Analysts are passionate about helping others; the nature of their profession is helping companies find solutions, recommending best practices, and getting the right information in the right hands to help keep the market moving.
While a lot of companies understand the value of having an open dialogue with their analysts, many just focus on how many times their own company name is mentioned in research. In doing this, they underestimate the true benefits of a comprehensive analyst relationship. For end users and providers alike, strong analyst relationships are crucial to understanding market insights and how to make the most of them.
Competitors, customers, technology, and involvement: most analysts have a rock solid, comprehensive understanding of your market, the main players, and strategic business development. Analysts have the expertise to provide your company with critical advice, and here’s how:
- Market data: As obvious as this seems (collecting data is their forte), analysts gather information, not just from clients and consumers, but also from other analysts web sources, and enterprise buyers and providers. The information they collect is broad, extensive: don’t ignore how valuable this data can be for business. In a world where “big data” is king, don’t forget to take a proactive look at this information and take advantage of this comprehensive market info.
- Competitive Dynamics: Analysts are hearing from your customers as well as your competitors—use this information to formulate a market strategy to stand out. Ask questions about the major players in your market and stay informed on business changes as they happen.
- Customer Insight: Analysts communicate with your customers daily. Although they collect insight from your customers, they are interested in the successes you experience directly with prospects. Analysts understand your company’s market, and they are happy to provide customer insights to help your business make better decisions.
Lastly, Build a Relationship
It’s called analyst relations for a reason—company-analyst relationships are a two-way street, and they require information from both sides to be profitable for everyone. Communicate with your analyst and keep them updated when your company is going through major, customer-facing changes. The better your analyst understands your vision, the better they can provide you with strategic advice and critical data.