This is a primer for anyone trying to understand the world of analyst relations.
The main outline of the primer was written originally by Tiffany Tai, and turned into a post with new content from Joanna.
An introduction to the world of analysts
Analysts are advisors, pundits, and sources of truth for their areas of expertise. Their in-depth knowledge (also sometimes: “in-depth knowledge”) and position as an impartial* third-party make them a valuable resource for companies (generally enterprise-level businesses who can afford their services) researching and reviewing solutions to implement, press looking for quotes and industry POVs, and event organizers looking for experts and moderators who can provide well-rounded views of the discussion topic. Because of their wealth of knowledge, analysts are even sought after to fill innovation and advisory roles – a great example of this is Brian Weiser, formerly of Pivotal Research, now global head of business intelligence at Group M.
Analysts are most often called upon by agencies, brands, and marketers to assess and provide feedback on technology solutions. Even if the analyst is not tapped directly for advice, the reports they author and contributions they make to the press are viewed favorably and may carry weight in business decisions.
Because of this, it is critical to establish strong relations with analysts through a regular cadence of briefings and other relationship building activities. In some cases, a paid relationship with the analyst group for access to analysts and reports is advisable.
* “impartial” – often times analysts are former employees of some of the businesses they are analyzing. Even more critical to note is that a businesses’ paying relationship can affect opinions – often times due to relationships and time spent with those businesses. These can be both vendors and “customers.”
How you can establish a relationship
There are two ways in which you can establish a relationship with an analyst – unpaid and paid.
Note: Paying for a relationship does not guarantee any sort of outcome or preference for your business, therefore it’s far better to have a clear strategy in how you interact with them and what information you would like to convey.
An unpaid relationship is by way of “briefings”. Generally most analyst groups allow you to have briefings every 6 months with analysts. Depending on the coverage area, you can meet with several analysts within that 6 month period. So do your research here into who you need to be speaking with.
A paid relationship is by way of “inquiries.” Paid analyst group relationships operate like consultancies. An analyst’s role is to offer feedback on your work. They see what’s going on in the industry and can offer a unique viewpoint to what you are trying to accomplish – whether it’s your messaging, your product roadmap, or marketing strategy. While they are paid to consult you, you do want to be aware that they are also evaluating your category – so be buttoned up when speaking with them.
If you want to go the unpaid route, write a short pitch that outline why a meeting with you would be worth their time. Make sure your note portrays your understanding of their coverage area and how your business ties to what they are researching and covering and makes it clear why your business is relevant to them.
For introductory meetings, you should provide a full download on the topics outlined in the following section. Make sure you are quite clear on who you are, what your vision is, and how you deliver on that vision today, so they know exactly where you stand and what you provide. Then give them a behind the scenes look at your innovation roadmap. You can share financials if you are comfortable.
How to sound great to analysts
The goal of an analyst is to stay informed so they can accurately predict trends and have a full view of the industry, topic, or solution they’re covering. They are interested in the following information:
- Who you are [if an intro is necessary]
- Any numbers – revenue-related (ARR, ACV, Blended CAC), growth (YoY, QoQ), number of logos/customers, etc.
- What you provide [current state]
- What you plan to provide [future state – innovation agenda for next 6-12 months]
- How this differentiates you in the market
- Any research you may be conducting and willing to share
- Case studies [if applicable, though this is lower priority than the bullets above]
- If they have a report coming up, any content that may advise the report they’re authoring
Note that you can be more open to analysts than journalists. They regularly hear about what’s coming next in the space and make their mark by being able to accurately predict and advise the industry on what to look out for next. They like hearing and believing they have the first scoop on news and will hold to off the record or on background conversations that can help inform reports and industry POVs. Oftentimes, these backgrounders are great relationship builders and offer another touchpoint for you to interact with them.
For unpaid relationships, and depending on the analyst firm, companies typically update analysts about once a quarter to every 6 months to ensure they stay informed about any important changes or advancements the company has made. These meetings offer the opportunity to inform the analysts of the company’s plans for innovation and if applicable, provide your own POV on industry trends. Depending on the analyst group, these meetings also offer opportunities to garner analyst feedback (though for many analyst groups, this benefit only comes with a paid engagement).
Other opportunities for engagement include but are not limited to:
- Demonstrating the value of your business to an analyst
- Getting analyst feedback / advice on company positioning (compared to competitors)*
- Engaging analysts to co-author research. This research may carry more weight with an impartial third party attached to it*
- Inviting analysts to attend, host, or moderate an event*
- Contributing to an analyst’s report (for this, you must understand their report cadence or get this intel from your account manager if you have a paid relationship*
- Hosting a webinar where the analyst can walk your customers through their recently released research or provide knowledge and industry context – people prefer to hear from analysts, not sales teams!*
*Note that some of these activities may only be available through a paid engagement.
How to get started – the analyst engagement checklist
- Research relevant analyst groups you would like to target
- Research relevant analysts that cover your industry/topic for the analyst groups you would like to target (including their history, what they’ve been writing about)
- Determine if you want to enter a paid or unpaid relationship
- Determine the outcomes you would like for each type of relationship (examples: unpaid – to establish your business as XYZ among the key analysts covering your topics // paid – garner feedback on your messaging to have a clear and differentiated value prop)
- Determine who will represent your business in the conversations with analysts (typically a senior leader, does not have to be the CEO)
- If unpaid: Determine the cadence of speaking to the analysts you want to work with – and ensure you keep in contact to build a relationship
- If paid: Work with your account manager to determine the best route of approach
- Build a briefing presentation that clearly articulates the information an analyst would like to hear as it relates to your business and business goals
- Track & monitor when new reports are out (often reports are only available through a paid engagement)
Next up will be a post about the individual analyst groups and their specialities. Stay tuned!