Analyst relations is an important part of most enterprise-scale business’ media strategies but is often overlooked by growing companies. It’s easy to understand why – there are no quick wins, and often, no editorial coverage secured.
This begs the question of why large technology companies place such importance on their relationships with industry analysts. Is it really worth the investment?
The short answer is yes. For the long answer, keep reading.
What is analyst relations?
Fundamentally, it’s a programme of regular communication with industry analysts that work for independent consulting and research firms. Some of these companies, like Gartner and Forrester, you have likely already heard of. These are large consultancies, with analysts across a wide range of sectors based all over the world. There are also smaller analyst firms with a much narrower focus – such as Beecham Research, that specialises in the IoT, and Goode Intelligence, that reports on digital identity, authentication and biometric technology.
Analysts within these companies usually have a very specific technological / sector remit, and two primary responsibilities:
- Writing reports investigating the state of their market and the players within it, including analysing financial data to track market share.
- Providing bespoke consultancy to their clients, from go-to-market strategies to selecting technology vendors.
As such, positive relationships with industry analysts can have a multitude of benefits for technology companies.
Inclusion in analyst reports
Large companies that have commercial relationships with analyst firms are able to access their reports, and use them for guidance on the best approaches to take and technology providers to work with.
Being included in an analyst report, such as this Gartner report, made available for free download by Rancher, gives your business credibility. It shows that, after intensive research and due diligence by experts, your company has been recognised as a key player in its space.
Reference in bespoke consultancy
Large businesses often work with one or more analyst firms on a commercial basis, paying a significant annual fee, not only for access to reports, but direct access to the analysts themselves. This enables analysts to elevate the guidance provided to individual businesses, from industry best practices, which are included in analyst reports, to ‘What is the best solution for our specific problem?’
The holy grail of analyst relations is for your tech company to have a strong relationship with the analysts providing this consultancy. Analysts are true experts in their area, usually with a relevant technical or academic background, and are well-respected by their clients. If a Gartner analyst recommends a particular tech provider to an enterprise-scale company, the likelihood is that they will listen.
Analyst relations & media impact
Journalists often use analysts as a resource for long form articles and feature pieces. Although most publications don’t have the discretionary budget to purchase analyst reports, analysts are happy to be quoted in the media, as this elevates the reputation of their analyst house and of them as individuals.
Similarly, analysts are often invited to speak at conferences, as they are the ultimate experts in their sector.
If you have a strong relationship with an industry analyst that knows your business well, they may use it as a case study when speaking with journalists or on the speaking circuit – raising your company’s profile and earmarking it as an industry leader.
Between report inclusion, bespoke consultancy and media impact, successful analyst relations programmes increase brand awareness, your company’s credibility in the market, and ultimately, sales.
Contact Missive today on hello@missive.co.uk to learn more about how an analyst relations programme could take your technology business to the next level.
