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Analyst Relations for Small & Midsized Tech Firms
63 Plays6 years ago
This episode is for all you small-to-midsized tech firms out there. You'd love to get in front of some analysts, but maybe you don't know how. Or you think you're way too small or too niche for analysts to care about your business.
Wrong, friends! Our special guest, Nicole Baker, is an experienced senior public relations and media relations analyst who has helped small tech companies get audiences with and recognition from industry analysts.
Listen in as Nicole:
- Discusses the common misconceptions that smaller firms have when it comes to starting an AR (analyst relations) program
- Talks about finding the right analyst to talk to -- they may be Gartner or Forrester, or they may be more specialized, niche players
- Tells listeners how small and midsized firms can get their foot in the door with an analyst and a few tips on building and maintaining these relationships
- Reminds us that you need to think beyond features and marketing-speak when talking to analysts and home in on the problems your solution solves
- Gives some insight into how AR, PR, and marketing teams can work together
- Advises marketers to push for the budget to bring in an AR consultant
- Reveals her dream job if she weren't doing what she does today
Want to learn more about Nicole or reach out to her? Head on over to LinkedIn to connect with her: https://www.linkedin.com/in/nicoleabaker/,
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Transcript
Introduction to B2B Mix Show
00:00:00
Speaker
Welcome to the B2B Mix Show with Elena and Stacey. Each week, we'll bring you ideas that you can implement in your own marketing strategy. We'll share what we know and advice from industry experts who will join us from time to time here on the show. Are you ready to mix it up? Let's get started.
00:00:18
Speaker
Hey, hey, I'm Alayna Jackson and you may notice my voice is a little bit deeper than normal because I am sick. So forgive me for my rough voice today. And this is Stacey Jackson. Alayna and I are co-founders of Jackson Marketing. And in case you didn't know, we are sisters and we're bringing you episode 18 of the B2B mix show. Alayna, what is today's topic about?
00:00:39
Speaker
If you are a small organization and want to start working with analysts, this is the episode you need to pay close attention to. We're going to be talking about analyst relations with small tech firms.
Expert Guest: Nicole Baker's Background
00:00:50
Speaker
Stacy, why don't you go ahead and introduce our guest? Today we want to focus on a topic that's important for listeners who are with small to mid-sized B2B tech brands. We're discussing analyst relations
00:01:01
Speaker
and how to get our program started. We have Nicole Baker from Baker Consulting joining us. Nicole is a senior public relations and analyst relations consultant. She provides clients with expertise and advice on their analyst relations, media relations, and corporate communication initiatives. She has a proven history of professionally managing media relations in several organizations
00:01:24
Speaker
and she is an accomplished industry analyst relations expert who has generated high impact and results driven analyst relation programs. She has strategic and guiding clients with implementations of the most effective programs for their organization. Nicole, welcome to the B2B Max
Building Analyst Relations for Small Tech Firms
00:01:41
Speaker
show.
00:01:41
Speaker
Well, thank you very much for having me. I'm really happy to be here. And we are excited and happy that you're joining us. So Nicole, can you tell us a little bit about what a public and analyst relations consultant does and a little bit more about your company and how you started it? Yeah, absolutely. So I've been doing public and analyst relations for a couple of decades and a lot of it to do with smaller tech firms.
00:02:06
Speaker
So getting the word out there about those firms, either through media relations, so making sure that media organizations, both trade press and business press, are aware of them. And that's also grown for me into the analyst relations side of things. So those industry analysts that you hear about, some of the larger firms like Gartner, Forrester, IDC, and some of the smaller boutique firms as well, getting those smaller tech companies in front of them and getting the message out to these analysts who are influencers in the
00:02:35
Speaker
industry. So for me, it's really exciting to work with these smaller organizations who are so passionate about their products and really want to get the word out there, but don't have the bandwidth themselves or are not sure how to do it themselves to be able to work with them to help them out in that capacity. When you and I spoke, Nicole, about doing this podcast, we did want to hone in on those small firms. What do you think the biggest misconceptions are that they have when it comes to starting their AR program?
00:03:03
Speaker
A lot of it has to do with, honestly, because they are a small organization with cost. And we know that with these larger organizations, they're able to invest a great deal of money and time, and they have a team who can go out there and talk to the gardeners and the foresters and make sure that they're well positioned.
