What is an Expert Network and How Can it Help You?
The Expert Network and Knowledge Research industry has been growing rapidly in the past few years, with the market for these services topping $1 billion in 2019.
Although it’s become widely used amongst investment professionals and management consultants, with some large companies participating in thousands of expert interactions on a yearly basis, we still think the market is far from mature and a good amount of evangelisation is yet to be done.
It’s not rare for us to get in touch and start a conversation with corporate strategy executives, investment managers or SMEs directors who have never even heard of Expert Networks! And soon after, fall in love with the idea of being able to connect with experts who have answers to their questions and can help face their challenges.
This is probably due to a lack of information available online, the amount of educational content and articles about Expert Networks is low and not very detailed.
That's why we've decided to provide the web with this piece of content. We'll tell you more about the service we propose, how it works and the value you've been missing out on. If you have no idea of what we're talking about in the first few paragraphs and the "never even heard of Expert Networks" rings a bell, then this article is for you!
What is an Expert Network and How Can it Help You?
1. What does an Expert Network do?
Let’s start at the very beginning, so, what do we actually do? There are many answers to this question, but they all fall under the same roof: Knowledge.
Expert Networks help businesses access knowledge and insight from experienced professionals and advisors through making the connection and acting as a bridge between clients who are seeking
expertise and individuals who can share it. When used as a research tool, expert consulting can be extremely powerful, and Expert Networks can virtually enable you to reach any expertise, from the understanding of the intricacies of an unclear public policy measure, to the go-to-market strategy of a niche new technology product.
Now, every Expert Network on the market provides a different approach, the core however, remains the access to knowledge, in a timely manner, when the research is pressing and the deadlines are short.
At LB Networks, we like to go even further than this. Our approach is among the most flexible and is adaptable to any situation. From a few calls with an expert, to a 2-day workshop, and even a project dedicated advisor placement, what’s important for us is to provide our clients with the knowledge they need, when they need it and for as long as this need lasts!
2. How does an Expert Network operate?
You might be wondering, how can we manage to source people with extremely targeted expertise among millions of individuals on the planet? Well, it’s a very in-depth research process, a process our clients very often don’t have time to go through and may struggle to run efficiently. The good news is, we’re here to do it for you, and we’re doing it very well!
Again, every Expert Network approach is different indeed, but generally speaking, there are two schools. The first one is the use of an expert database, where the teams are proactively recruiting experts and advisors to have them available for their clients’ projects, which is a more quantitative approach. The second school is more inclined towards ‘hunting’ for experts according to the project the client is working on, in a similar way that a recruiter would ‘hunt’ for the perfect candidate, and you guessed it, that’s more qualitative.
Both models serve the same purpose: to match clients with experts who are able to help them tackle a challenge. That’s why at LB Networks the team uses both approaches and is leveraging the data collected from experts in our database and the direct project-based sourcing methods. Our multichannel expert sourcing process enables us to find the most relevant experts and this is how we ensure to deliver when a client brief is such that there are only a select few number of targets who will fit the bill.
3. What can I access?
This is a good question, and if you’ve not worked with an Expert Network in the past, the answer is sure to come as good news! You can access talent and expertise for short & long term assignments, and for any type of project. This means that concretely, you can connect with experts in several geographies and industries, however remote or niche.
Searching for advice on how to expand to Brazil? We can find an expert covering every key point involved in this decision, whether it be about the regulatory environment, or the supply chain health in a precise segment.
About to invest in a start-up and want to get a good grasp of the market from a client’s perspective? We’ll find advisors to provide you with the feedback on the product and its competitive environment you need for your assessments.
The diversity of projects in which we have helped our clients is one of the most interesting part of our work and really defines our services. We deliver expertise on demand, find experts at every seniority level and very targeted specialty and focus. You can read some of our case studies here to see by yourself what you can access by using and Expert Network!
4. What value can it bring?
And yes, finally, the point you’ve all been waiting to hear about: The value... I don’t blame you as of course, the key within any successful service is the value it brings to its users and clients.
To understand the value brought by an Expert Network, three main points need to be addressed, points which are also essential in business decision-making. These are: scarcity of information, rapidity and competitive advantage. Strengthening your decision-making processes with an Expert Network to assist you will allow you to drastically enhance your relationship to these three aspects.
You will be able to access precious knowledge and views that are stored in people’s experience and personal expertise, and not available via traditional research resources, and certainly not available on Google for once! This will allow you to assess your strategy, benchmark it and validate it, whilst being aided by specific advisors.
The Expert Network model allows rapid access to this exclusive knowledge. You could be speaking with appropriate experts in just a few hours after having uncovered an issue or have them validating your approach and share their views to assist you within a day's time. How is this possible? Experts advisors have solid hands-on experience and are operating in industry, which means they are ready to go as soon as we contact them and don’t need to get themselves up to date on the topic, they already live and breathe it. It’s the reason why working closely with an Expert Network helps you tackle the issues you’re facing and will serve as a great partner during research and due diligence, becoming key in shaping your strategy!
LB Networks proposes a comprehensive set of solutions delivering this value, and staying flexible at the same time. Here's a short video giving more details on us!
Now you know what Expert Networks provide and how it can benefit you, you only need to try it on a live project, and we'd love to connect and get you started.
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