When to engage with Gartner, Forrester, IDC, etc.
One of the questions startups and mature companies ask our PR team time and again is when to start analyst relations. The answer depends on your goals, target audience, and maturity level. Here is some food for thought as you assess when and at what depth to engage with industry analyst firms.
Earlier Stage Startups: Finding the Critical Path
Analysts can serve as sounding boards for startups that are in stealth mode or early stages to better ensure that there is a good product-market fit. According to Team8 Co-founder and Managing Partner, Liran Grinberg, it’s never too early for startups to start thinking about AR. “I think companies should embed analyst relations as part of their efforts from day minus one,” says Grinberg. “Analyst relations is a critical path. It’s both a long term investment, to get your narrative and story, and actually impact the analysts’ way of thinking around the category that you're designing or disrupting.” For Grinberg’s full interview, see Si14 Global Communications’ Tech Trailblazers series here. That said, young startups should not feel pressured to sign up for paid services unless they have clearly defined goals of what help they plan to source from the analysts. One big mistake we see early stage clients making is paying for subscription services at AR firms with the mistaken belief that this will guarantee inclusion in a major analyst report, like the Gartner Magic Quadrant. There are specific barriers to entry for reports and, often, early stage startups don’t qualify.
Later Stage Startups: Gathering high quality marketing intelligence
Mature startups need as much market research as possible as they seek to further develop their products and capture additional market share. Analysts are invaluable in helping startups gain a deeper understanding of the current trends in their industry, how the market is expected to evolve in the next few years, and what are the primary needs and pain points of target customers.
Picking the brains of analysts can offer a major advantage as they are experts in the field with deep connections to players across the industry and a deep interest in innovation.
There is a long history of analyst firms creating new terms or categories within a variety of industries. A couple of notable examples are “enterprise resource planning” (ERP), which was coined by Gartner, and “digital transformation” which was formulated by Capgemini. By engaging in conversations, you can influence how analysts view your industry and get a sense early-on of where they think it is headed.
Mature companies: Creating a strong company narrative
Analysts can provide essential feedback as companies work to establish trust, attract investors, and foster a vibrant company culture. By identifying a company’s unique value proposition and differentiators, analysts can point out where a growth company stands relative to competitors. They can provide positioning strategies to highlight the company’s strengths to create a strong narrative that will attract attention and cut through the noise.
At this growth stage, many companies also qualify for consideration in major analyst reports, such as Gartner’s Magic Quadrant and Forrester’s Wave. Inclusion in these reports and top placement can help seal the deal on enterprise level deals.
Analyst relations should be seen as a long-term strategy, essential for startups aiming to establish and strengthen industry relationships. This gradual process, though challenging in the fast-paced startup culture, offers significant benefits in the long run. The early adoption of analyst relations not only helps gather critical market intelligence and create a compelling company narrative, but also influences the industry category that startups are shaping or disrupting. Recognizing the value of initiating AR efforts from the beginning, startups can build a strong foundation for future success, leveraging these key advantages to accelerate their growth in an ever-evolving market.
At Si14 Global Communications, our team brings two decades of experience in AR to the table, guiding your strategy and tactics. Contact us for a consultation at contact@si14global.com