00:03:21
Speaker
in some of their research reports. And so for smaller organizations, they're like thinking to themselves that this isn't something I can do. I don't have the capacity. I don't have the dollars at this point. We're investing in developing our product or investing in other types of marketing initiatives. And so we really don't have the bandwidth and can't get out there in front of the industry analysts.
00:03:40
Speaker
And so what I try to do is go in there and say you can start small. You just need to get because you do have a technology that's interesting and unique and you do have customers who are buying your technology and you're addressing some of their pain points. There are other organizations who need to know about that. So let's get in front of the industry analysts and start a program where you can just be out there talking about your technology.
00:04:02
Speaker
The thing that a lot of small organizations don't realize is these industry analysts, these experts in the various technologies and markets, they want to know about your technology. They want to be informed so that if a client comes to them and says, for example, what is the market look like for CMS products, for example, or
00:04:22
Speaker
or a sales engagement product, they want to know about the different technologies that are out there and what the different options are for their clients. The other thing too is that they don't want to be caught off guard where somebody comes to them and says, what do you know about X company? And they don't know anything about it because they hadn't heard anything about that organization.
Targeting Industry Analysts: Big Names vs. Niche Firms
00:04:40
Speaker
So to me, it's really important for these small organizations to start out, not at the very beginning, but once they do have their product established and once they do have those customers in place,
00:04:51
Speaker
so that they can get the word out there to the analysts. So I start them off small, talk to them about, let's do some briefings. And those are free. Those are something that any organization can do if there's an analyst at a specific firm who is talking about their technology or their market space. They can go and they can book these briefings and do 30 minutes to an hour with an analyst.
00:05:13
Speaker
It's all outbound, so it's all the organization, the company talking to the analyst about who they are, what they do, what pain point they're solving, who are the customers, who are their target audiences, that sort of thing, and really kind of get that message out there. And they can do that to a number of different analyst organizations and just start to build those relationships with industry analysts.
00:05:35
Speaker
Do you find that most of those companies where they're smaller and don't have the money to really go full on, do you find that they are surprised when you share that information with them that they actually want to know about you? Yeah, they absolutely are. They oftentimes think, well, I'm too small or I'm a very niche player, but there are other niche players who may be in that same market space and you're perhaps solving a different pain point than those other technologies are. So yeah, absolutely. They're very surprised and very surprised that there are
00:06:03
Speaker
that they can do when they are in that smaller stage to get the attention at the end. So kind of along the lines of what we were just talking about, when these companies hear the name Gartner or Forrester, they immediately start thinking, how do I get in front of these analysts? And I think for those smaller brands, those names are just kind of intimidating.
00:06:20
Speaker
And maybe they think, like we talked about, they're too small. They don't have the money to do that. And what's the right approach for them? And should they be thinking about those big boys or looking at those more niche firms or research companies? So kind of like what you were just talking about, are there other ways besides that that they need to be getting in front of these companies and really getting the name out?
00:06:41
Speaker
Yeah, absolutely. And you know what, oftentimes, maybe Gartner is not the analyst firm that you need to get in front of. If you're focusing on small to medium sized businesses as your customer, maybe Gartner is not the right route for you because they're more focused on sort of the enterprise size, the big guys, the enterprise size customers. So you maybe want to focus on some of those niche analyst firms, those tier two analyst firms, you might say, who are focused in more on those small and medium sized businesses or focused in on your specific
00:07:11
Speaker
type of technology so there are analyst firms for example who are based strictly on security software so various types of security software but they're very very focused on that area or other types who are focused solely on sales and marketing technology for example so those are the analysts that you want to get in front of you may want to to talk to the gardeners at some point as well or the foresters or those bigger guys
00:07:33
Speaker
But I think starting out with those smaller organizations as well really gets you to hone your message too because you're able to talk to those smaller firms who sometimes will give you a bit of feedback in those briefings, which is great for these smaller organizations who think, okay, I'm just going to be able to talk about my product, but not get any feedback. But sometimes those smaller firms will give you a bit of feedback on your messaging or your target audience or that sort of thing. Hey folks, let's take a break to hear about today's sponsor.
