As seen on Forbes
By Kathleen Lucente
Working as a tech journalist and writing about microprocessors, routers and everything under the sun for EDN and Systems Integration News early in my career opened my eyes to how public relations works and why industry analysts are so valuable.
I was surrounded by engineers as I authored articles. If I was drafting a roundup article on the best routers, I’d ask my colleagues if I was missing any key companies, but I would also call my preferred analyst, who followed companies in this category. He’d always enlighten me regarding a company he had just had a brief with and tell me why I should consider including them. His insights helped me put my articles on the cutting edge, covering the obvious choices but also the new kids on the block. This was my first experience working with analysts, and I would often quote one or two in my editorial pieces. Other times, I would use my discussion with analysts to educate myself, and we would banter about the company representatives we were meeting. Those were thoughtful and valued exchanges that benefited both of us.
Fast-forward 20-plus years after leaving journalism and after a successful career in PR agencies and running communications efforts for major companies, and I now run my own agency. I find that most graduating PR professionals are not familiar with tech PR and definitely not familiar with why they need to weave analyst relations into their recommendations for clients.
Analysts typically perform the following functions:
• Produce reports and provide insights on industries and technology options.
• Serve as experts in their field by taking briefings with top trending companies.
• Establish client relationships that go beyond the initial briefing so they can provide feedback that empowers tech companies.
• Function as third-party experts that reporters and others count on for honest industry points of view.
• Maintain thorough financial data to validate industry growth, track market shares and identify trends with disruptive technologies.
• Set the standard of best-in-class with award programs.
Tech companies generally know they should be engaging with the industry analyst community, but from what I’ve seen, not many step up and own it. It’s an area that requires strategy and consistency, and this planning should live in the marketing department but serve the full company. In building my agency, I hire professionals who have supported B2B companies and product launches and understand where the analyst relationships should begin and how they should evolve. These are fundamental things that everyone in the tech industry needs to understand. Meanwhile, founders and marketing teams need to prepare to staff internally, externally or a combination of both to truly build out an analyst relations effort that supports the business goals.
When I entered the PR world, I started by working on projects for major mobile communications and software companies. The industry analysts in this space are very specific, and it was extremely helpful to brief them first, before the launch of a new product. You had major analyst firms such as Gartner and Forrester, but like in any industry, there were specialists like The Microprocessor Report.
No matter the analyst, a key tip for success in leveraging their insight is to be prepared for your briefing. These analysts expect you to have done the research and taken it for a test drive well in advance of the launch. Asking for a briefing means you are truly ready to walk through the competitive landscape, your company overview, your product or service, pricing models, expected revenue, your executive team, and examples of how you are beta testing or have customers validating what you bring to the table. In my work with the mobile communications company, this preparation meant we could test our messaging, make sure we answered all of the tough questions and learn from those questions about what analysts were hearing from competitors and target clientele the company hoped to influence. It’s important to recognize that companies considering tech moves or significant investments in new vendor partners are looking at analysts. These companies typically have paid arrangements so they can get a solid overview of the market and options before they invest time and more money in a venture.
This method hasn’t changed, but I’ve found that startups have a harder time mapping analyst relations into their product launches. Often, companies that are just starting aren’t as organized as big companies. Asking for a briefing slot from an analyst firm is a process, and dates don’t always map to a tight launch calendar. It’s still equally if not more important for startups to include these briefings in their strategy. And, of course, it is crucial for startups to go through the same preparation as the big players. That brings up another critical tip: Analyst relations and media relations are not the same things. Don’t try to get analysts to write stories about your company. That isn’t their job. An analyst’s expertise and allegiance are to a sector, not to a media outlet. Marketing teams should take any positive buzz generated by an analyst and get the word out to potential clients and the right media outlets.
For instance, in a given week, my team of communication professionals might be in touch with fintech and insurtech analysts as well as supply chain specialists at big firms, plus niche analyst consultancies. We map out the strategy we have for our clients to engage with each group, so it’s clear we’re focused on the long-game strategy versus a short-term, one-off relationship with each group. With analysts, you can expect to go deep versus wide in understanding an industry and what companies expect from partners in that industry.
A smart strategy is to go where the analysts are. Trade shows and other big events bring together potential customers, targeted media and analysts in your specific industry. Leveraging your vetted campaign in such a prime slot can maximize efficiencies and give you the most impact for your marketing and PR dollars.
Adding or refining analyst relationships is an integral piece of your company’s overall market strategy. Make sure you get the right analysts’ eyes on your product or service and take it from a good idea to a solid success.
