7 Industry Analyst Relations Best Practices for 2024

ByPaul Christiano Last Update on

If you work in the tech industry, developing strong relationships with analysts should be a top priority for 2024. As an experienced consultant who has helped numerous companies optimize their analyst strategies, I‘ve seen firsthand the massive impact cultivating analyst mindshare can have on shaping opinions, boosting credibility, and driving revenue.

In this comprehensive guide, I‘ll share insider tips and best practices I‘ve learned over the years for establishing effective analyst relations programs. I‘ll provide an in-depth look at analyst firms, how they work, why they‘re so influential, and most importantly – how you can build fruitful partnerships with them.

Let‘s get started!

Why Should You Care About Analyst Relations?

I know analyst relations may not sound very exciting on the surface. But influencing analysts pays huge dividends for shaping industry perceptions. Here are some powerful benefits:

  • Increase Credibility – Getting recognized by leading analysts like Gartner and Forrester lends legitimacy that is hard to gain through marketing alone. It grants a seal of approval that says "We‘re the real deal."
  • Gain Mindshare – Analysts serve as trusted advisors to buyers. Getting them to understand and endorse your solution gives you a powerful competitive edge.
  • Boost Sales – According to Forrester research, vendors with closer analyst ties generate up to 13x more revenue influence from analysts‘ recommendations.
  • Uncover Market Insights – Analysts provide valuable feedback on trends, buyer pain points, and what your competitors are up to. This intel can shape strategy.
  • Win Funding – Startups and early stage vendors can leverage analyst recognition to attract potential investors.

As you can see, positive analyst sentiment generates interest, lends credibility, and ultimately transforms into revenue. Let‘s look at the key players.

Overview of Leading Analyst Firms

There‘s a wide spectrum of analyst firms and individuals that cover the tech sector. Some of the most prominent firms include:

Gartner

The 800-pound gorilla – Gartner is the world‘s most influential and widely known analyst firm. They deliver deep research reports across all IT sectors and are best known for their Magic Quadrant reports that compare and position vendors. Key facts:

  • Founded: 1979
  • Headquarters: Stamford, CT
  • Analysts: Over 1000
  • Clients: Over 15,000 enterprises
  • Revenue: $4.3B (2020)
  • Services: Research reports, consulting, conferences, peer networking

Forrester

Major firm focused on tech industry insights for both B2B and consumer clients. Similar to Gartner but tends to take a more forward-looking, bold visionary stance.

  • Founded: 1983
  • Headquarters: Cambridge, MA
  • Analysts: Over 300
  • Clients: Over 1500 enterprises
  • Revenue: $461M (2020)
  • Services: Research, consulting, events

IDC

Leading provider of market intelligence and advisory services for the IT, telecom, and consumer tech markets. Known for quantitative market share analysis.

  • Founded: 1964
  • Headquarters: Framingham, MA
  • Analysts: Over 1000
  • Clients: Over 1000 organizations globally
  • Revenue: $368M (2020)
  • Services: Research reports, custom consulting

This just scratches the surface, there are over 100 analyst firms according to Analyst Relations (AR)insights. I suggest narrowing your focus to analysts that best align to your solution‘s domain and buyer personas.

How Do Industry Analysts Operate?

Analysts don‘t just sit in ivory towers generating opinions. They connect extensively with customers, vendors, and other experts to synthesize market insights. Here‘s an overview:

  • Vendor Briefings – Frequent in-depth sessions with vendors to understand strategy and products.
  • Customer Interviews – Connect with users to hear real-world implementation feedback.
  • Conferences & Events – Attend to connect with clients, vendors, and peers.
  • Research & Analysis – Examine financials, product info, surveys and more to track vendor progress.
  • Published Reports & Services – Distill findings into research, rankings, forecasts and consulting deliverables guiding enterprise clients on purchase decisions.
  • Inquiries – Vendors pay for access to analysts for personalized advice.
  • Media Commentary – Share opinions on trends with press and industry events.

The most valued analysts combine market expertise, access to customers/vendors, and independence. Now let‘s get into tactics for engaging analysts!

7 Best Practices for Analyst Relations Success

Having an effective analyst relations (AR) strategy is critical, but execution is everything. Here are 7 proven ways to maximize your analyst engagement:

1. Monitor Analyst Coverage & Perceptions

  • Set up alerts on analyst sites and publications to track coverage of your firm and competitors.
  • Identify any perception gaps between how analysts view you vs. your own messaging.
  • Review recent positioning in comparison reports like Gartner MQs to see strengths and weaknesses.
  • Stay on top of analyst personnel moves and coverage area changes.

2. Build Mindshare Through Briefings

  • Provide comprehensive overview of your company vision, strategy, roadmap, and differentiation. Don‘t just pitch products.
  • Tailor briefing content specifically to each analyst‘s coverage area.
  • Send pre-read materials in advance to maximize meeting time for Q&A.
  • Set expectations on confidentiality to facilitate open dialog.

3. Arm Analysts With Customer Perspectives

  • Facilitate calls and meetings between your customers and target analysts.
  • Provide customer case studies and success stories to showcase ROI.
  • Ask for customer references who can speak knowledgeably about implementation.
  • Offer to connect analysts with best fit users for research inquiries.

4. Respond Rapidly to Analyst Inquiries

  • Provide any requested information and data points quickly and accurately.
  • If you can‘t fully fulfill a request, communicate this explicitly up front to set expectations.
  • For pricing queries, offer to have an informed rep follow up for a custom quote rather than vague list pricing.
  • For press inquiries, ensure PR and AR teams are aligned on response.

5. Promote Favorable Coverage

  • Repurpose positive reports and recognition in press releases, website, and social media.
  • Feature analyst quotes and recognition in your sales collateral.
  • Notify customers and prospects when you are favorably positioned.

6. Measure Business Impact

  • Track AR program metrics like briefing stats, quote share, and report placement.
  • Tie analyst coverage to metrics like website traffic, social mentions, and sales pipeline influenced.
  • Survey sales teams on deals impacted by analyst recommendations.

7. Continuously Improve Your Program

  • Solicit feedback from analysts on the quality of your engagements.
  • Conduct periodic strategy reviews to ensure your program aligns with evolving business goals.
  • Dedicate sufficient budget and staff to support your AR program.

Mastering analyst relations requires commitment over the long-haul, but the effort pays off. Make sure to also coordinate your AR program with your broader PR strategy for maximum amplification.

Now that you have these best practices, it‘s time to put them into action! Feel free to reach out if you need any help implementing your AR program – I‘d be happy to provide strategic guidance based on my consulting experience. Wishing you analyst relations success in 2024!

I am Paul Christiano, a fervent explorer at the intersection of artificial intelligence, machine learning, and their broader implications for society. Renowned as a leading figure in AI safety research, my passion lies in ensuring that the exponential powers of AI are harnessed for the greater good. Throughout my career, I've grappled with the challenges of aligning machine learning systems with human ethics and values. My work is driven by a belief that as AI becomes an even more integral part of our world, it's imperative to build systems that are transparent, trustworthy, and beneficial. I'm honored to be a part of the global effort to guide AI towards a future that prioritizes safety and the betterment of humanity.

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