00:08:07
Speaker
And we are back. What's the best way to find those smaller firms? Just a Google search or is there a place that they can go to to kind of get an idea of where those are? A lot of it is searching on Google. You can bring in a consultant to help you find those analyst firms. There you go. Like in the cold baker. That's right. That's right.
00:08:28
Speaker
But yeah, a lot of it is research and it's oftentimes looking at your competitors. So when I come in to work with a company, I'll look at their competitors and sometimes they're already talking to some analyst firms and perhaps have done a webinar with an analyst or have done a joint paper. And so you can see from their website who those analysts are that are covering that specific industry.
00:08:51
Speaker
So yeah, it's just a matter of research and finding out who they are. A lot of times too, and this is another way to build those relationships, is some of the events that, so the conferences or trade shows or events that your organization is attending. A lot of times the analysts are going there to find out who the technologies are in that specific industry that they should know a bit more about. So if you're getting the
00:09:14
Speaker
the distribution list or the list of attendees prior to the event, you can look through there and go, oh, there's a forester. There's somebody from OVA and there's somebody from 451 and try and reach out to those folks and get on their radar at the event. But also you'll know who they are. If you want to follow up and try and make those, you know, book those briefings or have those relationships post show.
00:09:34
Speaker
So there are little things like that that you can do just to figure out. The other thing, and I'm a huge advocate for this one, is social media. So who are the industry analysts who are talking about your technology or your market space on social media? Start following them, connect with them on LinkedIn, and then you have this list now of folks that you should be talking to.
00:09:54
Speaker
So when a company wants to get started with something like this and they reach out to a consultant like you,
Collaborating with Consultants in Analyst Relations
00:10:00
Speaker
Nicole, what would that relationship look like? What would the first steps be? How does a program like this unfold? Yeah, a lot of times it's me coming in and having a chat with them. Let's talk for an hour and figure out what are your specific target audiences? What's the market space that you're in? Who are your competitors?
00:10:16
Speaker
so that I can do a bit of that research for them to figure out who are the analysts that they need to be targeting. So that's kind of the first step. From there, we look to what their messaging is. So the messaging for the analysts is a bit different than you would take out to the media, for example, or to...
00:10:31
Speaker
potential investors and more targeted on the technology the pain points that you're solving who are the customers that you currently have because the analysts really really want to know that you do have a viable product that that Organizations are purchasing and want to know that you do have a customer base and down the road may want to talk to some of those customers so you want to when you're when you're developing the messaging that you're going to bring out to the analysts want to make sure that that's a
00:10:55
Speaker
component of it as well. So again, it's sitting down doing that research and then pulling together that PowerPoint deck, that messaging that you want to get out to the analyst, making sure it's really targeted and tailored to the different analyst organizations that you're going to be reaching out to.
00:11:09
Speaker
I from there would go and help them to set up those calls. So here are the analysts that we could brief. And again, reiterating we can do this for free, which is often a surprise to these organizations. So setting up a schedule of those calls, getting in front of the analysts, helping the organization on those calls to make sure that they're messaging things correctly and answering all the questions.
00:11:31
Speaker
And then we just go from there if they want to continue on and perhaps continue having those conversations with the analysts, setting up calls with their customers to speak to the analysts as well. Sometimes there's, once the analysts know who the organization is, there's a bit of inbound requests that come in. So an analyst firm is working on a research report on a specific area, and now that they know about you, they maybe want to include a bit of information about your organization in that.
00:11:57
Speaker
It's answering some of those questions that the analysts bring back to the organization as well. Do clients ever have a misconception about what you come in to do? Do people ever think, oh, well, Nicole's just going to do everything and I don't have to get involved?
00:12:10
Speaker
Sometimes, absolutely, and I mean that's education as well. Because I'm coming in as a consultant, the analyst wants to talk to the expert, so they want to talk to the person who knows exactly what your technology is, where this company came from, how you set this up, what you did. So I'm there to help facilitate that, and I'm there to help you answer the questions and message things in the most appropriate way.
00:12:33
Speaker
But it's
Challenges and Misconceptions in Analyst Relations
00:12:34
Speaker
certainly somebody from the organization needs to be a part of that as well because they're the ones that are passionate and can tell that story and can really get those key points across. Do you ever find that there's some pushback when you start working with smaller companies, especially like maybe marketing or the founder of the company where they feel almost threatened, you're going to come in and take over some things that they're doing or what they're doing. They feel like, well, we're already marketing. Marketing is doing a great job of this.
