Analyst Relations and AR budgets
Analyst Relations: Do software vendors need big AR budgets?
I may ruffle some feathers, but here it goes: if you're a technology vendor, you don't need a massive budget to run Analyst Relations (AR). Please hold onto your feathers because I'll go further: vendors with zero AR budget can still work with industry analysts.
And yes, I’ve worked in and for software companies - dozens and dozens of them. I've helped software vendors with an AR budget of zilch to get in front of and speak with industry analysts. Don't get me wrong - there's a distinct advantage of having AR budgets and dedicated AR resources.
Analyst Relations can feel intimidating if you're an early-stage or smaller software vendor.
Industry analysts are unavoidable: they influence the B2B software landscape and steer purchase decisions. More than two-thirds of B2B tech buyers consult analysts in some form - whether working directly with analysts to guide them through the buying process, referring to analyst reports, or checking analyst views in evaluation reports such as Waves and Magic Quadrants to create vendor shortlists.
For any B2B technology vendor, being recognized by industry analysts isn't a nice to have; it's a strategic advantage.
How to get started if you don't have a huge (or any) budget to engage with analysts:
1. Get clear on your value proposition, vision, and mission
Before contacting any analysts, ensure you are clear on your vision and mission and ready to clearly state what makes your product unique. What specific pain points does your technology address? What's your vision? Go-to-market strategy? What is the mission behind your offering? What makes your company unique and differentiates your products?
Be honest, don't embellish, and avoid technical jargon and speculation - focus on facts. Analysts want straightforward conversations.
2. Compile a target list of analysts
You don't need to reach every possible analyst and firm. Research key analyst groups that cover your niche and individual analysts that cover your market. Don't just focus on the larger analyst groups (such as Gartner and Forrester), but consider other industry analyst firms that are covering your market and advising, sharing research, and influencing buyers. Don't know where to start? Ask your customers and prospects which industry analysts they trust and refer to, and look at industry analysts covering your competitors (especially those larger competitors with AR budgets).
3. Start a conversation
Introduce yourself and your product to analysts focusing on education (not sales). The best way to start is to request an introductory vendor briefing. In your briefing request, be succinct and transparent about your specific area of technology, your target customer, and how you help those customers. Don't shy away from naming particular vendors you compete against.
Briefings are your chance to walk analysts through your product, market perspective, and future vision. Be prepared, concise, and transparent. Don't expect the analyst (or analysts - plural - in larger analyst firms, it's not unusual for more than one analyst to attend briefings) to answer your questions, give you free advice, or share their insights on the market: Briefings are generally a one-way street and an opportunity for you to present your company, products, and view of the market.
If you're looking to start an Analyst Relations program or ways to begin identifying and connecting with analysts, sign up for our workshop: How to Find and Engage with Industry Analysts (Even with Zero Budget).