The analyst relations (AR) function is undergoing a fundamental transformation. Once dominated by a handful of large research houses, such as Gartner, IDC and Forrester, the market now features a spectrum of independent analysts and influencers. The fast-paced nature of the tech industry, its speed of change, the relentless competition and ubiquity of technology, make it a challenging sector for AR practitioners to manage. But perhaps more tricky for AR pros is the dirty little, not so secret “pay-to-play” and influence peddling services that permeate the analyst business today, creating a caveat emptor dynamic that forces IT decision makers to be circumspect about strong opinions that are not backed by data.
In this Breaking Analysis, we explore these themes with Erin Zehr, an analyst relations and comms pro who successfully led Dell’s AR function to become a best in class service within the technology industry.
Watch the full conversation with Erin Zehr:
The Evolution of AR
Analyst Relations (AR) once occupied a narrowly defined niche, confined primarily to major industry research firms such as Gartner, and on a more limited scal, IDC and Forrester. However, the landscape has shifted dramatically over the past decade. Rapid technological change, more accessible data, podcasts, the rise of independent research analysts, and the advent of influential social media commentators have all created an environment where AR professionals must adapt or risk becoming obsolete. The conversation with former Dell AR lead, Erin Zehr, offers a unique vantage point on how the modern AR function can remain relevant and even thrive in this era of unprecedented transformation.
This analysis synthesizes Ms. Zehr’s insights on a wide range of topics, including the blurring lines between AR and corporate communications, the influence of independent analysts and influencer figures, and strategies for maintaining trust in a hyper-competitive tech environment. We believe Ms. Zehr’s perspective is particularly valuable given her previous AR experience. Through this lens, her recommendations could be instructive for AR teams everywhere—especially those looking to evolve their function beyond its traditional guardrails.
Assessing The Old Guard Analyst Firms
Somewhat ironically, ETR tracks spending on syndicated services from Gartner, IDC and Forrester. The total available market for such services ranges by our estimates between $10B – $15B depending on what’s included. Gartner is by far the leading player in this space, capturing between 30-50% of the overall opportunity. Below is a profile of the spending breakdown for Gartner.
Spending Profile for Gartner Services
The above graphic shows the spending intentions of IT decision makers (ITDMs) at roughly 150-200 firms. The colored bars indicate the spending intentions within those accounts as follows:
- The light green is the percent of accounts that are new logo additions.
- The forest green shows the percent of accounts spending 6% or more on Gartner services.
- The gray is flat spending (+/- 5%).
- The pink is spending down 6% or worse.
- The Red is churn.
The blue line represents the Net Score, calculated by subtracting the reds from the greens. At 16% it’s an indication of a mature industry, where growth generally relies on average contract value increases as opposed to new logo growth. Nonetheless, Gartner has a great business with annual revenue in excess of $6B and operating margins in the low 20% range.
How the Big 3 Analyst Firms Compare
The following graphic compares Gartner to IDC and Forrester.
The data shows Net Score on the vertical axis with the horizontal axis showing Overlap or penetration for these firms within the 1,372 accounts shown in the Filtered N. The data indicates that a little more than 10% of those accounts have Gartner syndicated services with Forrester and IDC showing much lower penetration. As well, none of these firms are considered elevated on the Y axis as shown in the upper right table. Note all three are in the “red zone,” with Gartner the only one with a double digit Net Score.
Blurring Lines Between Analyst Relations and Corporate Communications
Context
Historically, AR and corporate communications (often referred to simply as “comms”) have been siloed functions. AR professionals focused on briefing industry analysts, building quadrant and wave strategies, and positioning their organization favorably within research reports. Corporate communications, on the other hand, handled press releases, media engagements, crisis responses, and overall brand messaging. Today, as Ms. Zehr’s experience suggests, these boundaries are no longer so clear.
Analysis
We believe the blurring of traditional AR and comms silos is driven by at least three factors:
- Overlapping Audiences: Analysts and media influencers increasingly follow each other’s channels, participate in the same social media debates, and engage with the same enterprise thought leaders. This overlap creates a need for a cohesive strategy ensuring that messaging remains consistent across both external analysts and broader media outlets.