00:13:02
Speaker
Like I said, especially with smaller companies, because we see this a lot with smaller companies, a little bit of a threat when you bring in a consultant. Do you ever see that and push back? For the most part, no. I think that this is something that falls to the side of somebody's desk oftentimes, and it's not something that anybody has the time or the bandwidth to focus on.
00:13:23
Speaker
So they're happy to have that bit of a push and that bit of education as to why this is important and why they should be pursuing it and why it's something that they need to spend a bit of time on. But they have somebody coming in like consultants who can help them, who can spend that time on it for them so they don't have to take it away from other things. So no, I haven't seen a lot of pushback. There are some people who have a misconception that they're going to get feedback right away from the analysts.
00:13:51
Speaker
I mean, that doesn't always happen. And obviously, you're not paying for a relationship with them at the very beginning. So you may not get that, that feedback from the analyst. But for the most part, I think it's new to a lot of these organizations where they don't realize that this is something that's important, and something that that they can do pretty easily at the beginning. What's the typical timeframe for that turnaround? And like, do you have to do like, typically,
00:14:14
Speaker
X amount of touches or before you get a response or have you noticed any kind of pattern there? It depends, uh, with the analysts. Is that what you mean? Yeah. For, especially for smaller companies that maybe don't have the money to really get in there and get those responses right away. Oftentimes with that first touch, it's, it's relatively easy if you have a technology that they cover and that's, I mean, that's certainly an important point. You need to be targeting the correct analysts and you know, some organizations may start out themselves and say, okay, we want to talk to Gartner.
00:14:44
Speaker
We've heard of this analyst before, so we'll reach out to them. And that's not the correct analyst who's covering your specific technology. So you really need to do that upfront research to make sure you're reaching out to the right people. Once you do that, oftentimes, and not every time because the analysts are busy or there's a certain time of year where they're writing reports and they're just slammed with doing that or going to events. So it may be harder to get them certain times of the year than others. But oftentimes, if you have a compelling story, like I said, and the technology that they cover and
00:15:14
Speaker
you know, you just want to get that information out to them. More times than not, they come back after the first touch and are willing to have that initial conversation. They may not, and you know, it's good practice to, with my clients, I often recommend this to do a briefing once per quarter. So if there are new things that have come up as far as
00:15:32
Speaker
customers or new components of the technology or new enhancements, you want to make sure the analysts are aware. Sometimes that interaction might drop off a little bit if you aren't a paid client, but if you do have really interesting things that have been added into the product or really interesting customers that you want to talk to them about or even get those customers in front of them.
00:15:50
Speaker
then that ongoing relationship is a bit easier to keep going. Do you think it's easier to get in front of analysts if you've got a totally brand new kind of product or concept or if you're working in a market that's
00:16:05
Speaker
or a niche that's already established. I'm thinking of iPod. I know Apple was huge even when they came up with that, but if it's something groundbreaking like that, is it harder to get analysts to wrap their heads around it? If you're Apple, no, because everybody wants to talk to you. Exactly. Yeah. I think,
Integrating Analyst Relations with Marketing
00:16:23
Speaker
again, it depends. If it's an offshoot of something that they're already covering, then it's easier to kind of get in front of them.
00:16:29
Speaker
The harder thing about brand new technology, and I haven't had the experience of working with something that's out of the ordinary really new and that sort of thing, is finding the analyst who would cover it. So you really have to make that, again, make that compelling case as to why your technology is new and innovative, why this specific
00:16:47
Speaker
analysts or analysts would cover that specific area. As far as analyst relations and then there's public relations and the marketing team and I assume you do public relations and AR too, right? I do, yes. And how do you recommend a company get all those disciplines that sometimes people like to throw under the marketing umbrella to work together, especially if it's a small marketing team. How do you work so that everybody's singing kind of
00:17:13
Speaker
from the same hymnal, so to speak, and supporting the right messages. Yeah, absolutely. And it's a pleasure when there is a marketing team to work with because oftentimes I'll go in and there isn't. This is brand new. I work with one organization that's seven people. Oh, wow.
