How expert network companies boost your business strategy

| January 7, 2022

When it comes to making high-stakes business decisions, you can never be too informed. However, getting information about highly niche, industry specific subject matter is rarely easy. Expert network companies can help you access insights that more general market research surveys or panels miss out on. Using  expert networks wisely can shape your business strategy by giving you the actionable insights you need to make the best decisions possible.

 


Why should you consider expert network companies?

Expert network companies curate subject matter experts who have niche knowledge specific to your business needs. Other common research techniques like focus groups or panels can be helpful for B2C insights. However, they aren’t as strong when it comes to connecting businesses with experts to help answer niche business questions. Expert networks, on the other hand, are designed with B2B research in mind.

Hiring independent consultants is a common method for getting high-quality insights. However, expert networks have the advantage of curating their experts before you come to them for help. This takes away the guesswork and lengthy process of finding qualified consultants. With an expert network, you know you’re getting highly qualified professionals from the very beginning.

When should you consult with an expert network?

Regardless of the industry you’re in or the problems you’re trying to solve, an expert network can help guide you through your most important business decisions.

Product development

Product Development

Say a major tech company is considering a new SaaS cloud solution for their enterprise customers. Before they start development, they need to first validate their customers’ pain points and needs. The CTOs and other IT directors whose insights they need probably aren’t easy to find on consumer market research panels. Instead of wasting time looking there, or limiting their consultation to existing customers, the company should consider looking at expert network companies instead.

By consulting with an expert network, the tech company could conduct extensive interviews with the very professionals who have the deepest working understanding of the current state of cloud services. This is why Microsoft turned to NewtonX when they were developing a new cloud product using Azure Cloud Services. We helped them reach the exact power users and decision-makers whose insights could help reshape their product strategy development.

Voice of customer

Voice of Customer

Whether you’re developing a new product or considering entering a new market, understanding the pain points and needs of your customers is essential. However, for companies selling to niche executive audiences, actually reaching their customers isn’t as simple as hiring a market research company to organize a focus group. Expert network companies can help.

For example, NewtonX once worked with a prominent ad tech company that needed to hear from the niche audience of advertising and marketing professionals. Reaching this audience is difficult enough. On top of that, identifying which exact professionals were best qualified to help our client wouldn’t have been possible with other research methods. Our network put them in touch with the ad buyers and advertising and marketing professionals who could offer the freshest data and insights that truly represented the voice of their customer base.

Competitive intelligence and benchmarking

Competitive intelligence and benchmarking

If you’re running a business, it’s essential to keep ahead of the competition. To do that, you need to understand what and how well your competitors are doing. Expert networks can help you understand your competitors’ strategy and performance. These insights can inform your own strategy. In so doing, they help you get a leg up on the competition and plan for long-term success.

For example, a venture capitalist assessing a startup investment will need to understand the broader competitive market in which the startup operates. Without this understanding, they risk investing in a company that may not have the best odds for long term success. Consulting with an expert network can give the investor insights into what works in the market in question. Ultimately, this will them determine whether the startup is worth investing in.

 

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