- Rapid News Cycles: The pace of technology news often means that an event or product launch can instantly become a topic of discussion among traditional analysts, independent bloggers, and mainstream journalists. According to Ms. Zehr, AR professionals can no longer afford to work in isolation when speed and brand consistency are crucial.
- Credibility and Thought Leadership: Modern AR teams must project an authoritative voice that resonates across multiple platforms—platforms that were once the exclusive domain of corporate communications. By collaborating with communications teams, AR practitioners can amplify thought leadership content, position executives more strategically, and increase visibility in ways that purely analyst-targeted efforts could not achieve.
Forward-Looking Perspective
Analysis of current trends suggests that modern AR professionals should embed themselves within corporate comms workflows. This means aligning on editorial calendars, PR messaging, social media strategy, and crisis response protocols. In Ms. Zehr’s view, early integration of AR into broader communications planning helps avoid contradictory messages and missed opportunities for cross-pollination. We believe that, moving forward, AR practitioners who excel in basic comms skills—such as media pitching, brand storytelling, and content creation—will stand out.
Engaging Independent Analysts and Influencer Figures
Context
Technology is no longer a niche. It spans virtually every industry from retail to healthcare to finance. As a result, a new wave of influencers and independent analysts has emerged—individuals who may not work for a large research firm but nevertheless command attention through platforms like Twitter, LinkedIn, podcasts, and YouTube. Sarbjeet Johal and our own theCUBE Research exemplify this phenomenon. As to many others such as Maribel Lopez, Bob O’Donnell, Zeus Kerravala, Tim Crawford, etc. While they may not hold the same institutional weight as Gartner or IDC, they are typically more nimble, often better connected and have command of their respective domains. As well, their audiences can be highly engaged and influential.
Analysis
We believe that expanding the scope of AR to include these emerging voices is both necessary and beneficial. Ms. Zehr highlights key strategies for engaging independent analysts and influencers:
- Credibility Through Authentic Engagement: Rather than delivering the same polished briefing deck used for traditional analysts, AR teams should adapt messaging to the influencer’s context. Independent analysts often prioritize candid conversations, real-world customer stories, and insight into how a product addresses specific market pain points.
- Long-Term Relationship Building: In our opinion, transactional relationships—such as one-off briefings—are less effective with independent analysts. They rely heavily on trust and authenticity. Ms. Zehr points to consistent dialogue, open communication channels, and timely updates as ways to foster meaningful connections.
- Co-Created Thought Leadership: Many independent analysts produce regular podcasts, blogs, and video content. AR practitioners can offer access to subject-matter experts, proprietary data, or exclusive insights. This arrangement benefits both sides: the influencer gains unique content to serve audiences, while the brand aligns its name with a recognized voice in the tech community. There’s no question that Breaking Analysis has benefitted from this approach over the last five years, with audience engagement in the top 25% of all podcasts.
Forward-Looking Perspective
Our conversation and observations indicates that as technology markets become more crowded, voices that offer a mix of technical depth, business strategy, and “insider” perspective are extremely valuable. In Ms. Zehr’s opinion, ignoring these voices leaves a gap in market perception. In our view, the next wave of AR success will hinge on a programmatic approach to cultivating these new influencers, complete with consistent outreach, co-marketing opportunities, and integrated campaign planning.
Keeping Pace with Accelerating Technological Change
Context
Technology evolves at breakneck speed, with new trends like GenAI, edge computing, and multi-cloud architectures emerging rapidly. This dynamism places significant pressure on AR practitioners to remain informed, update messaging quickly, and respond nimbly to shifting market narratives.
Analysis
We believe Ms. Zehr’s emphasis on staying “ahead of the curve” highlights the following strategies:
- Cross-Functional Collaboration: AR cannot act as an island. Regular updates from product management, R&D teams, and marketing leadership are vital for accurate messaging. Ms. Zehr advocates weekly or bi-weekly syncs to track progress on key product roadmaps and incorporate product evolution into analyst engagements in real time.
