We have identified over 40 key issues that analyst contract managers at vendors (e.g., analyst relations, market research and competitive intelligence) need to be aware of when buying and using services from the IT industry analysts. In this post we list out the Top 5 Mistakes that buyers of analyst research commonly make.
5) Not determining the firm’s commitment to the research topic
4) Falling into “contract renewal trap”
3) Expending too much energy on obtaining incremental discounts from the Big Two (i.e., Forrester and Gartner)
2) Purchasing the premium version of a service, when the basic version would suffice (e.g., Gartner for Business Leaders versus Core Advisor)
…and the number one worst practice is
1) Not doing the necessary homework to gather all the required information about needs and past usage before speaking with the analyst firm account executive
Bottom Line: Corporate IT managers, vendor AR and market research teams can no longer afford to conduct business as usual when it comes to buying or renewing analyst firm contracts. Buyers need to take a zero-based approach to ensure that they are buying the right services from the right firms at the right price. While there is a little work involved, IT managers and AR teams can make sure that their companies are getting full business value for what they are purchasing by taking this approach.
Question: Corporate IT managers – How are the price hikes by major firms impacting your decisions about purchasing analyst services? Vendors – Do you distinguish between the need for access to influence and the need for decision making information when deciding what you buy from which firm?