The field of Industry analyst relations is so important to the growth and standing of every company and in fact the entire industry. Now, influencer relations has joined in and is becoming an important, but different slice of the pie. Add this to the third category, media relations, and you can see how difficult it is becoming to manage it all. Let’s look at what every company needs to do to be successful.
While all three are important to the success of a company and in fact, the entire industry, they are not the same. The differences must be understood to be successful.
It is important that you don’t try and treat each group the same. They are not and your plan will backfire. There are no shortcuts.
Understanding this is key for all new and existing companies to punch their way onto the map in the marketplace with investors, customers and workers.
What the marketplace thinks about a company, product or service
What we think of a company has direct impact on how well the company does in the marketplace. Companies spend a fortune on advertising, marketing and PR. These are all important and all different slices of the pie. Analyst, media and influencer relations are other slices of the pie.
What analysts and the media think about and say about the company is also very important because it is unbiased opinion. That’s why it is key every company get this right. However, only a few actually do.
Analysts, influencers and the media all impact how the marketplace thinks. All are very important, but in very different ways.
Successful companies have good relationships with analysts, influencers and media
Companies who succeed traditionally have strong relationships with key players in these three groups. That’s why it is very important for every company to have a solid relationship.
Industry analysts often have the strongest understanding of companies, competition and the changing industries they cover. That’s why the media calls on analysts for their expert opinions in their pieces.
Some in the media are industry experts, but most have a wider focus and simply cannot be experts in all areas.
Influencers have follower lists which can be influenced by what they have to say. That’s why companies often like this new opportunity as well. This is another form of marketing.
Key industry analysts and influencers
Then there are a few industry analysts who are also powerful influencers because they give comments to the public through the media, social networks, speeches and so on.
These are they key players every competitor needs to have a solid relationship with.
An important point is that companies and in fact the entire industry should be viewed as if they are on a growth curve. This growth curve rises, crests then falls. Companies are either rising, cresting or falling on their own growth curve.
Success comes from rising side of growth curve
A company’s success comes from being on the rising side of the growth curve. When a company is there, they want the world to know and they want to ride this wave as long as they can. Some growth waves are brief. Others last years.
That’s how they attract investors, customers and the best workers.
Information is static. What you think about information is what matters most. This is where analysts, influencers and the media can often play a powerful role. However, if handled wrong, this is a knife that can cut both ways.
You cannot just opt out. Doing so will result in less positive and more negative understanding of your company. So, it’s important to be active in this area and do things the right way.
Success depends on building strong personal relationships
Believe it or not, success often depends on personal relationships.
When companies are active, they inject positive ideas these groups talk about. When companies are not active, the silence means these groups come up with their own stories and angles. And these are generally not as positive.
We are all influenced by opinions we hear. That’s why Fox News, CNN, NBC, and others are so successful. They all comment on the same news with their own, unique and often very different take.
Media, analysts and influencers impact the marketplace differently
People are different. They think differently. That’s why there are Democrats and Republicans. Some people are positive, and others are negative to the same news. Its less a matter or right or wrong, and more a matter of positive or negative.
That’s why it’s important for companies to get influential industry thought leaders to think well of them and what they are doing in the competitive marketplace.
That means it is vital every company play to win. That’s the challenge companies face every day in the marketplace. That’s why they depend on investors, users and workers having a positive opinion on their activity.
However, it’s their own responsibility to make sure what the outside world thinks about them is positive. The reason is simple. Because analysts, influencers and the media can have enormous impact on the success of every company in every industry.
Even if a company is on the growth side of the wave, they should still have solid programs. The reason is simple. There will come a time when you are not on the growth side. That is when you will need relationships. Consider Motorola or Blackberry as two companies who failed in recent decades.
Companies build relationships with analyst, influencer and media
That’s why executives of successful companies always focus so intently on building strong relationships with these groups. While these three groups are very different, they are also all very important.
Something interesting. It is important to understand, many industry analysts are also considered influencers. However, influencers are never considered analysts. These are two different groups and it is important to understand as you build both your analyst and influencer programs.
Companies that do a great job cultivating the right analysts and influencers, benefit from the relationships. Others struggle to understand this new path and that can be very difficult. So, it’s very important to both understand and to implement successful programs.
Industry analyst relations, influencer relations, media relations
Executives must be a great conductor. They must work to have these three groups work well together and create beautiful music. If they don’t, the effort will sound like a bunch of untrained teenagers pretending to be an orchestra.
Understanding the importance, value and risk of all three groups are crucial for success at any company. It has always been and will always be this way. In fact, today, these three different communities most often play a key role in the success or failure of any industry, company, product or service.
