Industry analysts can make or break tech companies. They are huge influencers of buying decisions, especially in B2B, because they are acknowledged as experts on particular markets or sectors. Being able to influence analysts is therefore crucial. Why, then, do so many companies do this so badly?
Robin Schaffer is an analyst relations evangelist. Her website and LinkedIn feed provide plenty of useful tips and tricks to help with analyst relations. Right now, you can sign up for a webinar she is running at the end of January that promises to provide six secrets to help you win with analysts such as Gartner and Forrester. However, for the full story on analyst relations, your best starting point is the book that Robin has authored, Analysts on Analyst Relations. Here’s our top take-aways, by way of introduction.
USP is that it gives the story ‘from the horse’s mouth’
Who best to tell you how best to approach analysts than analysts themselves? Analysts on Analyst Relations brings together the opinions of over 50 industry analysts to explain what they want from vendors, and why this matters. Effectively, it opens up the black box of analyst relations to explain why particular actions and approaches are more important and useful. As Robin herself says “[These analysts’] ideas, wisdom, and real-world wizardry fills the pages with practical and tactical strategies for success.” Who wouldn’t want to maximise their impact by reading it?
Moves between the general and the specific, providing useful help and advice
Analysts on Analyst Relations starts with a general introduction about how analysts see themselves. It sets out the influence landscape, and explains the mutual relationship between analysts and vendors. It provides general best practice for building good relationships. It then goes into specifics about what analysts want from events, briefings, evaluation reports, and more. It also provides help and support for both experienced analyst relations professionals, and those new to the game.
Very definitely aims beyond traditional analyst relations customers
The second edition of the book, published in 2023, contains a new chapter about start-ups. This category is not normally associated with analyst relations. However, the book makes clear that start-ups need analysts, and analysts also need start-ups. Analysts want to know about the whole market, not just the big players. The trade-off is that they’re happy to share their knowledge about the rest of the market to get information about particular start-ups.
Describes six strategies for better analyst relations
These are:
- Take the pressure of spokespeople to get immediate answers from analysts. Instead, focus on how spokespeople deliver information—the aspect that is under your control.
- Align with analysts, using empathy. Engage with them to tell your clients’ success stories.
- Celebrate your clients’ success, but don’t try to sell your products to analysts. They’re not in the market.
- Don’t substitute subscriptions for communication. Increasingly, large vendors are paying to licence analyst content. However, this is not a substitute for direct communication with individual analysts.
- Keep communicating all the time. Thought leaders should be communicating with analysts on an ongoing basis, not just when they have news to share.
- Remember “it’s not about the dot” on the chart, it’s about the individual analyst’s views. Not everyone can be a leader in a Gartner Magic Quadrant. Some vendors are niche—and analysts understand that. Having an analyst advocate could be worth a lot more than a dot on a chart.
Demystifies the analyst–investor relationship
It is important for vendors to understand the relationship between analysts and investors. Investors use analysts’ reports—and the expertise of individual analysts—to help them understand industries, vet vendors, and make investment decisions. One analyst is quoted as saying “Most investors are very good with the numbers, but not with the strategy. So they like to talk to analysts to get a strategic validation of the investments.” Analysts can also help vendors to understand how to approach investors, and even which investors to approach to help a company to grow and develop.
The long view
No summary of key points can possibly hope to describe the richness of a book that largely consists of quotes from analysts themselves about how they work. If you need to know how to start building analyst relations—or how to improve an existing programme—this is where to start.