hi Hugh,
I totally agree with what you point out about the importance to adopt to the needs of online when converting the message of your annual report for the web. Its a different media and it supports different needs.
On the other hand I think it is necessary to convert all information that is stated within the printed report into HTML. Otherwise people will always feel a handicap and think they are missing something out! Thus for me the Reports from Telus (just PDF of financial review part) and Thomson (what you link is just the review, the annual report is no more than a PDF blob) are not sufficient in this matter.
Maybe in the future we will see online communication needs influencing back on the printed report. But until that we online guys have to take care we not missing out
Keep up the good reporting!
Best wishes
Thomas
Thanks, Hugh for bringing this up. My clients have also just begun to inquire about the position an online annual could fit into their communication mix.
However, I disagree that it requires Flash, video, and multimedia to be successful. Sure, these are options that online offers over print - and are great tools for delivering some messages. But the primary requirement is to design the content to be accessible and digestible online - easy-to-follow visual narratives to highlight key points, clearly organized architecture/navigation, ability to delve deeper into sections of interest, downloadable financials and subsections, etc. An investment, sure, but much less than video production - and for some companies can even be achieved within existing budgets by trimming the print. The real opportunities that I see for online annuals - searchability, cross-referencing, customizable reporting, etc - I have yet to see put into great practice within an online annual.
Thomas and Patrick,
I completely agree with your posts — and I might have been a little too strong in the recommendation of certain production tactics. The essence was as you suggested — embrace the media, make a web project, rather than web-ifying a print project.
I think IFRS and XBRL will have a huge influence on online annuals. It should put away the concerns of searchability and completeness of content. With that, we should also see issuers open up to more engaging online projects.