By Peter Weddle, CEO TAtech
You see them on social media and at conferences. You may have spoken to several of them. Or, read their research reports. But, what exactly are industry analysts and what’s their role in the talent technology ecosystem. I did some research to find out.
According to the Institute of Influencer & Analyst Relations – yes, Virginia, there is such an organization – an industry analyst can be an individual practitioner or a person working in a firm who performs primary and secondary business-related research within a specific industry, in our case, talent technology.
Meet with leading talent technology industry analysts at TAtech North America & The World Job Board Forum, May 31-June 2 in Austin. Whether you’re a new version of a job board or a recruitment marketing solution with an innovative feature, whether you’re advancing the capabilities of conversational AI or pushing the envelope in programmatic ad buying or candidate management systems, if you’ve got a story to tell to top TA analysts, this is the conference for you.
More specifically, analysts:
• “routinely give advice on M&A on the vendor side and are part of due diligence for the technology users’ side.
• inform product engineering and marketing on roadmaps and positioning.
• provide guidance to communications on messaging and have the ear of vendor C-suites as they provide invaluable market insights and unfiltered feedback.
• Influence the company/brand perception to a wider audience via many routes including social media.”
How does that activity affect individual talent technology companies? Here are some examples:
• They can be an informed sounding board on the uniqueness of and potential market for a new product or product upgrade;
• They can advise on the priority of alternative product enhancements given customer needs and interests at any point in time;
• They can help mature technologies (e.g., job boards, ATS) find innovations or enhancements that will reset their image in the market and increase sales;
• They can assist with a solution provider’s position in the market by consulting on its branding and customer communications;
• They can open new business opportunities by featuring select providers in their research reports and/or including them in the recommendations they provide to employers for inclusion in their talent tech stack; and
• They can reinforce a company’s stature in the market advancing its opportunities for a merger, acquisition or investment.
What’s the best way to deal with analysts to capture some or all of those advantages? Jeff Freund of Akoonu, a pipeline review service, says the key is to show you know your product’s buyer. To convey that understanding, he suggests that you:
• Clearly articulate your target audience and market fit/need;
• Show that research-driven buyer insights have informed your solution features/capabilities;
• Be aligned with analysts’ best practices (they’re advancing in their research reports);
• Speak the same language by being current on upcoming trends; and
• Demonstrate credibility (by showing you understand buyers and the market).
In short, industry analysts are the gatekeepers to both products with power in the marketplace and buyers with an interest in those products. Whether they’re a startup or a mature enterprise, the most successful talent technology companies understand the importance of that market insight and customer access and work continuously to leverage it.
Food for Thought,
Peter
Peter Weddle is the author or editor of over two dozen books and a former columnist for The Wall Street Journal. He is also the founder and CEO of TAtech: The Association for Talent Acquisition Solutions. You can download his latest book – The Neonaissance – for free at OneStoryforAll.com. And, if you don't have time to read the entire book, just download a short excerpt of his inspiring message.