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By: Ali Donzanti
“We have an announcement coming up, and we need to make sure we pitch the analysts too.”
It wouldn’t be the first time a client has made such a request. But lumping in analyst relations (AR) with media relations is a common, and unfortunate, mistake.
While AR and PR programs both often fall under the “Communications” umbrella, they provide different strategic value to an organization. This means that each program’s development must also be approached differently. AR can make a huge impact if executed correctly – it can make or break business deals, is often the behind-the-scenes brains of many products and solutions and has the power to morph an industry’s direction.
Kicking off an AR Program
Industry analysts (not to be confused with financial analysts) conduct market research to understand emerging business trends, company offerings, customer pain points and demands. It’s their job to understand as much as possible about their chosen market.
Analysts take on a daunting task and conduct their research in various ways. Their days are broken up between speaking with clients who ask for solution recommendations and/or discussing their pain points, speaking with vendors to understand upcoming solutions and researching content. They frequently conduct research surveys to develop research reports and sometimes test the efficacy of solutions.
You’ve probably heard of Gartner Magic Quadrants and Forrester Waves. These analysts reports compare the strengths and weaknesses of a particular solution within a specific market based upon vendor’s demonstrated vision and ability to execute. What many don’t know is these comprehensive reports take months to research and develop, and long-term relationship building between analyst and vendor is an essential element.
To build a successful AR program, we need to dive deeper into the analysts, content and timing.
Find Your Key Analysts
It’s crucial to find the right analysts who not only cover your space but also have influence in your industry. Many of the big firms, such as Gartner, Forrester and IDC, often carry weight based on reputation. But depending on the industry, a specialized smaller boutique firm might have more influence in your market and ultimately speak directly with the customers you’re trying to reach.
Present the Right Content
This is where we often find confusion between targeting analysts and reporters. The key here is to remember analysts want fact-based information on an ongoing basis, while reporters want news-driven and timely content. Analysts want the details on new solutions – what are its inner workings, how’s it implemented and what’s the adoption rate?
Decide on Presentation Format
Depending on what you share with an analyst, you should consider different formats, including presenting the information in a briefing (information flows from vendor to analyst) or in an Analyst Flash (similar to a press release but removes “fluffy marketing” content). If you have a subscription to an analyst firm and you ask questions for analyst feedback and insights, this can be in the form of an inquiry (information flows analyst to vendor).
Select Your Spokespeople
You’ll need to have a subject matter expert (SME) who can talk about the details and orchestration behind a solution and can comfortably answer the question, “Why are you doing this?” And this might not be the same people you use for media interviews. This is the perfect opportunity for your SMEs to start building relationships with your key market influencers. One option is to have designated “pairings” of analysts and SMEs to ensure you develop relationships that can be fostered.
Timing is Everything
This is another area where we see confusion between PR and AR. But here’s the difference – reporters receive the final product, while analysts, if consulted correctly, can help shape that final product. Organizations that understand the value of analysis insights involve them in early stages of solution development, frequently produce robust solutions and are in strong positions to be included in key research that (prospective) clients consult before making buying decisions.
Building and establishing a strong AR program takes time and, as suspected, a lot of research. These are the basics to start understanding how to approach an AR program. Stay tuned for upcoming blogs that dive into how to leverage AR within other parts of your business and how to understand the true value appropriately executed AR can bring to an organization.
If you’d like to learn more about our analyst relations capabilities, get in touch at firstname.lastname@example.org.
Ali Donzanti is an Account Director in the Corporate + Public Affairs Practice at Allison+Partners. She focuses on external communications for a number of global B2B accounts across a wide variety of industries including emerging tech, cybersecurity, healthcare and more.