Building Your Analyst Relations Program from Scratch at Series A

Your sales team just lost a $200K enterprise deal. The buyer loved your product, the ROI was clear, and you had strong champions. But in the final evaluation, the IT leader asked: "What do Gartner and Forrester say about you?" When your rep said you're not covered by major analysts yet, the deal stalled indefinitely.

This scenario repeats at every scale-up entering enterprise markets. Analyst validation isn't just nice to have—it's table stakes for credibility with large buyers. CIOs and procurement teams require third-party validation. Being included in analyst reports shortens sales cycles and reduces buyer risk perception.

But analyst relations feels intimidating and expensive. You don't have a dedicated AR team or a $500K analyst subscription budget. You're not sure which analysts matter or how to even start the conversation.

Here's how to build an effective analyst relations program at Series A with limited resources.

Why Analyst Relations Matters for Scale-ups

Before diving into tactics, understand what analyst relations actually delivers for your business.

First, AR provides enterprise credibility. When Gartner includes you in a Magic Quadrant or Forrester covers you in a Wave report, enterprise buyers take you seriously. These reports validate that you're a real vendor worthy of consideration, not an unproven startup that might disappear in two years.

Second, AR creates inbound demand. Buyers researching solutions start with analyst reports. Being included in the right reports puts you on consideration lists automatically. You capture demand at the earliest research stage instead of fighting uphill to get evaluated after buyers already have a shortlist.

Third, AR shapes market perception. Analysts define categories, evaluate trends, and advise vendors on strategy. Good AR relationships help you influence how analysts think about your market, which shapes how buyers think about it.

Fourth, AR accelerates deal velocity. When your champion can cite Gartner or Forrester validation to their IT leader, procurement, or CFO, it removes objection barriers and speeds approval. You're using third-party credibility instead of just your own marketing claims.

Which Analysts Actually Matter for Your Business

You can't engage with every analyst firm. Focus on the 2-3 firms that influence your specific buyers and category.

For most B2B SaaS companies, the tier 1 firms are Gartner, Forrester, and IDC. Gartner has the broadest coverage and highest influence with enterprise IT buyers. Forrester focuses on business technology and digital transformation. IDC covers infrastructure and specific vertical markets. If you can only afford one firm, start with Gartner for maximum enterprise credibility.

Beyond tier 1, identify niche analysts who cover your specific category or industry. If you're in marketing technology, consider SiriusDecisions or Econsultancy. If you're in HR tech, Josh Bersin or RedThread Research. If you're in sales tech, Aberdeen or SalesLoft's research arm. Niche analysts often have deeper category expertise and more specific buyer influence than generalist firms.

Talk to your sales team about which analysts your buyers cite. Review lost deal notes. Ask enterprise prospects directly: "What research do you use when evaluating vendors in this category?" The analysts your buyers already use are the analysts you need to engage.

Start with 1-2 firms maximum in your first year. Deep engagement with two analysts beats shallow engagement with five. You can expand coverage as your budget and team grows.

The Analyst Engagement Cadence That Builds Relationships

Analyst relations is relationship-building, not one-time briefings. The best AR programs establish continuous dialogue with key analysts.

Schedule quarterly briefings with your priority analysts. These 45-minute calls update them on your product roadmap, customer wins, and strategic direction. Don't pitch or sell—educate and inform. Analysts need to understand your business deeply to cover you accurately.

Structure each briefing around three components. First, business update: recent funding, customer acquisition milestones, new leadership hires, or strategic pivots. Second, product updates: new capabilities, differentiation points, or roadmap direction. Third, market perspective: trends you're seeing, customer feedback, or competitive intelligence. Frame everything as helping the analyst understand the market, not promoting your company.

Request inquiry calls between briefings when you have specific questions. Most analyst contracts include inquiry hours where you can ask for strategic advice. Use these for market validation, positioning feedback, or competitive analysis. Analysts provide valuable outside perspective and see patterns across vendors you can't see.

Invite analysts to customer advisory boards or user conferences. This gives them direct customer access to understand your use cases and validate your claims. Analysts trust customer conversations more than vendor briefings.

Respond quickly to analyst requests. If an analyst is researching a report and requests information or customer references, treat it as priority. Slow responses or ignoring requests damages relationships and can get you excluded from coverage.

How to Get Included in Analyst Reports Without Huge Budget

The biggest misconception about AR is that you need massive subscription fees to get coverage. While analyst contracts cost $50-150K annually, you can start building AR presence before that investment.

Begin with inquiry-only contracts if full subscriptions are too expensive. These cost $15-30K annually and give you inquiry hours without full report access. This is enough to build analyst relationships and request briefings.

Some firms offer startup programs with reduced pricing for early-stage companies. Gartner's Capterra targets smaller vendors. Forrester has emerging vendor packages. IDC offers startup pricing tiers. Ask about these programs explicitly.

Focus on getting included in free analyst content first. Analysts publish blogs, conference presentations, and social media commentary that don't require formal coverage. Build relationships that lead to mentions in this content before pushing for paid report inclusion.

Provide data and research that helps analysts. If you have proprietary survey data, customer success metrics, or market insights, share them with analysts researching your category. This positions you as a valuable source, not just a vendor seeking coverage.

The First Analyst Briefing: What to Actually Say

Your first analyst briefing sets the tone for the relationship. Most companies make the mistake of treating it like a sales pitch. That fails immediately.