00:17:30
Speaker
And so, yeah, so it's working directly with the CEO to take on this initiative and he's absolutely keen and willing to do that. Very, very keen actually. So happy to be in front of the analyst, but it's working on the messaging that's already there.
00:17:44
Speaker
So if you have a marketing team, it's great because you can actually feed off of some of the information that they have already brought to the table, some of the messaging that they're already using for marketing. And the same with if you have somebody from public relations or media relations in there, you can work off some of that messaging as well. A lot of times, too, with organizations, it's not just working with the marketing team, but working
00:18:07
Speaker
product management because you're wanting to figure out what are the next things to tell the analyst? What are the next big product enhancements? Or, you know, when's the next release? And what is new in that release? And what do we want to tell the analysts about? So it's really working in conjunction with that part of the organization as well and making sure that the newest things are out there to the analyst community, even sometimes prior to publicly announcing it.
00:18:31
Speaker
So that if, you know, some of the analyst clients come back to them and want to know a bit more about a certain technology, you have the analyst has a bit of a heads up as to, you know what, you want to look at X company because in the next month they're going to be putting these features out and that's really going to work for your organization.
00:18:49
Speaker
For those companies that have
Benefits of Hiring a Consultant for Small Teams
00:18:51
Speaker
a marketing apartment, maybe it's just like a one man show, do you think that they should try to tackle the AR program on their own or should they fight for the budget to at least get to work with a consultant like yourself? To be honest, fight for the budget to work with somebody, to bring somebody in simply because it's time consuming and it's not something that you want to
00:19:10
Speaker
Start and then stop and then a year later go oh yeah I need to get back in touch with those analysts and you haven't done anything over the course of the year to maintain those relationships so for me I think it's it's really important to keep this as an ongoing program and even just have you know.
00:19:28
Speaker
do some briefings but have other touches with the analysts as well as far as meeting up with them at events or interacting with them on social media or doing a quarterly newsletter that's strictly focused on the analyst community and trying to push that to somebody on the marketing team who's played is already full with 14 other things just makes it really difficult to maintain that.
00:19:49
Speaker
Right. And you're trying to talk to more than one at the same time, right? More than one. So there's that to consider a research firm. Yeah. So it's maintaining a number of different relationships and continuing with research too into who else should we be talking to? And if the company is expanding into Europe or Asia Pac, who are the analysts in those markets that we should be talking to as well to introduce the company?
00:20:13
Speaker
to them so that they're aware when the company is moving into that market space who this new company is. I imagine, you know, I don't even think about that. I imagine working with an outside person to give us a different set of eyes because I could see a marketer or the CEO or the founder who created this great thing going in and just talking features or whatever being totally product focused instead of the message they should be sharing with the analyst.
00:20:43
Speaker
Yeah, and you want to make sure that that full story is there. So talking about the background of the company and why you came up with this technology and not just the features, but why it's solving a problem that you saw in the marketplace. And this is the reason that you brought it to market.
00:21:02
Speaker
It's kind of expanding that message and sometimes that sometimes that's forgotten a little bit and it's more, you know, somebody wants to focus on these are the 12 features that we have. And this is why our customers love us where it's no, they want to really know about the problem that you're solving. Right. And I would assume you also have relationships already with a lot of these research firms that you're working with. So to bring someone in like you, you already kind of have a foot in the door to getting heard, right?
00:21:30
Speaker
That's right, that's right, is just knowing who the analysts are and what the best way, best tactic is to reach out to them. That's always helpful for organizations as well who are starting from ground zero and don't even know what is the first thing I should be doing. So yes, having that background and having a consultant who can come in and share that little secret sauce with you is important. Just another reason to hire Nicole, guys. Right.
00:21:55
Speaker
And what's the most important advice if you could only give like one or two points to a smaller company that think that maybe they haven't even considered this or they feel like we're too small or we don't have the money. What's the most important advice for starting an analyst relations program or why they should start one.
00:22:13
Speaker
Well the most important reason to start one is because the analysts are the people that clients that potential customers are turning to for advice so if the analyst doesn't know who you are or what you do and somebody comes to them asking for their advice on technology for the organization they're gonna give a few names but yours isn't going to be in there simply because they don't know who you are.
