Forrester analysts are evaluating your market–are you ready to make waves? Gartner’s Magic Quadrant isn’t the only landmark vendor evaluation among the FIGs (Forrester, IDC, Gartner). IDC has a MarketScape and Forrester has a Wave. As a firm, Forrester are known for their obsession with customer satisfaction and customer experience. It’s also the FIG most known for spotting market trends and emerging technologies. Both of these aspects are reflected in their Forrester Wave methodology.
What is the Forrester Wave?
As the trend spotting firm, the Forrester Wave typically covers software and digital transformation categories. The Wave graphic maps vendors based on their current offering (x-axis) and strategy (y axis), with a third dimension, the size of the dot, being customer feedback as of 2024. Previously, this was market presence i.e. market share. Vendors are categorised into leaders, strong performers and contenders. Interestingly, Forrester removed the challengers category in 2024, reflecting its commitment to include only the top players in a given market and streamline its rankings.
One of the Forrester Wave’s standout features is its granular, weighted scorecard, which offers transparency uncommon in other evaluations. Buyers and vendors alike gain a clear view of strengths and weaknesses, broken down into specific criteria. This makes the Wave more than just a visual ranking—it’s a detailed guide to help decision-makers align vendors with their needs. To enhance this, Forrester provides an interactive vendor selection tool for buyers to adjust weightings based on their priorities. However, vendors should note that these weightings are not disclosed during the RFI process, leaving some mystery during preparation.
What is the impact of the Forrester Wave?
The Forrester Wave isn’t just a ranking; it’s a comprehensive evaluation that helps vendors refine their strategies, validate their market position and gain visibility among key buyers. Whether you’re a leader or a contender, participating in the Wave is an opportunity to learn, grow and leverage Forrester’s influence to your advantage.
Even if you’re a small player that won’t make it into the leader category, participating in the Wave will benefit your business. Internally, you can glean insights from the Wave report, such as areas to improve your offering or new ways to differentiate yourself in market. The report also provide a competitive benchmark, allowing you to see where you fit in the market versus your competitors, which can be useful for goal setting or for convincing investors of your viability. Externally, the Wave can boost your market credibility as third-party validation of your product superiority. By featuring, you’re more likely to be recommended by analysts in end-user inquiries and some companies will automatically add you to their procurement shortlist. It can also have a direct impact on sales, if you purchase reprint rights for the report and gate it as a lead generation engine on your website.
What does participating in the Forrester Wave look like?
To maximise your outcomes, start by getting on the analyst’s radar early. Seek feedback from analysts on how your offering stacks up and where it can improve. Internally, ensure your subject matter experts are ready to craft clear, compelling responses to the RFI and deliver an impactful product demo. Preparation isn’t just about the process—it’s about positioning yourself as a strategic player in your market.
Participants in the Forrester Wave must meet rigorous requirements and showcase their value. Once you’ve been invited to participate, the process begins with a detailed questionnaire covering product features, roadmap and market positioning. Vendors then deliver a product demo aligned with Forrester’s evaluation criteria and a vendor briefing to share more about their product capabilities and strategy. Finally, they must provide customer references, offering analysts real-world perspectives on satisfaction and impact. Unlike Gartner’s approach with Gartner Peer Insights, Forrester prefers to contact references directly. Each step directly influences the final evaluation, so preparation and a customer-focused approach are essential.
At Starsight, we specialise in helping vendors navigate analyst evaluations like the Forrester Wave. From building relationships with analysts to fine-tuning your messaging and ensuring your responses stand out, we’ll give you the edge needed to make waves in your market.
Ready to make an impact? Let’s talk about how we can support your journey to success in the Forrester Wave.
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