Many companies go about investor relations all wrong, pitching their companies and plans to whatever audience they can and hoping some shareholders will buy in. This approach wastes time and valuable resources building relationships with the wrong shareholders who do not bring the right competencies, connections, and commitment to a business. Managers tasked with investor relations often believe their role is to “sell” the business — or the strategy the company pursues — with the sole goal of retaining and attracting as many shareholders as possible. Rather than selling a strategy in investor relations, managers need to think strategically about investor relations and the right shareholders they need for their business. By co-analyzing a company’s strategy with the shareholder landscape, managers can identify and attract strategic shareholders, who can help their business thrive. We have found this is best done with a five-step approach to strategic shareholder management.