What is Analyst Relations?
Analyst relations is the practice of strategically working with Information and Communication Technology (ICT) analysts to help grow your company through strategy, marketing and sales enablement.
Why should you care about Analyst Relations?
Because your customers care about analysts.
80% of Fortune 2000 companies utilize analyst services to make technology purchasing decisions.1
Analysts talk directly to your buyers. Not only do they speak with your buyers, they make recommendations to your buyers for technology purchasing decisions. Just as often as they recommend one product/service, analysts will advise against products/services. Analyst relations is meant to ensure your product is the one they recommend. And if your product is not the one they are recommending, you can learn why.
Analysts now your customers. Analysts know your competitors. Analysts know your market. Analysts know your technology. Analysts should be the compass by which you guide your decisions.
Through proper analyst relations you can gain credibility, insights and influence.
What is an analyst?
The analysts referred to in analyst relations are industry experts who influence end users of technology on how, what, and where to buy ICT products through published research and advising services. They may work on their own or with a research firm. Analysts understand the market and have deep insights into their area of focus.
Also, analysts are people too. Their jobs have not been automated (yet). You may not agree with everything they say. Analysts are researchers and are continuously learning. If you do not agree with one, talk with them about it. Have a discussion with evidence to support your point. You may just change their mind.
Who are the main technology research firms?
- Gartner – $3.3B revenue
- Forrester – $313.7M revenue
- IDC – $174.7M* revenue
Search for smaller firms specifically in your industry. While the big dogs advise on a large range, there are likely well-respected firms focusing on your technology and market.
How do analysts influence buyers?
Analysts release hundreds of pieces of research a day. This research helps buyers create a short list of vendors as well as establish their strategy. General research is used more in the early stages of the buying cycle.
The analysts also take phone calls and face to face meetings with analysts. These conversations allow the buyers to tailor the analyst’s advice to their needs specifically. For example, a specific vendor may be better for a certain industry or certain company size. These conversations are often used for complex purchases and more towards the end of the buying cycle.
Where should I start?
You get it now. Analysts influence your buyers and understand your industry. They can help you strategically as well as get your name out to buyers.
- Develop a strategy: Establish your objective and goals as well as metrics to measure your analyst relations program
- Research your industry and analysts: learn about the key players in your industry
- Reach out to the major analysts and firms for introductory briefing
- Continue developing relationships with analysts
- Investigate conferences and trade shows
Check out our getting started post for a more in-depth look.
What other questions do you have around analyst relations?
1Duncan Chapple, How strongly do industry analysts influence buyers of technology? https://www.academia.edu/405853/How_strongly_do_industry_analysts_influence_buyers_of_high_technology
*Est by D&B Hoovers