Industry analysts are influential. They sway buying decisions, and affect investment decisions. This means that marketers, especially for B2B tech companies, often benefit from positive ratings by analysts. However, analyst relations are something of a black box for many. How, then, can marketers learn more about analyst relations, and start to take positive steps to influence analysts?
Robin Schaffer is an expert in analyst relations, and author of the book Analysts on Analyst Relations. The book, and her website and LinkedIn feed, provide essential tips for marketers wanting to understand more about industry analysts. If you’re really keen, you could even check out her webinar on six secrets for winning with analysts. In the meantime, here are our top takeaways, distilled from Robin’s experience.
Analyst relations are not just for big companies
The companies that have traditionally developed expertise in analyst relations are the big tech firms. However, Robin and her co-authors argue that start-ups can also benefit hugely from successful interactions with analysts. Indeed, they suggest that analysts need start-ups, because they want to understand the whole market, and not just established firms and products. Any start-up trying to build relationships with analysts is therefore pushing at an open door—and more, one that opens onto industry and market expertise.
You don’t have to grow your own analyst relations expertise
In a recent blog post, Robin highlights the concept of outsourcing analyst relations, and discusses how to choose the right partner. She suggests that you want to find a partner who can bring expertise and experience in analyst relations. Ideally, they will also have existing relationships with analysts. Find the right person or company, and they will provide help and support to improve your bottom line and open up the black box of analyst relations.
Analysts can help you to identify whether what you’re doing is worthwhile
It’s easy to get caught up in your own bubble, and not hear messages from outside about the value of your products. Analysts have a broad view over the market, including trends and competitors. They know whether what you are doing is innovative, and they will provide useful feedback on buyers’ actual and likely reactions to your products—provided you’re ready to hear it. As Robin Schaffer says in a LinkedIn post, if you want to know if what you’re doing is innovative, “ask an analyst”.
Analysts can also help your marketing efforts
Analyst relations for marketers isn’t just about providing information that will influence analysts and persuade them about your products. It is a two-way street. Once analysts start writing about you, you can also invite them to your events and webinars, licence their content, and commission them to create custom content. They can also provide you with insights into your market and competition. Analyst relations therefore holds a lot of potential benefits for marketers.
In particular, analysts can help you identify the right story for your product and market
When you’re heavily involved with a product or company, it can be hard to identify the right story. Analysts’ view of the whole market means that they can see the gaps. They can help you to find the holes in the market, and the problem that your product addresses. They can also help you to find the story that shows how your product fills that gap.
Analysts are having conversations with buyers all the time
One of Robin’s blogs highlights an important aspect of analysts’ work: they talk to buyers. You might be talking directly to your customers about their needs, but analysts have conversations with executives—maybe five or ten a week. They are extremely influential. Because they know the market and the buyers, their recommendations are trusted. Getting to know analysts—and becoming a trusted source of information—is an important way into these conversations.
Analysts don’t want you to try to sell your product to them
Last, but by no means least when you are talking to analysts, is the understanding that analysts don’t want you to market your product to them. Analysts on Analyst Relations makes clear that analysts are not your customers, and their influence cannot be bought. Instead, you should aim to provide analysts with factual information and case studies about how your product helps your customers and adds value for them. Success—especially your customers’ success—speaks for itself.