- Trend Spotting and Data Analytics: Many AR teams rely heavily on manual processes and anecdotal feedback. However, the data suggests that adopting analytic tools—such as social listening platforms, AI-driven sentiment analysis, and real-time market intelligence—can help AR practitioners detect emerging shifts in language, sentiment, and competitor positioning far earlier.
- Agile Briefing Materials: Traditional briefing documents can become outdated within weeks. Ms. Zehr advises creating “evergreen” briefing modules that can be quickly customized with the latest product specs, metrics, or case studies. In our opinion, the agility to pivot messaging on short notice can be a key differentiator.
Forward-Looking Perspective
As the technology landscape further expands, the complexity of topics that AR must master will only grow. We believe AR teams should institutionalize a practice of ongoing training—both internally (product deep dives, technical workshops) and externally (partner briefings, analyst feedback loops). Ms. Zehr’s experiences suggest that making AR more future-ready involves adopting methodologies typically associated with product teams, including sprints, backlog prioritization, and frequent retrospectives
Measuring and Sustaining Trust with Analysts
Context
In an environment where trust is as valuable as revenue, AR teams bear responsibility for consistently communicating their organization’s vision and strengths to analysts. Trust is built over time, but it can be eroded quickly by contradictory messaging, unsubstantiated claims, or missed deadlines. One challenge is AR must be a vocal advocate for its company’s brand and strategy. When there are weak points in the company’s portfolio or other challenges, AR must both defend the company but also maintain credibility with analysts. This is where deeper relationships come into play as trust is built through honest conversations.
Analysis
We believe the concept of trust in AR should be approached systematically, employing both qualitative and quantitative metrics:
- Feedback Loops: Analysts often provide “off-the-record” commentary about how a company’s messaging aligns (or fails to align) with market realities. In Ms. Zehr’s opinion, AR professionals should treat such feedback as a gift to refine messaging, not a threat. Formalizing a mechanism to capture and address analyst feedback fosters transparency and reliability.
- Data-Driven Validation: To earn credibility, Ms. Zehr recommends backing claims with data—be it product performance metrics, third-party endorsements, or customer case studies. In our view, analysts are more likely to endorse a brand’s perspective if they see evidence of real outcomes.
- Consistency of Engagement: AR teams that vanish until the next major product release lose momentum. History suggests that consistent, proactive engagement—offering updates even when no major announcements are imminent—signals openness and honesty. Ms. Zehr emphasizes that analysts appreciate being kept “in the loop” on product or strategy shifts, even if details are still evolving.
Forward-Looking Perspective
In our opinion, technology vendors must build a durable reputation for accuracy and follow-through. Ms. Zehr’s experience at Dell demonstrates that trust is cultivated by exceeding analyst expectations with timely, well-substantiated updates. Going forward, AR practitioners should adopt internal Key Performance Indicators (KPIs) around trust—perhaps measured through surveys, post-briefing feedback forms, or net promoter-like metrics. This not only clarifies AR’s value to executives but also helps identify potential areas of improvement.
Fostering Cross-Functional Relationships
Context
Analyst Relations teams often find themselves “translating” technical jargon into strategic narratives. This role requires them to interface with various internal teams: product management, product marketing, executive leadership, and sales. Ms. Zehr underscores the fact that AR’s influence is amplified when it is well-integrated within an organization.
Analysis
We believe the key to effective cross-functional collaboration lies in establishing clear roles, setting expectations, and creating channels for timely knowledge transfer:
- Product Marketing Alignment: AR can shape go-to-market strategies by relaying feedback from analysts about messaging gaps or features that resonate most with buyers. In turn, product marketing teams supply AR with detailed specs, roadmaps, and product differentiators that can be communicated externally.
- Sales Enablement: According to Ms. Zehr’s experience, well-articulated analyst endorsements and positive rankings can be pivotal in closing deals. AR teams can package this material for the sales organization, giving them valuable proof points to share with prospective customers.
- Executive Sponsorship: AR practitioners should have regular touchpoints with executive leadership to ensure the corporate vision is correctly conveyed to analysts. Conversely, executives can learn from AR’s market insights to shape product direction and future business strategies.
