How to use market analysts in marketing
Market analysts are prognosticators of the future. They can identify trends, critique current market activities – including sales, products and services – and forecast specific market growth areas. Their charter is to stay on the pulse of the specific markets they serve. There are usually 6-10 major analyst firms serving most niche markets. The predictions of market analysts can have a huge impact on the credibility of a corporation and influence growth opportunities. This is why analysts are important targets for consistent communication and engagement for any company looking to launch, grow and build and maintain a strong market position.. Public relations agencies and departments usually maintain strong relationships with market analyst firms that serve clients’ markets in order to gain valuable insight into particular market segments and make analysts aware of new products and services that may affect their particular market.
So, how do you use market analyst firms for marketing?
? Make analysts a part of your market research. Analysts develop whitepapers for their specific markets which identify in-detail all the products and services offered by a company and provide evaluations and forecasts of future trends. Include this information in research and competitor analyses during the early stages of your work.
? Use market analysts for customized market research. If you’re paying a third party for unbiased research, why not utilize your market’s analysts? It will help you to build relationships with them, help them build insight into your segment and your company and it is a great opportunity to get to know them.
? Contract analysts to identify and quantify new market opportunities, competitive landscapes or product/application reviews. This will help you maintain your relationship with them and keep your product or service top of mind when they research and make recommendations and issue reports.
? Many analyst firms have developed blogs, publish electronic newsletters and provide contributed articles to media outlets. They are also third party sources for the broadcast and general interest media outlets. Interact with their blogs and published media content. Often, these analyst firms are also available as speakers for your corporate events.
Analysts are very influential and can have a direct impact on your company’s business. This is why it is so important to develop an ongoing marketing/relationship market analyst program. A good public relations agency already has relationships with analysts in place so your company can educate and find leverage with this important influential group.
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