The 10k report playbook: your roadmap to booking meetings with top enterprise accounts
Bonus: how to use AI to summarize a 10k report.
Read time: 3:41 min
Think of a 10k report like a treasure map.
It shows you where a public company is going, what might slow them down, and where they plan to spend their gold.
"But those reports are too long!" you say.
And you're right.
They can be a tough read if you don't know what to look for.
Also, these reports are only for public companies, and they're only updated once a year.
That's not so helpful if things change fast.
But don't worry.
I'll show you how to find the important stuff in a 10k report in just 15 minutes.
And for private companies? I've got a plan for those too.
So, are you ready to use 10k reports to get meetings with big companies?
Let's get started!
PS: In the last episode of the SDR Game podcast on enterprise prospecting, Krysten Conner from Usergems and I decoded the art of researching a 10k report in record time.
If you want to listen to the episode: here are the links: YouTube, Spotify, and Apple Podcasts.
TL;DR
Find a 10k report
The 4 crucial sections in a 10k
Using Ctrl/Command + F for keywords searches
Approach for private companies
Differences between annual and quarterly reports
Summarizing a 10k report with AI tools like ChatGPT or Bard
Playbook: use a 10k report to book meetings with top enterprise accounts
Where to find a 10k
Go on Google, and look for the investor page like this: investor page {{Company name}}
Go to the Financials page, SEC filings, and annual filings, then click on the PDF link.
Boom, you’re in.
The 4 crucial sections in a 10k
Eventbrite 10k is 114 pages long.
And you don’t have time to read everything.
Only 4 sections are interesting for prospecting:
Business
Risk Factors
Management's Discussion & Analysis
Financial Statements
Business
This is the company's story. It talks about what they do, the field they're in, and how many parts the business has.
It's key to know this stuff before you prospect the account.
Risk Factors
This part is all about the bumps in the road.
The stuff that might slow the company down.
They're always trying to dodge these risks, so it's a good spot to show how you can help.
Management’s Discussion & Analysis
This is the gold mine.
It's where the big bosses talk about their game plan.
You'll find out about competitors, goals, money-making, growing in new places, and big hires.
Financial Statements
This part can seem scary, but it's worth a peek.
It's about money in, money out, and where it's all going.
It helps you see how the company is doing money-wise.
Using Ctrl/Command + F for keywords searches
To find in just 15 min what’s relevant for you in the 10k:
use Ctrl/Command + F, and look for keywords like:
Risk
Initiative
Strategy
Invest in
For Castor, here are the keywords I’m looking for:
data
tool
cloud
analytics
technology
Approach for private companies
Even when you prospect a private company, a 10k report can still be your secret weapon.
How, you ask? Well, it's all about checking out the competition.
After all, who isn't curious about their rivals' moves?
Here's a simple way to do it:
Start by searching "(company name) competitors" on Google.
Pick a couple of these competitors and dive into their 10-Ks.
Here’s a template that you could use:
Did you see how {your biggest competitor} is making big moves in the EMEA market?
They're also investing money into data tools and seem to be worried about things like X, Y, and Z.
Are you guys thinking along the same lines?
Differences between annual and quarterly reports
A 10k report is like a yearly report card for a company.
But since it only comes out once a year, it might not have the latest news.
This is especially true in today's fast-paced markets.
In my chat with Krysten, we talked about a smart trick: using both a 10k and the more recent 10-Q.
Take Eventbrite, for example:
Their 10k report came out on 2/28/2023. But they also released a more recent 10-Q report on 5/9/2023.
By looking at both, you get a clear picture of what they planned to do and what they're actually doing now.
Summarizing a 10k report with AI tools like ChatGPT or Bard
ChatGPT 4 (paid version) finally can browse the internet, which is a game changer for summarizing 10k reports.
And Google just released ChatGPT competitor: Bard (it’s free) which also has web browsing capabilities.
Step 1: I want to make sure they find the most recent 10k report. AI tools are not accurate 100% of the time.
Prompt:
What's the date of the last 10k report from Eventbrite?
ChatGPT reply:
Bard reply:
Step 2: summarize the key initiatives that are relevant to my business
Prompt:
Act like a top Sales Development representative.
From the most recent 10k report from Eventbrite.
What are the 5 main initiatives that are relevant for my product: a data catalog. You need to say why and how they are relevant for my product.
That I can use in my outreach to get attention from the executive team. Don't write an email just give me the initiatives
ChatGPT Reply
Bard reply
Recap
Find a 10k report
The 4 crucial sections in a 10k
Using Ctrl/Command + F for keywords searches
Approach for private companies
Differences between annual and quarterly reports
Summarizing a 10k report with AI tools like ChatGPT or Bard
Digging into a 10k might take a bit of time, but trust me, it's worth it.
It's like a secret handshake that shows your prospect you've done your homework.
I hope this info helps you out.
And hey, if you're interested, I can show you a real-life example of using a 10k for prospecting.
I'll walk you through how I use this handy report to get a foot in the door.
That's all for this Sunday.
Quick Reminder: If you like my emails please do “add to address book” or reply.
See you next week.
Happy prospecting ✌️
Elric
PS: Here're the 3 last issues if you miss them:
If you want to read the previous ones, here's the link.