Forward-Looking Perspective
We believe strong cross-functional relationships are a hallmark of mature AR programs. Ms. Zehr’s results suggest that forging these connections early—ideally during product conceptualization—enables more consistent messaging throughout a product’s life cycle. Future AR leaders should prioritize internal governance structures, such as AR committees or multi-team councils, to maintain alignment and swiftly resolve conflicts in positioning.
Reporting Structure of AR
Context
The longstanding debate around whether AR should sit under corporate communications, marketing, or product continues. In Ms. Zehr’s view, there is no one-size-fits-all answer because organizations vary in structure, strategic priorities, and culture.
Analysis
We believe the optimal structure depends on the following factors:
- Nature of Products and Services: Highly technical offerings might benefit from AR being closer to product teams. In these contexts, the data suggests that speed and technical depth trump broad brand storytelling. AR must work hand-in-hand with engineers, product managers, and solution architects to build credibility with technical analysts.
- Stage of Company Growth: Smaller firms in growth mode may find it advantageous to house AR under marketing so that brand awareness and lead generation are tightly integrated. Larger enterprises can afford separate AR teams reporting directly to senior executives or even a specialized AR/PR department.
- Cultural Fit: In Ms. Zehr’s perspective, AR’s impact is best realized when the team is empowered with autonomy and direct access to executive insights. Whether that happens under comms, marketing, or product can vary. We believe the key lies in ensuring the AR function has a seat at the decision-making table.
Forward-Looking Perspective
In our opinion, organizations should periodically reevaluate AR’s position within the corporate structure, especially during major shifts like mergers, product line expansions, or leadership changes. Ms. Zehr’s experience suggests that AR is most successful when it can fluidly coordinate with every relevant internal function regardless of formal reporting lines. Achieving that fluidity often requires an executive champion who recognizes AR’s strategic value beyond just “managing analyst relationships.”
7. Guiding Principles for the Next Era of Analyst Relations
Context
Ms. Zehr describes how a legacy function can become a competitive advantage. Drawing on her experience, several guiding principles emerge that we believe will define AR over the coming years.
Analysis
- Holistic Engagement: Gone are the days when AR meant delivering a standard deck to a handful of large firms. In our opinion, future AR practitioners must cultivate relationships across a broad ecosystem of traditional analysts, independent influencers, and niche experts.
- Metrics-Driven Approach: AR must demonstrate business impact through measurable outcomes—like pipeline influence, brand sentiment improvements, or shift in analyst perception. Ms. Zehr advocates for a systematic data-driven approach to track these indicators.
- Storytelling Excellence: Analysts and influencers alike respond to compelling narratives. We believe that AR pros should refine their storytelling skills to connect market insights, customer pain points, and product benefits in a cohesive message.
- Adaptability and Agility: Whether it is adopting new collaboration tools, responding to crisis scenarios, or pivoting messaging to address emergent trends, Ms. Zehr’s experience underscores agility as a must-have AR attribute.
Forward-Looking Perspective
As the technology environment grows even more competitive, the discipline of AR will likely expand in scope. It’s almost a certainty that future AR professionals will embed analytics, advanced content strategies, and AI-enabled tools into their day-to-day processes. In Ms. Zehr’s opinion, the best-in-class programs will be those that build strong feedback loops with analysts, glean competitive intelligence from every interaction, and quickly iterate on corporate narratives.
8. The Role of AI in Analyst Relations
Context
Artificial intelligence (AI) is undeniably reshaping how business functions operate, and AR is no exception. Tools like ChatGPT, Llama, and Grok can automate parts of the content creation process, quickly summarize feedback, or even simulate potential analyst questions.
Analysis
Ms. Zehr sees both promise and caution in AI’s application to AR:
- Efficiency Gains: ChatGPT and similar platforms can help AR teams draft briefing documents, compile competitor analyses, or generate first-draft content for emails and press releases. This frees up AR professionals to focus on higher-order tasks like relationship-building and strategic planning.
- Quality Control and Validation: Ms. Zehr emphasizes that while AI-generated content can save time, it must be rigorously vetted for accuracy, especially in technical or regulated industries. AR’s role is to ensure that the final messaging stands up to analyst scrutiny, which often involves in-depth market knowledge and nuance that AI cannot yet replicate.
