How do you balance the need for transparency and confidentiality when sharing information with analysts?

When researching what analysts to work with, look not only at their company but also their own work. Try to obtain samples of their work to understand what other competitors they cover and the tone. This way you can determine if they might be coming into the conversation neutral or biased. That will help adjust the approach you may want to take in establishing rapport.

You always need to know the "why" before you engage in AR activities. Are you briefing to educate an analyst? If so, what's their current level of understanding? Fine-tune your message to meet them where they are. Are you doing an inquiry with an analyst for strategic guidance on your roadmap? If so, make sure the analyst understands the purpose of the conversation so they can best advise you. Are you doing a strategy day with an analyst to both influence them AND get strategic guidance? Then hone in on the specific messages you want them to walk away with and figure out how to deliver those most effectively in the short time you have together. Whatever activity to engage in with analysts—you need to understand the "why" before you do.

If the information is shared in the context of a vendor briefing or response to an information request, assume everything shared (in documents, in discussion) could make its way into a report and/or shared during their client interactions. This is a good thing! You want analysts to mention your company / product / service to others. If the information is shared in the context of an inquiry, it typically falls under a non-disclosure agreement. That said: Do mark documents “Company Confidential” and respect the agreements your company has in place with others. For example, if your customer does not permit your affiliation to be shared publicly, avoid mentioning them by name to analysts.

Analyst inquiries are usually under NDA. So you can and should feel confident in sharing confidential information with analysts as necessary. HOWEVER, it's always best practice to note both visually (on a slide) and verbally before you share that this is confidential information. Analysts want to be able to share what they know with other people, but they also know they can't disclose confidential information. So make their lives easier by explicitly telling them what they CAN share and what they CAN'T share. You want them talking about you, and you want them excited about what you are working on—so share away, just make sure you're defining what's what along the way.

Clearly define guidelines for sharing information with analysts. Establish a framework that outlines what information can be shared openly and what should remain confidential. Ensure that all team members understand and adhere to these guidelines.

I agree with all the above as core to the ‘how’, but in my experience the most important consideration is the ‘what’. The type of information you share should map to 1/ the maturity of your relationship with the analyst, and 2/ the maturity of their knowledge about your products and services. For example, in early stage relationships you may decide to share some proprietary data (internal research, anonymised customer anecdotes etc.) to underpin your vision and strategy. In later stage or more mature relationships it might make more sense to be a bit more candid and talk about unexpected challenges and how you plan to overcome them. In short, this is a big question which needs a nuanced approach.

I am in the mindset of sharing more with analysts is usually a good thing, if you are confident in your what you're sharing or the feedback you're seeking. For example: if you want an analyst's feedback on a product feature before your team builds it, they're going to need a lot of accurate information to give you *good* advice. If you withhold from them, they will be advising you based on incomplete info—which won't be great advice. So rather than sharing publicly-available information with analysts only (they can find this themselves), get into the conversations you're having internally with them. They can provide a great third party sounding board and advise your strategy—but only if they are armed with good info.

If necessary, implement non-disclosure agreements. They are legally binding individuals to keep certain information confidential. This can provide an additional layer of protection when sharing sensitive data.

I would recommend you sharing all that you can until you are bound by NDA's with third parties. Until you share everything possible in the most transparent way you will never be able to impress Analysts, will not get the right advice and your value proposition will not look appealing. Net result - no way you will get the desired results. Just consider them your colleagues and well-wishers and go for it.