Introducing The Powerful Tool that is Expert Networks
This article will serve as a brief introduction to expert networks and the paramount value add that they bring.
Knowledge is power. This proverb has held true for leaders across industries. From political to business leaders, the use of strategic and anomalous knowledge is critical to their success. Management consultancies and investment firms operate under this belief. The combined knowledge of their employees is the cornerstone of the organization. However, contrary to mainstream belief, the expertise that the consultancies provide is not provided solely by their employees.
Instead, these organizations, utilize a powerful but rather obscure tool called “expert networks”. Expert networks are a quickly growing industry, however they are virtually unknown outside of investment firms and consultancies. These services are heavily utilized and bring enormous value to firms.
So what are they?
Essentially, expert networks are a service that matches their clients (the consultancies and investment firms) with specific experts in the field of the project they are working on. For example, if a management consultant is working on a project for a wine company struggling with expanding into the Chinese market, an expert network matches the consultant with experts in the fields of Chinese expansion and wine experts in China. These consultations are usually held in the form of a 1-hour phone conversation. Utilizing the expert’s knowledge, the consultant then presents their client with their recommendations.
The value that these experts bring firms cannot be understated. It is a highly strategic tool that allows for extremely specific and highly experienced knowledge to be parlayed that only years of experience can provide.
Although, management consultancies and private equity firms have been early adopters of expert networks, this powerful tool will certainly be commonplace in the future. When these companies receive a new project they often turn to experts networks as a tool to gain a high level of knowledge about the topics at hand. This knowledge ranges from a macro level industry analysis to specific details about niche topics. Expert knowledge can be utilized in whichever way necessary.
Their most critical and specific questions are answered by the top authorities in the field.
Not only is the full macro knowledge received, but companies are able to have full Q&A sessions with the expert. Their most critical and specific questions are answered by the top authorities in the field. This strategic tool can be crucial to the success of a company. (here are a few examples)
1. When a Danish food company struggled to penetrate the health market in California, they were matched with a recent top-level former employee of their most successful local competitor. This expert was able to provide crucial information on the overall (up-to-date) competitive landscape, allowing the Danish company to pinpoint and capitalize on their point of differentiation.
2. A British legal firm looking to purchase new software was matched with a top Reseller. This expert was able to walk the company through the weaknesses and strengths of the competitive field and advise them on which software would be best suited for their very specific needs.
3. A scale-up prepared to increase their digital marketing was matched with a CMO with 15 years of successful experience. The expert was able to walk them through potential pitfalls and helped to frame their upcoming campaign. Due to the expert advice, the firm was abe to avoid costly mistakes.
4. A SaaS company, struggling with a price to set for their new product, was matched with a pricing expert in the field who described how prices are set by their competitors in the industry.
This once hidden tool is now available for broader markets. Knowledge Gate Group has been built and dedicated specifically towards bringing expert knowledge to every company. Expert insights can be gathered across industries, providing a service that otherwise would be impossible. From a competitive analysis to strategic insight on expansion and technical expertise, the right expert brings enormous value. Knowledge truly is power.