TL;DR: Investors are increasingly pushing B2B technology start-ups towards analyst relations but pressure to act can lead to poor decisions. Start-ups get more from AR when they match investment to capacity, build relationships over time and listen before pitching. True analyst relations success is more nuanced than coverage or Magic Quadrant inclusion. It’s from stronger positioning, better product decisions, buyer influence and go-to-market insight. The right time to start depends less on funding stage and more so on your ability to dedicate time and seriously respond to analyst feedback.
5 things start-ups GET WRONG about analyst relations.
Ex-Gartner analyst Michael Warrilow recently started a conversation on LinkedIn about analyst demand amongst investors –and it’s real. The comments confirm that investors are keeping tabs on industry analysts and view them as experts and influencers in B2B technology. Last month, we also saw the resurfacing of a post from venture capital firm Andreessen Horowitz where they argued that analysts shape enterprise buying, provide candid product feedback and strengthen credibility in important deals. It also presented AR as a programme that should develop alongside enterprise sales maturity, rather than as a late-stage response to being excluded from a Gartner Magic Quadrant. The article is well worth a read for any start-up considering an analyst relations programme.
We see start-ups make the same analyst relations mistakes repeatedly. They spend too much, expect results too quickly and approach analysts before their story is ready. When those choices fail, the CEO often comes to the wrong conclusions. Usually, AR has not truly failed, but a misaligned programme will never deliver results. Here we outline 5 mistakes we see start-ups make to help you identify if you’re on the wrong track.
#5: Buy a research subscription without a plan.
Your first AR investment should not automatically be an expensive analyst subscription. Subscriptions can provide valuable research, analyst access through inquiries and strategic guidance. But they also require a major time investment to see results. Without it, the subscription becomes another unfulfilled line –a bit like your gym membership. Plenty of start-ups let this happen, we even helped one client increase their Gartner subscription usage by 160% in one year by simply showing them the value of analyst inquiries and dedicating the time.
Many start-ups fail to understand that the Gartner Magic Quadrant is a journey, not a pay-to-play transaction. They buy access because they want one specific outcome: inclusion in a Magic Quadrant. They then discover that analysts are not pay to play and that a subscription does not buy coverage, change inclusion criteria or move a dot. Frustration follows because the purchase was built around an outcome the analyst firm never promised. A subscription may help you understand the MQ process, but it cannot replace the underlying proof.
Instead, right size an analyst ecosystem which can support you. Independent analysts often provide greater access, narrower expertise and more relevant early-stage feedback. There is a long list of firms beyond Forrester, IDC and Gartner (the FIGs). And with the rise of AI, those open-source analyst firms are seeing more traction than ever. The right analyst for your business is the one influencing your category and buyers, not necessarily the one working for the largest firm.
#4: Treat analyst briefingS like a one-night stand.
Analyst relations fails when start-ups treat it as a one-off campaign. A single briefing may start to create awareness, but it’s rarely enough to have an analyst recommend your product to buyers. Analysts cover crowded markets and hear competing claims every week. To get remembered, you need evidence, progress and a consistent point of view.
Relationships compound when your business gives analysts something new to assess. Maybe it’s customer traction, a unique POV or a meaningful product change. Regular updates show that your strategy is moving and your claims survive contact with the market. Random bursts of activity followed by silence do the opposite.
A recommendation is earned through credibility, not enthusiasm. The most valuable analyst outcome is not a pleasant meeting. It is an analyst recommending your company when a buyer asks which vendors deserve consideration. That will not happen until you convince them over time with your positioning, evidence and delivery that you belong on the shortlist.
#3: Pitching before listening.
The best start-ups use analysts as an early warning system. A former Forrester representative once told us that UiPath began engaging analysts when it had only 4 employees. They didn’t demand coverage or validation. They wanted to listen, improve the product and sharpen the company’s position. And, as history shows, it worked. For instance Gartner analysts predicted user consent was going to be a key trend in AdTech way before the Apple ITP debacle impacted the industry via the demise of third-party cookies.