Start by acknowledging you're early in your analyst relations journey. Be transparent: "We're Series A, building our analyst relations program, and would love to introduce our company and learn how we can be a useful resource for your research."

Present a structured 30-minute overview. Five minutes on company background: founding story, funding, leadership team. Ten minutes on the problem you solve and market opportunity. Ten minutes on your solution and differentiation. Five minutes on customer traction: logos, use cases, success metrics. Leave 15 minutes for analyst questions.

Bring proof points, not just claims. If you say you have the fastest implementation time, show data: "Average time to first value is 14 days compared to 90-day industry standard. Here's the data from our last 100 customers." Analysts are trained skeptics who value evidence.

Ask strategic questions, not tactical ones. Don't ask "How do we get in your Magic Quadrant?" That's too direct and transactional. Instead ask: "How do you see the market for [category] evolving over the next 2-3 years? Where do you see the biggest gaps in current solutions?" This shows you value their expertise, not just their endorsement.

Take detailed notes during the call. Analyst feedback on positioning, differentiation, or market trends is incredibly valuable. Capture it, synthesize it, and use it to refine your strategy.

Building the AR Calendar and Deliverables

AR requires consistent execution, not sporadic outreach. Create a calendar that ensures regular engagement.

Your quarterly analyst briefing schedule should cover Q1 in January-February before analysts finalize their research calendars, Q2 in April-May to update on first-half results, Q3 in July-August to preview second-half launches, and Q4 in October-November to recap the year and discuss next year's strategy.

Prepare standard briefing materials that you update quarterly. Create a company overview deck: 15-20 slides covering company background, market opportunity, solution overview, differentiation, customer traction, and roadmap direction. Develop a one-page quick reference: key facts, metrics, differentiation points, and contact information. Build a customer reference list: logos, use cases, quantified outcomes—analysts need customer validation.

Track all analyst interactions in a simple spreadsheet or CRM. Document analyst names and firms, research areas, briefing dates and topics discussed, inquiry topics and analyst feedback, and action items and follow-up needed. This creates institutional knowledge and prevents relationships from falling through the cracks when people leave.

Measuring AR Impact Beyond Analyst Reports

AR delivers value before you appear in formal reports. Track these earlier indicators of progress.

Measure analyst mentions in blogs, presentations, or social media. Analysts who understand and respect your company will reference you organically when discussing market trends. These mentions build awareness even without formal coverage.

Track sales-reported analyst influence. Ask sales to note when prospects mention specific analysts or reports during evaluations. This shows which analyst relationships matter most for your buyers.

Monitor inquiry usage. If you have inquiry hours, high usage indicates sales and product teams find analyst perspective valuable. Low usage suggests you need better internal awareness of the AR program.

Survey enterprise buyers about analyst influence on their decisions. Include questions like "Which analysts or reports did you reference when evaluating solutions?" This validates which analysts drive buying behavior in your target segments.

Set realistic timeline expectations. Getting included in a major Gartner or Forrester report typically takes 12-24 months from first briefing. You need sustained engagement, customer traction, and sometimes formal product evaluation before analysts include you in competitive coverage. AR is a long-game investment, not a quick-win tactic.

The Common AR Mistakes Scale-ups Make

Avoid these pitfalls that damage analyst relationships and waste resources.

First, treating AR as a one-time briefing instead of ongoing relationship. Analysts need continuous engagement to understand your business deeply. One briefing per year isn't enough to build credibility or stay top of mind.

Second, only reaching out when you want something. If you only contact analysts when requesting report inclusion or customer references, the relationship feels transactional. Provide value to analysts through market insights, data, or helpful customer introductions even when you don't need something.

Third, overselling instead of educating. Analysts see through marketing spin immediately. Be factual, data-driven, and honest about your limitations. Analysts respect vendors who acknowledge competitive weaknesses and discuss how they're addressing them.

Fourth, ignoring analyst feedback. If an analyst says your positioning is unclear or your differentiation isn't compelling, take it seriously. They see dozens of vendors in your category and understand buyer perspective better than you do. Use their feedback to refine strategy.

Fifth, expecting immediate ROI. AR is a multi-year investment in credibility and market position. Expecting to close deals in quarter one from analyst coverage will disappoint. Build AR early, sustain it consistently, and measure long-term impact on enterprise pipeline and win rates.

When to Hire a Dedicated AR Leader

Most Series A companies can't justify full-time AR headcount. PMM or the CMO typically owns AR initially. As you scale, AR becomes a dedicated role.

Hire dedicated AR when you have $30M+ ARR and are actively selling enterprise, have budget for $200K+ in annual analyst subscriptions, are pursuing inclusion in multiple Gartner or Forrester reports, or have 3+ priority analyst firms to manage relationships with.

Until then, PMM can manage AR as part of their broader responsibilities. Budget 5-10 hours monthly for analyst briefings, inquiry calls, and relationship maintenance. This is manageable within a PMM's existing workload while building the foundation for future dedicated AR investment.

Start building analyst relationships now, even if you don't have budget for full subscriptions or dedicated headcount. The relationships take time to develop. Beginning at Series A means you'll have established credibility and coverage by the time you're selling significant enterprise deals at Series B and C.

Strong analyst relations programs don't happen overnight. They're built through consistent engagement, authentic education, and long-term relationship investment. Start small, focus on the analysts who matter most for your buyers, and build systematically from there.