Analyst relations help to develop a clear understanding within technology analysts and industry opinion leaders who traditionally consult large corporations.
It is no secret that selling to large corporate clients can be a long and frustrating process. Some of these client sectors include insurance, banking, healthcare, defence, and education. Sometimes it may be a conglomerate of clients from multiple sectors. The decision process for large corporate clients is different than small-medium enterprises. Analyst relations can make this tough and complex journey easier, even shortening the sales cycle if you engage technology analysts correctly.
Why Selling to Large Corporations Can Be Challenging?
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- The buying decision must take into consideration various factors, as different internal divisions may have conflicting agendas.
- No single person is usually responsible for decision making. Instead, decisions are handled by a committee that represents the different interests of the company.
- Decisions are generally evaluated at the lower levels of management before they are escalated to the higher levels with recommendations. The bidding procedure is strict and can take time to be processed.
- Personnel turnover is high, especially over a long period of time and thus it can be very difficult to establish a long-term client-vendor relationship.
- For large organizations, it is often less risky to choose a solution from a big well-known brand than from a small-medium enterprise that the corporate client is unfamiliar with.
- The buying decision must take into consideration various factors, as different internal divisions may have conflicting agendas.
How Can SMEs Shorten the Sales Cycle?
One of the proven ways to reduce this process is by securing a spot on the very first shortlist of companies invited to bid for a tender. The earlier you reach the initiator of the Request for Proposal (RFP), the higher your odds of winning the bid. But is it possible to create an inside understanding even before the RFP is sent out?
An effective way is “preparing homework” in advance before the RFP comes out. Instead of investing substantial and unnecessary resources to attract corporate attention, small-medium firms can instead target industry analysts in their field, and convince them that their company’s solution/capacities can best address the current needs of corporate companies. If a company can convince highly trusted industry experts, it will boost the odds of inclusion within industry analyst reports (see sample reports in the resources section). These reports are read by companies before they even submit an RFP and begin shortlisting the companies submitting an RFP.
Analyst Relations at Direct Objective
Industry analysts are bombarded with requests for briefing and do not have the time to address every company, so yes: the first impression counts. At Direct Objective, we have experience assisting technology companies in preparing for technology analyst briefings, ensuring that their innovation, differentiation, and ability to execute will be clear, concise, and enlightening for the industry analysts.
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Contact Direct Objective today for help with analyst relations with technology analysts. We can shorten the sales cycle and secure a prosperous future by putting you in the spotlight of large corporate clients.