Analyst feedback is also one of the best insurance policy for competitive product positioning. Analysts are great at picking up weak signals as they hear from all sides –including questions buyers ask during inquiries. They understand where your category is confusing, which claims lack credibility and how competitors frame the problem. Their feedback can help improve your messaging, roadmap, product/market fit and go-to-market strategy before those weaknesses become costly mistakes. One Starsight client was struggling to communicate their value proposition until a senior GigaOm analyst succinctly articulated it in just 4 words during one of their first vendor briefings. As a fast-moving start-up, their sales decks, website and social media were promptly updated with this newfound clarity.
Analysts also have an acute BS-detector honed from 100s of vendor briefings. Some of our clients successfully test their messages using our standard Starsight campaign framework and position themselves to address not only competitors but also target white space. One healthcare client completely revamped its positioning after a few briefings, a secure cloud vendor got German analyst firm BARC to audit its new messaging and website before a relaunch whilst a security vendor commented analysts help them be better in front of clients.
#2: Assuming coverage is the only marker of success.
Start-ups often expect analyst coverage immediately. They measure success through mentions, report inclusion and logos they can place in an investor deck. Those outputs matter, but they are only one part of AR. They can also arrive long after the programme has started creating value elsewhere: insights as above but also buyer recommendation and industry advocacy.
Measure AR through business impact, not publicity alone. Look for improved positioning and market authority, stronger sales confidence and better product decisions. Track analyst involvement in deals and win-loss conversations where possible. The goal of an AR programme is not to manufacture coverage; it is to create a business environment conducive to business. For instance an overlooked impact is through market shares as we explain in this blog post –to make buying simpler through comparisons, establish a standard features benchmark or demonstrate growth prospects to investors via a TAM.
It’s easy to task your analyst relations function to deliver more briefings, but that can lead to fewer outcomes. Like we said earlier, analysts are rarely convinced by a single briefing. Strong analyst relations programmes prioritise depth over breadth. The coverage will follow but you’ll soon realise it’s not the best outcome of your AR programme.
#1: Not seeing analysts as a go-to-market play.
Analysts are not journalists waiting for your next announcement. They advise buyers, shape categories and test vendor claims against market evidence. They can influence the problem definition, longlist, shortlist and final validation stages. That makes AR part of your go-to-market strategy, not just a branch of PR.
Your sales team should know what analysts think. Analysts are part of the sales spaghetti monster. Repeated analyst questions often reveal the objections buyers will raise later and positive comments can strengthen sales enablement when used accurately and within licensing rules. Make sure your sales team are tuned in.
Your product team should also hear the uncomfortable parts. Analysts see patterns across customers, competitors and adjacent categories that individual vendors cannot. They will not always be right, but their perspective is unusually broad. AR creates value when those insights reach the people making roadmap and positioning decisions.
The biggest risk is not starting early enough.
There is no optimal funding stage for a start-up to initiate a formal analyst relations programme. A seed-stage B2B tech start-up may be ready, while a Series C vendor might still lack structured product marketing or other functions. We often see European start-ups lag behind their US counterparts, leaving the floor to their competitors to shape analyst perception in their market category.
Readiness for an analyst relations programme depends on evidence, relevance and realistic expectations. It’s clear that the strongest candidates for an AR programme sell B2B technology or IT services, are expanding into larger enterprises or international markets and have enough bandwidth to brief analysts, act on feedback and complete RFIs properly.
Analysts need referenceable customers, credible use cases and a clear roadmap. Your category must also matter to their clients because analysts follow buyer demand, not vendor ambition. Without those conditions, AR can still provide insight, but flashy wins are unlikely.
Analyst relations delivers best results for a start-up when spend, timing and expectations align. Investor pressure should not push you into an oversized subscription or a rushed Magic Quadrant campaign. Start with the right analysts, listen before seeking validation and build trust through consistent evidence. Get in touch if you want to avoid these pitfalls and build an AR programme that delivers all 4 impacts of analyst relations.
Read the latest Starsight Transmissions.
- Analyst relations: the discipline investors now mandate for their B2B tech startups portfolio.
- The new analyst relations frontier: AI authority.
- 5 Problems start-ups face when they start briefing industry analysts.