- Workflow Automation: Beyond content creation, we believe there is significant potential in automating repetitive AR workflows—such as scheduling briefings, logging interactions, and generating data-driven insights from prior analyst calls. Ms. Zehr’s view aligns with the notion that these areas are ripe for more specialized AI solutions, integrated within AR management platforms.
Forward-Looking Perspective
In our opinion, AI will not replace AR professionals, or analysts, but it will augment their capabilities, enabling them to operate with greater speed and precision. As Ms. Zehr hints, the real opportunity lies in combining off-the-shelf AI tools with custom-built solutions designed for AR’s unique demands. We believe that organizations that invest in specialized AR workflow automation, and proprietary data, will see measurable gains in efficiency and consistency of analyst engagement.
9. Measuring AR Impact—Beyond Brand Awareness
Context
One of the perennial challenges of AR is demonstrating tangible impact. While brand awareness and favorable analyst reports are valuable, many senior executives seek more quantitative metrics, including revenue attribution and pipeline influence.
Analysis
AR measurement should comprise a blend of qualitative and quantitative KPIs:
- Brand Perception Metrics: Surveys, social media sentiment analysis, and third-party brand-health metrics can indicate how analysts and the broader market perceive a vendor’s reputation. Ms. Zehr views these indicators as essential early signals of AR’s effectiveness.
- Sales and Pipeline Influence: In our opinion, AR teams should track whether analyst endorsements or positive research coverage contribute to higher lead conversion rates. Ms. Zehr highlights the value of using CRM systems to tag sales opportunities influenced by analyst recommendations or coverage.
- Event and Briefing Metrics: Simply counting the number of briefings or events may not suffice. Ms. Zehr suggests focusing on the depth of engagements—did the analyst request follow-up calls, express interest in a joint case study, or use the information to revise a research report?
- Strategic Outcomes: Sometimes AR helps avert negative publicity or shapes internal strategies by relaying unfiltered analyst feedback. While not always easy to quantify, such contributions are vital to a company’s long-term positioning.
Forward-Looking Perspective
AR becomes more embedded in corporate strategy, advanced analytics will play a larger role in measuring and optimizing AR’s performance. Ms. Zehr’s principle of “continuous improvement” points to the need for ongoing calibration of AR metrics, with close coordination between AR, sales, and marketing teams.
Conclusion and Key Takeaways
Erin Zehr’s experience underscores the notion that Analyst Relations is no longer a function defined narrowly by briefing schedules and research report reviews. Instead, it is an evolving discipline that intersects with corporate communications, leverages a broadening ecosystem of influencers and analysts, and demands cross-functional collaboration to maintain relevance. In our opinion, AR teams that embrace these expanded responsibilities—while simultaneously adopting new tools and data-driven processes—will help their organizations stand out in increasingly crowded markets.
The future of AR appears bright but also demanding. The data suggests that as technology becomes pervasive, the stakes for AR will only rise. Stakeholders, both internal and external, expect AR teams to deliver not just favorable analyst coverage but also valuable insights that inform product roadmaps, competitive strategies, and sales enablement. According to Ms. Zehr, navigating this future effectively will require adaptability, continuous learning, and an unwavering commitment to building genuine, trust-based relationships.
We believe Ms. Zehr’s transformation of Dell’s AR program offers a compelling case study in how to rise to these challenges. By uniting comms and AR more closely, engaging new forms of analyst voices, adopting agile workflows, leveraging AI-driven processes, and measuring outcomes in a more sophisticated manner, AR teams can cement their role as strategic partners within their organizations. Our belief is that those who succeed will be the AR leaders who view every emerging trend not as a threat but as a catalyst for innovation.
In summary, Ms. Zehr’s insights highlight a singular truth: Analyst Relations is no longer confined to a small group of research firms or a narrow set of responsibilities. It sits at the nexus of brand perception, market intelligence, and product strategy. In our opinion, the AR professionals who adapt to these new realities—becoming multifaceted communicators and strategic advisors—will define the next era of Analyst Relations.
