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| Lost in the Analyst Woods? |
Over the last 18 months the community of industry analysts servicing the European technology industry has shifted. Established firms such as Gartner and IDC have extended their remit, adding strategic and consulting roles to their traditional analysis and report writing services. At the same time dozens of new firms have sprung up focused on niche sectors and specialist services.
As the analyst environment has evolved, so the task of managing relationships with this critical audience has become more complex. It is becoming ever harder to identify the key analysts who can really impact on any given business.
At the same time, analysts’ increasingly strategic role means that their standing with senior management has rocketed. However, as directors react by allocating more resources to proactively managing analyst relationships, the sense of confusion can actually increase. A successful initial analyst relations (AR) programme often leads to greater numbers of analysts - and their demands - to manage, and so the AR function can become overwhelmed even further.
 | Analysts' increasingly strategic role means their standing with senior management has rocketed. |  |
There are five practical steps that can make navigating the world of analysts much easier, however:
Build a rigorous contact strategy and plan
The key to this step is research, research, research, the results of which should ensure that the right analysts, who align with key business drivers, are being targeted. Even then, in the enlarged analyst environment it is not unusual for the size of this group to be beyond the resources of many AR teams. As a result, analysts need to be tiered and prioritised based on an assessment of the most reputable firms; who writes the most; who is quoted most; and which analysts are seen as key strategic advisers in specific business sectors. Only after this should a detailed contact plan be developed according to the resources available.
Nominate and negotiate an interactor team
The more successful the AR programme, the more time it requires from senior management, so it is crucial that key management time is negotiated and roles within the programme clearly assigned. This commitment should be matched rigorously against the tiered contact plan: where not to spend time can be as important as where to focus attention. For instance, one-to-one briefings are commonplace, but sometimes key issues can be covered with a dozen or more analysts in a single strategic forum.
Train the interactors in AR
Different analysts have different needs in terms of content and information. If these are recognised it will make the process of building relationships much more productive. For instance, some senior analysts are asked for opinions on future developments constantly, so content benefits from being strong on vision and strategic direction. If these questions are not addressed in a briefing more time will need to be spent following up on these issues. In the worst case, an analyst may assume they do not exist. Other analysts are more focused on technical aspects of products, and here the bigger picture is less relevant. Training in the nature of these different analyst roles can not only save a great deal of time but greatly increase the effectiveness of content and interaction.
Integrate with the sales team
The difference between sales presentations and analyst communication is an important lesson when dealing with analysts. However, it is a mistake not to integrate sales and AR functions: a two way flow of insight can greatly enhance both operations. When this works and the sales team and analysts collaborate, analysts become an extension of the sales process, increasing positive recommendations and reputation. It should be remembered though that analysts’ objections are perhaps the most valuable part of the process.
Measure the results
The simplest way to measure an AR programme is to ask analysts what they think. Auditing analysts on their opinions of companies is much easier than researching other stakeholder groups as it is part of their remit, but measurement should not rest here. The results of analyst interaction, ranging from a positive report to a recommendation on a buying decision, should also be built into the measurement process. After all if senior managers are asking for ROI on an enhanced AR budget, what better evidence is there than direct influence on a multi-million euro sales deal?
The challenges of the maturing discipline of analyst relations, and the increase in attention it is being given by senior managers, makes this a very exciting time to be communicating with this growing community. These steps give some idea of practical ways of managing this new opportunity, and need to be combined with high-level thinking, insight and a passion for technology to ensure that companies don't get lost in the analyst woods.
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Jonathan Hargreaves, director, Weber Shandwick | Technology, London.
Weber Shandwick's INSIGHT methodology helps clients to focus on the analysts who matter, and use these relationships to support PR, sales and business goals. For more information, please contact Jonathan Hargreaves at jhargreaves@webershandwick.com
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