How do you communicate product changes and updates to analysts effectively?
Analyst relations (AR) is a strategic function that helps companies build credibility, influence, and trust with industry analysts who cover their markets, products, and competitors. Analysts can provide valuable insights, feedback, and validation for product development, positioning, and messaging. However, communicating product changes and updates to analysts effectively requires careful planning, preparation, and follow-up. Here are some tips to help you do that.
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Amy FlécherVP Global Corporate Communications & Marketing | Build Reputation | Global Communications & Marketing Strategy |…
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Celeste WhiteGlobal Vice President and Head of Analyst Relations | Blue Yonder | Digital Transformation Enthusiast | Leveraging…
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Simon JonesEmbracing innovation and disruption in stakeholder engagement | Senior AR Leader | Managing Partner at Destrier
Before you reach out to analysts, you need to understand who they are, what they care about, and how they prefer to communicate. Research their profiles, publications, and social media to learn about their areas of expertise, interests, and opinions. Segment your analyst list by relevance, priority, and influence, and tailor your messages and materials accordingly. Use the appropriate channels and formats to deliver your product updates, whether it is email, phone, webinar, or briefing.
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Select a particular area of expertise for the analyst and customize the communication accordingly. Are they specialists in a specific industry? Highlight how the new feature benefits customers in that particular segment. Did they previously mention any specific insights about the feature? Refer back to our conversation, providing tailored messaging that demonstrates attentive listening. Personalized communication and evidence of genuine engagement are greatly valued by analysts.
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Communicate product changes and updates to analysts effectively by crafting concise and informative briefs or presentations. Highlight key enhancements, their impact on the market, and potential implications for stakeholders. Use data and examples to illustrate benefits, address concerns, and foster understanding, ensuring clarity and transparency in your communication.
Analysts are busy professionals who receive a lot of information from vendors and clients. To capture their attention and respect, you need to be clear and concise in your communication. Avoid jargon, hype, and vague claims. Focus on the key benefits, differentiators, and use cases of your product changes and updates. Provide relevant data, evidence, and customer stories to support your points. Use visuals, such as screenshots, diagrams, or videos, to illustrate your product features and functionalities.
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Dedicated newsletters are still an effective way of communicating information to analysts (don't put them on your customer mailing list!). Ideally, you'll be sharing information with them ahead of the announcement date, so there's no surprises. You will also have done message testing with a handful of T1s.
Analysts are likely to have questions or concerns about your product changes and updates, especially if they affect their existing assessments, recommendations, or forecasts. To prepare for these scenarios, you need to anticipate and address the most common or critical questions that analysts may have. For example, you may need to explain why you made certain changes, how they impact your product roadmap, or how they compare to your competitors. Have clear and consistent answers ready, and be prepared to provide additional details or references if needed.
One of the main goals of communicating product changes and updates to analysts is to seek their feedback and input. Analysts can offer valuable perspectives, suggestions, and critiques that can help you improve your product quality, strategy, and positioning. To encourage their participation and engagement, you need to ask open-ended and specific questions, listen actively and respectfully, and acknowledge their contributions. You also need to follow up with them promptly and regularly, and show how you have incorporated or addressed their feedback and input.
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Beyond simple product updates lies a strategic opportunity: to cultivate collaborative partnerships with industry analysts. These partnerships transcend mere information provision; they empower analysts to become invested co-pilots on your product's journey. Proactive Engagement fosters trust and builds buy-in by granting analysts early access to product updates. This preemptive approach allows them to contribute valuable insights while shaping the future direction of your offering. Customize your communication to resonate with each analyst's specific focus and areas of expertise.
Analysts may want to experience your product changes and updates firsthand, either by testing them themselves or by seeing them in action with real customers. To facilitate this process, you need to provide access and support to analysts who are interested in your product. You can offer them free trials, demos, or sandbox environments where they can explore your product features and functionalities. You can also connect them with your product managers, engineers, or customer success teams who can answer their technical or operational questions.
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There is a triangle of most critical components in analyst relations: Relationships, transparency and access- all are equal. The access to the right product teams, technology evangelist and management during changes will enable a stronger transition. Also- get their feedback and use it in your development, tweak and transition phases for that product. They know your customers, competitors, suppliers and market.
Finally, you need to demonstrate the value and impact of your product changes and updates to analysts. You need to show how your product solves real problems, delivers real benefits, and creates real value for your customers and your market. You can use metrics, testimonials, case studies, or awards to showcase your product performance, customer satisfaction, and market recognition. You can also share your product vision, goals, and roadmap to highlight your product innovation, differentiation, and potential.
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I think it's important to keep target analysts up to date on product changes and new developments. However, I find it's more compelling for analysts when there are use cases demonstrating the value and impact of these to share. To achieve this, I recommend updating analysts (likely via email or inquiry if possible) when product changes go-live, and briefing analysts when there are case studies prepared to highlight the real benefits.
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