Planning a yearly marketing budget is no easy task, especially during this tumultuous year where we’ve already witnessed a fundamental shift in how companies prioritize their expenses to align with core priorities and business goals.
B2B tech companies have had to dramatically adjust their marketing spend with a reduction in the number of trade shows, customer experience conferences and new product launches. With these traditional costs no longer on the books, it’s time to shift priorities and start introducing analyst relations into your marketing budget.
An analyst relations strategy is an integral part of any B2B technology company’s communications approach. In fact, over 80% of buyers cite analyst reports and private analyst consultations as the top drivers in their purchasing decisions.
Here’s why you should invest in analyst relations during a time when marketing budgets are being cut:
Analysts know the industry landscape better than anyone else
Everything that happens in your business’ industry will shape how your company operates during this difficult time. Analysts know your company’s industry inside out and are knowledgeable on how the landscape is shifting. They’re interacting with your core customers, potential investors and future employees. This industry knowledge is invaluable as you look to remain aware of competitor moves and innovation. The more you know about what’s happening in your industry, the better advantage you have.
If you’re not growing with the pie, you’re losing your share
As the tech industry continues to grow at a rapid speed, more players are entering each space – having a greater market share is critical to stand out. To successfully sell and market your product or service, you need to run a substantial market analysis on your competitors and customers. Analysts can help you grow your company by sharing insights into key economic trends, competitors, ongoing market trends, traits of your customers and assets to make better decisions for your business. This allows you to direct your CEO on where your company stands in the market and how you can stand out among your core competitors.
In an evolving tech industry, analysts help you grow your product or service
It’s no surprise that the SaaS industry is evolving at a rapid speed. In fact, the Global SaaS installed cloud workloads are expected to reach 380 million by 2021. With this industry booming, companies must have a pulse on emerging technologies to identify new ways to expedite their software development process. If you’re not exposed to the direction of each evolution in the space, you’re already behind. Analysts provide insight into process changes, products, services, software and hardware to improve efficiencies, and help add value and plan your product roadmap for 2021 with an eye on innovation.
When reevaluating your company’s marketing budget for 2021, determining if an analyst relations strategy is right for your company should be a top priority. Committing to an AR program now will position your company to come out stronger in the years to come.