We are often asked for help by subject matter experts who are being expected to present or demo products to industry analysts. What kind of things do these analysts want and need to know? How should they approach the presentation or event?
Robin Schaffer is an expert on analyst relations and authored Analysts on Analyst Relations. Its second edition was published in 2023, and provides some useful answers to these questions. We have used the book plus her blog and LinkedIn posts to pull together tips for subject matter experts to help them approach analyst presentations with more confidence—and more chance of success.
Analysts want three things: responsiveness, access and anticipation of their needs
Responsiveness means being quick to respond to questions and provide information when requested. Access means providing analysts with the ability to connect to the right people, often the relevant subject matter experts. Anticipating their needs means thinking ahead about what they might want, and providing it. The best way to do all these is to start to build relationships with key analysts in your field, and particularly to listen when they ask questions.
There are three key reasons why analyst relations fail: conflict, business models and leadership claims
Conflict arises when vendors fail to appreciate analysts’ position. Analysts tend to approach products from the point of view of buyers’ business outcomes. If vendors can do so too, conflict is less likely. Business models again often conflict with buyers’ preferred outcomes. Finally, there are likely to be problems where vendors persist in claiming a leadership role that is not recognised by the market. When presenting to analysts, you should adopt a buyer-centric approach, and be honest about your product’s position in the market. Don’t worry if it’s niche: analysts understand that.
Analysts are not customers—and you don’t need to sell to them
Analysts on Analyst Relations highlights that analysts are not customers, and they’re also not the enemy of vendors, especially subject matter experts. A neutral approach focusing on facts will be best in presentations to analysts. You need to tell your story, focusing on client success with your product. Answer questions factually and fully. Try not to get defensive even if the analysts seem to be challenging you. They’re not, they just want to understand your product and its position.
Think of conversations with analysts as a way to get feedback on your products
Analysts can also provide an important ‘reality check’ for vendors. Robin Schaffer suggests in a LinkedIn post that the best way to find out if what you are doing is truly innovative is to “talk to an analyst”. This is even more important than talking to your customers and potential customers. Your customers know their needs, but they don’t necessarily know the market, examine trends, and talk to other buyers. Analysts therefore have a much broader view of the situation, and will tell you the truth—provided you are prepared to listen.
Focus on building a relationship with key analysts, not on the immediate outcome of your presentation
Analyst relations is a bit like thought leadership: it’s all about relationships, and that’s a long-term game. Focus on building good relationships with individual analysts by giving them the information they need. In most cases, this is a clear explanation of your product’s value to your clients. Become their ‘go-to’ person in your organisation, and hopefully they will become your advocate outside. You might think that this is the job of your analyst relations professionals. However, just like in thought leadership and marketing, subject matter experts have a role to play too.
Remember that analysts don’t necessarily consider themselves influencers
Analysts are often hugely influential in the market. However, they seldom consider themselves influencers. Influencers can be bought, with paid-for collaborations. Analysts see themselves as independent. They make their own decisions. If they recommend a product, it is because they believe it is the right product, not because a vendor has persuaded them to do so. This is another reason to aim for neutral, fact-based information provision focused on the benefits to your clients.
There is more depth to these and other points
If you are often called to provide technical support for the analyst relations process for your company, we’d suggest spending some time with the full book. Analysts on Analyst Relations discusses analyst relations from the point of view of the analysts, and largely in their own words. It is essential reading for anyone who wants to understand what makes analysts tick.