00:22:37
Speaker
So to me, that's key. That's important. And that's one of the key things that I try to educate potential or clients on who are potentially going in down the analyst relations route. But again, even if you're a small organization, if you have those key things in place, if you have a technology that's solving pain points for your customers and you have those set of customers that you can talk to who are using your technology,
00:23:03
Speaker
The analysts are going to be interested in hearing a bit about that. Part and parcel with that is targeting correct analysts. So finding those key analysts who are covering your space and making sure you're talking to the right people. It's not enough to just, I'm going to talk to Gartner. You need to talk to those those analysts who are definitely covering your
Media vs. Analyst Relations: Messaging Differences
00:23:19
Speaker
space.
00:23:19
Speaker
I have another question, but I don't know if it's one that something you know the answer to. So like Gartner owns Captera and then there's G2 Crowd. What do people get out of advertising or placing paid profiles there versus talking directly to analysts? Or is there another way to phrase that question? So what's the relationship between the kind of customer, what's the term for that?
00:23:48
Speaker
customer review sites, is that correct term? Since Gartner owns it, is that a foot in the door with, or is that just their way to make money on review sites? And Gartner has two actually. So they have Captera, but they also have their Gartner Pure Insights.
00:24:05
Speaker
which is actually being used more and more by the analysts to get more information on different technologies. But Captera is more small and medium size business space, whereas where is Gartner Peer Insights is more enterprise. So to me, it's not a foot in the door. It's great to have that and great to have those customer reviews. But for Captera, particularly, I think it's it's a bit removed from what the what the analysts are looking at with Gartner Peer Reviews.
00:24:31
Speaker
They do tend to look at those reviews, but they're not going to call you based on, oh, somebody did a review on a certain technology. So we do have one final question that's a fun question, but before that, is there any other advice that you feel like we haven't covered that you want to give out to everybody?
00:24:50
Speaker
We've covered a lot, which is great. I think it's just making sure that even if you're a smaller organization to consider doing analyst relations, it's really, really important to get out to the analyst community. The other thing too is a lot of organizations lump media relations and analyst relations together, and it's absolutely different messaging for each of those two markets.
00:25:10
Speaker
making sure that with the analyst, you're more in-depth with the technology and the customers and the, you know, just giving them a lot of information about how you're different from the
Nicole's Dream Job and Conclusion
00:25:19
Speaker
market. Whereas media relations is, you know, it's a separate beast and you can't just go out with the same messaging to both of those, both of those publics.
00:25:27
Speaker
All right, Stacy, you want to throw the fun question out? This is one we've been asking everyone. So if you have a more fun question, we're open to that too. But if you weren't doing what you're doing now, what would your dream job be? Oh my goodness. That's a good one.
00:25:42
Speaker
you know what? I love traveling. So you know what would be the most amazing job would be to a travel blogger and being, is somebody paying me to travel and to write about different places? I know that's an actual job, but I have kids and I'm not going to do that. But I think that that would be amazing. You know, my other fun question was going to be if you won the lottery, what would you do? And I think that
00:26:09
Speaker
You probably just answered that one too. You travel, right? Yeah, I would totally travel.
00:26:14
Speaker
Absolutely. Okay people, so now you have the information you need to go out and get these relationships going and how to get the most out of them. Nicole, if people want to get in touch with you, how should they reach you? Best way is through LinkedIn actually to find me on there. And we will include that link to your profile in the show notes. So if you missed that or you didn't catch Nicole's full name, just look in the show notes guys and you'll be able to find her on LinkedIn.
00:26:42
Speaker
And if you want to get in touch with me or Elena, you can hit us up on social. On Twitter you can find me at Stacey underscore Jax. That's S-T-A-C-Y underscore J-A-X. And you can find Elena at A-L-A-N-N-A underscore J-A-X. And we're all
00:27:02
Speaker
all of us, all three of us today, on LinkedIn. And you can find our profiles in the show notes. And don't forget, if you would like to leave a voicemail for us, you can use the Anchor Mobile app to do it. And we might include it on next week's show. Thank you for joining us today, Nicole. We appreciate it. Yeah, I appreciate it. Thank you so much for having me. That was great. I really enjoyed it.
00:27:26
Speaker
The B2B Mix Show is hosted by Stacy Jackson and Elena Jackson of, you guessed it, Jackson Marketing. If you need help with your B2B inbound marketing efforts, visit us at JacksonMarketingServices.com.