The expert network industry was born in the 1990s when Gerson Lehrman Group (GLG) came to find that hedge funds had an increasing interest in talking with their network of medical witnesses. Over the next decade or so, GLG could grow its network to over 500,000 experts. In the same way, their client book had all major hedge funds, private equity funds, and consultancy companies. At this time several companies, like AlphaSights, Third Bridge, and Guidepoint, followed their business model to the book and were successful in doing so. The expert network industry as of now is worth billions of dollars.
If you're interested in digging into big data or working with some of the brightest minds in the industry, or simply wish to figure out how people feel about a specific topic, then expert network services are your best option.
But is this solution best for your company and overall business? This guest blog analyzes this point in detail; so you can decide which expert network providers are valuable for the next project your company is undertaking.
What Does An Expert Network Mean?
Expert networks connect organizations or individuals with people who have specialized knowledge. These networks are normally categorized based on industry, geography, or topic. Those who are members of these communities come with full expertise in their field. They have also been working in the field for many years, so their experience is vast and valuable.
Experts will normally deliver valuable insight on topics relevant to you as an entrepreneur or business owner. This is because they have faced similar obstacles and can understand what can work best in your situation. Moreover, experts disburse valuable information which is hard to find on your own. They can help you be up to speed with the latest industry trends and changes, and also provide their expertise.
When Is An Expert Network Required?
Expert network firms primarily give access to a vast pool of respondents, and each one is best suited for specific situations. An expert networking firm, for example, may be the best fit if you require in-depth research on a specific industry or demographic. On the other hand, if your aim is to swiftly acquire data from a diverse range of individuals without spending too much, a survey panel may be the option to explore.
Furthermore, some people can be accessed only through expert networks, whereas others just participate in surveys sourced via survey panels. So, when making a hiring decision, just be sure what type of expertise you're searching for.
Expert Networks Provide The Best Talent!
An expert network provider ensures that you talk to experts who have substantial expertise in the topics on which you require insight. Moreover, they will always screen their members to be sure that they have the qualification which is relevant to your needs.
Always look for expert networks companies that have access to a diverse range of professionals. They should also be able to dispense valuable information about your company or industry. Experts may belong to certain profiles such as:
- Industry leaders,
- Subject matter experts (SMEs),
- Thought leaders.
If your needs are more precise and demand specialized knowledge about a specific field, an expert network may be the best fit. Expert network providers target people who have spent years working in a specific industry. So, these experts can provide valuable insights into specific problems in that industry.
That being said expert network services give you access to a more specialized group of professionals. The experts delivered by an expert network will have extensive knowledge and experience in their fields and will offer you detailed advice on certain topics. In other words, if you need exact info or guidance on a specific topic, an expert network may be the right solution to have. Nevertheless, this type of specialized service is normally more expensive than survey panels because each expert who works with you requires more time.
A well-thought-out knowledge from an expert network can be crucial for organizations that want very specific information, to answer vital questions related to their business practices and future goals.
The Final Words
An expert network is a specialist service that connects organizations with experts in particular fields. These may be used to acquire insight into your own business practices or plans for the future. Moreover, you may find these services useful for undertaking research on competitors. Expert networks can be particularly useful if you need very specific information to answer key questions regarding your current business operations and future objectives. A survey panel can also offer new insights, but it lacks the depth that an expert network will be able to provide to you. To say it finally experts sourced through an expert network will be a rich source of information that you as a business owner should capitalize on!