May 20, 2013

Industry analysts key to converting prospects to customers

Think of the last time you made a decision to purchase a significant item such as a home, new car, furniture or appliance.  It’s likely you spent a lot of time doing research to determine the best products and prices. Customer prospects often engage in the same process; they’ll talk with colleagues, read reviews on the web and even consult with an analyst firm that covers a particular market category.

Is it impossible to introduce analysts to your company without spending a significant amount of money?  Not always. We introduce our clients to major analyst firms including Gartner, Forrester Research and IDC on a regular basis regardless of whether or not our client is a paying customer.  The key is to understand the role of the analyst and to keep in mind how to help him or her be more informed of the latest business and product developments in his or her industry niche.

imagesNot every company that wants to schedule an analyst meeting is successful.  Understandably, the bulk of each analyst’s time is allocated to paying clients.  Without the proper strategy it will be very difficult to gain their attention.  So consider these tips the next time you plan to propose a product or service briefing:

1-    No Advertising/Endorsement. Analysts are only interested in how your company is providing a new solution to a pressing business challenge or opportunity in the market.  Remove any marketing hyperbole from your presentation and refrain from asking for an endorsement during the first briefing.

2-    Earn Trust. This is an excellent opportunity to preview beta or prototypes to gain expert feedback and help position your company as an industry leader now and in the future.  In these cases, the analysts are fine with non-disclosure agreements.

3-    Trust Your Instincts. Don’t hesitate to engage in friendly debate regarding a particular topic or data point.  The analysts will respect your opinion and be more amenable to follow up briefings.

Building a successful analyst relations program takes time and patience.  The results can make a huge difference as to whether or not your company is perceived as a leader and the best choice for prospects seeking to make a purchase.

 

 

 

 

 

 

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