Analyst relations can give you a competitive advantage
What guides the decisions that you make as a business owner? Do you just go off of your own thinking, or bounce ideas off of your peers and staff? This was a question I never gave much thought to before I started working with a company that has strongly cultivated analyst relations initiatives. It’s easy to think that as a business owner, you’re an expert on rolling out successful go-to-market strategies, crafting engaging brand positioning or digging up useful competitor intelligence to strengthen your business; but an analyst can objectively look at your business plans and proposals and offer constructive criticism to help you make your best move.
One of the biggest benefits I’ve seen by having strong analyst relations is the level of insight these firms are able to give. They talk with numerous businesses day in and day out, and are constantly studying the industry to dig up emerging trends. By keeping watch on so many companies, they see first-hand the mistakes that are often made and can be the voice of reason as they soundboard new ideas that you want to run with. They are also highly knowledgeable of successful business practices and can guide you on ways to mimic that success in your business as well.
Different type of analyst firms
There are several types of analyst firms – some specialize in technology, others break out into consumer product goods, retail and other vertical industries. But it’s important to note that all businesses can benefit from a relationship with an analyst firm, regardless of size, and several firms target small and mid-size businesses specifically.
It might take some time to get used to setting up a call with an analyst and talking them through why you want to take your business in a new direction or launch a new offering; but by running these things past an expert in your industry, and having them reveal the opportunities and threats that you might have missed, you ensure that whatever actions you choose to take are fully vetted before going public in front of key stakeholders, competitors and consumers.