Maximizing The Value Of Analyst Relations
Part One in an Occasional Series on Healthcare IT Public Relations
I wanted to depart from my usual industry issues to address a question we're frequently asked by healthcare marketers. How to maximize industry analyst relations? Gartner and their ilk often carry considerable influence among IT purchasers at large hospitals, networks and in managed care. As such, vendors want to know how they can most impress them, get included in their research reports and secure desirable placement in leadership grids.
The past few years have brought tremendous changes to the analyst industry. Consolidation continues, for example the merger of Gartner and Meta, HIMSS Analytics and Dorenfest, Forrester Research and the Giga Group. And new firms such as IDC's Health Industry Insights have launched. Meanwhile, the cash crunch among medical marketers has forced industry analysts to respond with more creative offerings.
These shifts changed the ground rules for an effective analyst program. A few years ago, analysts had time to take multiple briefings on an industry area to learn all they could about the companies in it. Today, many analysts will only schedule two meetings during a calendar year with non-clients. Conversely, they are more willing to be flexible in their consultations with paying clients.
That means making the most of your time with the analysts. Some healthcare companies focus on a few, key analysts for paid research, and work with them in close partnership. This focus enables executives to build strong analyst relationships that help them move toward corporate objectives.
At the same time, it's important to communicate with the broader analyst community so that your company is not left out of significant research reports. So, let's assume that you have only two, one-hour briefings per year. That gives you just two hours to summarize 12 months worth of work. Here are some key steps that the experts at Schwartz Communications say can help:
• Think Carefully About Your Briefing Schedule--Determine the two or three most important announcements in the next six months. Schedule analyst briefings around each piece of news. Another potential strategy is to meet with analysts every six months with strategic updates that summarize your achievements over the past months and communicate your strategy going forward.
• Articulate Your Business Strategy--It sounds basic, but an analyst can only know as much about your business as you tell them. You need to be sure that your business strategy comes across clearly and cogently. Relate your business to significant market demands or technology shifts that have created new market opportunities. Describe the benefits you offer customers, not just the technical features. And make your presentation concise by sticking to the big picture rather than getting bogged down in minutiae.
• Think Competitively--While demonstrating your product and sales strategy is important, so is competitive positioning. Analysts specialize in looking at entire markets from the buyer's viewpoint. Help the analyst see where you fit in the larger landscape. Also, think very hard before attempting to create a new category. It takes a lot of marketing muscle--or a truly revolutionary offering--to build industry-wide momentum around a new category. You may be better off creating a unique niche within an existing category.
• Provide Access to Customers--Customers tell your story better than you ever can. They're the third party validation you need to prove that your business strategy works and that your technology and products are for real. That's why it's important that analysts have access to these customers. Even if the customer does not let an analyst quote them directly, the analyst can at least use the information on background. The customers will also be able to provide the hard facts and anecdotes that the analysts need to create reports.
• Cultivate Relationships by Adding Value --It's the analyst's job to look smart in front of their own clients. Analysts need you. Those vendor executives that provide industry insights, background and "word on the street" perspective are valued by analysts more than scripted executives who only talk about how great their product is.
• Keep the Communication Flowing--While your briefing times may be limited, the information flow can keep going. Send analysts periodic updates on your progress through email. Sales wins, management changes, partnerships, acquisitions and product announcements are all part of your corporate picture and will help the analyst get a sense of who you are and where you are going. Have your executive offer perspective and insights on industry news, which will bolster your thought leadership.
Analysts have a lot to offer your company by way of industry research, customer contacts and market insights. While in the past, many analyst firms required customers to take out expensive, all-inclusive contracts, most will now allow you to purchase services in a more a la carte fashion. Not only does this give you more control over your analyst budget, but it also enables you to play to the strengths of each analyst. A strong and comprehensive analyst program can help drive sales, partnerships and penetrate new markets.
I look forward to your feedback on future topics for this occasional series on HCIT PR strategy and tactics.
Tags: Healthcare+Analysts, Healthcare+PR, Online+PRPosted by Shawn Whalen on April 18, 2006 at 2:30 PM
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