In this evergreen post from Johannes Hoech, he shares nine tips for startups to get traction with analysts.
Once technology startups close their first few enterprise deals and increase revenue to millions of dollars, they often want the analyst community to recognize their innovations and give them their rightful standing in the marketplace. However, few companies know how to engage analysts effectively, are unclear on whether they should even strive to gain analyst recognition, and if they do participate, are uncertain of budgets needed to attract them.
Much has been and can be said about how to get into the analyst reports such as the Gartner Magic Quadrant. However, we are going to keep it simple. This blog is based on our experience of successfully having placed companies into the Gartner Magic Quadrant and the cool vendor report. In each case, those goals were achieved within 12 months, and in each case, prior negative analyst perceptions had to be overcome.
In our experience, these are nine key elements to successfully engage the major technology analyst firms such as Gartner, Forrester, Sirius Decisions, or 451 Research Group.
1) Clarifying competitive differentiation and customer value-add
Analysts provide advice, market overviews, and vendor assessments to large corporate clients who rely on the key firms to absorb and implement needed technologies. Those corporate clients also account for most of the analysts’ fee intake. This creates a need for analysts to be objective. Their advice has to deliver results for their clients and not push certain vendors.
Most startups are reinventing some technology, while most of their enterprise clients must manage their needs effectively with existing and established technologies. As such, it’s very important for startups to prove that their new technology works and delivers results so that they can be considered for purchase.
This means startups must examine why they are better than their competition and why they deserve special recognition. When doing this, it’s essential not to think inside-out or express overly technical explanations of how something is done under the hood but think outside-in about what is the big problem that this technology solves more cheaply or effectively than the existing alternatives.
To think through your technology’s differentiation, it can help to invite your buyers to comment on the efficacy of your product before engaging with analysts. Carefully listen to objections they might voice. If they express any complaints, the chances are that analysts in their surveys hear the same feedback. When preparing for analyst conversations, any objections should be examined, and counterpoints formulated.
Remaining points include:
- Understanding each analyst firm
- Leveraging analysts for thought leadership activities
- Effectively managing analyst engagements
Read the full article, 9 Tips for Startups to Get Traction with Analysts, on MarquetU.com.