Call it a Ouija board for PR execs who are trying to determine
their futures with the all-too-crucial analyst community.
William Hopkins, founder of The Knowledge Capital Group
(Austin, Texas), which has trained and certified more than 2,000
individuals on the fundamentals of analyst relations, has created
the "KCG Mystical Box Chart". It is designed to help senior PR pros
navigate all the disparate players who occupy the analyst universe,
which now is undergoing considerable consolidation (Gartner
is in the process of purchasing Meta, for example) and
imposing higher price points on clients.
"These are the only guys who have a business model that puts
their analysts on the phone talking to the people who buy your
stuff, counseling people on whether or not to buy, how much to pay,
how to implement things and what the experience has been with using
different products," says Hopkins, referring to such analyst
outfits as Gartner and Forrester Research that, depending on
how well you can communicate the benefits of your products,
services, et al., can paint your company in a positive light.
Hopkins, whose clients include Cisco Systems Inc.,
HP and PeopleSoft, says there are three essential
reasons to cultivate relationships with the so- called dealmakers
and dealbreakers among analysts:
- Direct impact on sales or influence
- Third-party validation
- Advice and intelligence into your product and/or service
Figuring out who provides the most value from the analyst
community and how to penetrate the space were two of the main
topics of discussion during a recent PR News- sponsored
Webinar titled "Analyst Relations: Communications Strategies That
Work."
To get a good read on analyst relations, Hopkins, a former
analyst, also stressed that PR execs must measure what analysts
write, what they think and what they say. To wit, measuring what
they write is looking at what analysts have written about your
company in research materials and what they are putting down in
print -- both in mainstream and trade publications -- about your
brand, products and services.
You can measure what analysts think by getting some face time
with those who cover your space and asking several point-blank
questions: How well do we stack up against our top competitors? How
effective is our messaging? How responsive are our executives to
stakeholders? And to get a handle on what analysts say PR execs
have to conduct a win/loss analysis with clients gained (and
prospects lost) and ask them which analysts they talked to and what
kind of impact the dialogue had on their decision.
"You need to do all three in order to get an accurate picture of
where you stand with analysts," Hopkins says. "Anything less, and
you won't get a complete a picture because it's such a complex
marketplace you're dealing with."
Although he describes them as a "necessary evil," Mike Doheny,
director of global industry analyst relations for Motorola
Inc., which helped to pioneer cellular phones (but which dates
back to 1929 [remember those old TVs and radios?]), says hitting
analyst trade shows (in your space) can steer the communications
ship.
"I look at it more as a relationship-building opportunity as
much as a briefing opportunity," he says, pointing to breakfast,
dinner and/or cocktail receptions as ways of breaking down
barriers. "It's a great way to put your executives in front of the
analysts in a casual setting, and I find there's more opportunity
generated at these trade shows for follow-ups."
Sharon Oddy, analyst relations manager for Telcordia
Technologies, which provides software to the telecom industry,
is a big believer in e-mail newsletters to build bridges with
analysts.
"We send them news that is important from an industry
perspective and a Telcordia perspective, but not significant enough
to be included in a press release," she says. "To keep the company
top-of-mind, however, the information has to be extremely concise
and high-level. If they want more information, we set up a
briefing."
Contacts: Mike Doheny, [email protected];
William Hopkins, [email protected];
Sharon Oddy, [email protected]
What Analysts Want:
- Strategy days
- Case studies
- Competitive information
- Asked to speak at a vendor event
- Presenting competitive analysis to vendor
- Being asked to speak at webcast/seminar
- Receiving vendor written white papers
- Having vendor sponsor analyst conference
- Having report reprints purchased by vendor
- Having vendor supply speakers for analyst conferences
- Being asked to supply quotes to media
- Being asked to write white paper by vendor
Source: William Hopkins/The Knowledge Capital
Group
The Measurement Challenges
How Does One Measure:
- Effectiveness of Communications With Key Analysts?
- Development of Positive Working Relationships With Those
Analysts? - Internal Maximization of Knowledge Generated by the
Analysts? - Most Important - The Positive Effect Of The Analysts On
Sales.
Source for above charts: William Hopkins/The Knowledge
Capital Group
Analyst Events
Trade Shows
- More of a relationship building opportunity.
- Targeted Webcasts to inform and generate interest at the
show. - Encourage attendance at free analyst seminars, etc.
Annual Events in Europe and U.S.
- U.S. event is geared towards financial analysts (80% of
attendees). - Opportunity to showcase all business, senior execs.
- Industry analysts surveyed like the access to execs, regional
analysts within their firm and financial analysts. - Focused programs for industry analysts include one-on-ones,
roundtables and relationship-building activities.
Source: Mike Doheny/Motorola