In the competitive world of B2B tech marketing, building credibility and trust is crucial. At a recent marketing conference, I had the opportunity to present the importance of engaging with industry opinion makers, specifically key analysts, to enhance market position. Here’s an overview of the practical experiences and strategies discussed during the presentation.
The 2018 challenge: entering new markets without local references-credibility
Our journey began in 2018 when we embarked on a new market strategy to expand our presence in the insurance software market. With ambitious goals to break into the Western market, we faced significant challenges due to lacking local references and credibility.
We decided to focus our marketing efforts on supporting sales teams and capturing the intent of those already in the buying process. Due to long buying cycles, this was the only way for the marketing function to achieve tangible results during the next two years.
Market analysts: risk mitigation partners for critical purchase decisions
Understanding potential customers' purchase cycles was critical to capturing the intent, especially given the high-value, impactful decisions involved in adopting our software.
To mitigate risks, decision-makers often rely on the assurance consulting firms provide, particularly the Big Four and market analysts regarding technology choices. Establishing credibility through collaboration with consultants and analysts was essential, driving the decision to establish an analyst program.
We aimed to enter Gartner’s Magic Quadrant but were initially uncertain where to start and how costly the process would be. Our initial interactions were a learning experience, highlighting the importance of meeting formal criteria and building genuine relationships with analysts.
Fast Forward to 2024: tangible benefits of industry analyst coverage
By 2024, our analyst relationships efforts helped to improve across all key marketing and business areas substantially:
Credibility and Trust: Enhanced through consistent and strategic analyst engagement.
Visibility: Increased awareness and recognition in the market.
Opportunities: Improved both the quantity and quality of leads.
Segmentation and Positioning: More precise market targeting and positioning.
Company Value: Increase in overall market perception and value.
Analysts directly influenced our credibility in different markets (even local ones), where being listed in the Magic Quadrant opened previously closed doors. This also had a substantial impact on our sales pipeline.
Analyst relations activities can span a wide range of areas, from strategy planning and marketing communication to internal education and licensing of research.
Working with Analysts: a complex, demanding client looking ten years into the future
Engaging with analysts involves a well-structured approach, similar to preparing for a complex client project. Key steps include:
Vendor Briefings: Initiate contact through formal briefings.
RFI and Demos: Respond comprehensively to Requests for Information and conduct tailored product demonstrations.
Strategy Briefings: Regular updates on our sales, marketing, and partnership strategies.
Customer References: Leveraging customer success stories to build credibility.
Product Roadmap: Highlighting our future technological advancements and industry transformation focus.
The Impact of Being in Gartner's Magic Quadrant
Securing a spot in Gartner’s Magic Quadrant was a significant milestone. This recognition not only elevated our industry status but also attracted considerable attention from financial investors, validating our market position.
Finding a unique use case within the Magic Quadrant to highlight our strengths, even compared to better-positioned competitors, was crucial for further recommendations and credibility.
Gartner's Magic Quadrant is one of the most consulted tools for enterprises looking to understand vendors' positioning in a specific technology market and make informed decisions based on detailed market research. Source https://bwnews.pr/45NP4Mr
The evolution of an analyst relations strategy
In addition to Gartner, we expanded our engagement to include additional research segments and analysts. Winning awards, such as for technological innovation, helped us differentiate and reposition in selected segments- which is a rather a by-product than a planned outcome.
We also began leveraging content marketing by pushing thought leadership content related to our technology; this includes conducting original research followed by strong content such as white papers and promotional marketing campaigns. This gained recognition from other consulting firms like Everest Consulting, further enhancing our credibility and influence.
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From global influencers to Boutique Opinion Makers
While global research and analysts (Gartner, Forrester Research, Celent, and others) provided broad recognition, engaging with boutique opinion makers and regional consultants offered quicker, more specific results.
These local influencers are deeply embedded in actual market opportunities, complementing the global recognition we have achieved. They come in different profiles, from local industry experts to international business model advisers to local heads of consulting companies.
Conclusion
Analyst relations (we call it influencer relations) are an invisible yet powerful force in B2B Tech marketing. Companies can significantly enhance their credibility, visibility, and market positioning by fostering strong relationships with key opinion makers. Our journey from 2019 to 2024 demonstrates the tangible benefits of a well-executed analyst relations program.
Thank you for following our journey and insights. Feel free to reach out if you have any questions or need further information on building effective analyst relations.
FAQ Section
Relevant Regions: This approach applies globally, including our target regions.
Evaluation Criteria: Analysts evaluate based on business performance, portfolio interest, social media presence, and competitive perception.
Measuring Success: Analysts measure various factors like social media index and perceived competitive stance.
Differences Among Analysts: Each analyst firm has unique focuses, accessibility, and feedback mechanisms.
Sales vs. Brand: Initially focused on sales, but positioning and innovation awards also build brand elements.
Side Effects: Influence on product development and market testing through analyst feedback.
Following these guidelines and strategies, you can successfully navigate the complex yet rewarding landscape of analyst relations in B2B marketing.
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