Businesses use rankings and awards to announce their strengths and successes to potential clients and partners. The badges and icons are proudly displayed on their websites as an indicator of accomplishments. The recognition is a message that you can trust us, we’re a leader in the industry. Decisionmakers feel secure in choosing to work with a company based on their ranking in the industry. That choice was assuredly a safe bet. Past tense.
In today’s world of information overload and with pay-for-play options available, the icons and rankings on a company website no longer guarantee those awards were earned through accomplishments. They could have been bought and paid for. No achievements required.
Why Are Awards and Rankings No Longer a Sure-Fire Means of Assessing a Business?
- Not all awards are equal. Without prior knowledge or research, you don’t know if the award came from a legitimate, independent, objective source or from a Pay-to-Play (P2P) source.
- Pay-to-Play is when an organization pays a company to say good things about their business, product, or service. An icon is provided for their website as part of the fee. In this case, the icon represents someone’s willingness to pay for it, rather than actual accomplishments.
- P2Ps are transactional and lack objective research on a business, product, or service.
What’s the Impact on Companies Who Actually Earn an Award?
The short answer is confusion in the marketplace. Award rankings aren’t ‘apples to apples’ comparisons.
In late 2023, LabVantage Solutions celebrated receiving global recognition as a top growth and innovation leader by Frost & Sullivan in their first-ever Frost RadarTM: Global Laboratory Information Management Systems (LIMS) for the Life Sciences Industry 2023. LabVantage earned the No. 1 ranking for growth on the Radar by securing high scores for it consistent growth trajectory, high market share, ability to capitalize on new growth opportunities and commitment to continued innovation.
Imagine earning a No. 1 ranking for growth! Global recognition as an innovation leader! It is definitely something to be proud of and everyone at LabVantage is thrilled. Our hard work was recognized by independent industry experts.
But, and sadly there is a but, envision sharing the news of this honor with a prospect – and they immediately mention a similar award another company “won”; but you know it was a P2P award. You explain it’s not an apples-to-apples comparison, but they’re not really interested. An award is an award, right?
No, it is not the same. Here’s why an independent organization’s analysis and ranking means your company can make better business decisions.
Why Is Recognition by an Independent Industry Analyst Important in a World of Pay-to-Play Media Sites?
- Their Objectivity: Independent analysts aren’t paid to say what you want to hear. They’re beholden only to their research, expertise and integrity. Independent analysts follow the research rabbit hole wherever it leads, whether it uncovers inconvenient truths or challenges industry darlings. Objective analysis, by definition, provides valuable, impartial insights guiding you to make informed decisions to improve your business.
- They Go Beyond Buzzwords: Forget flashy headlines, click bait, and hyped-up trends. Independent analysts dive deep and study – over a period of time – the complexities of an industry. Their goal is to identify:
- patterns by analyzing the information-filled relationships between data points.
- nuances that are hidden from the untrained eye.
- technical jargon and translate it into actionable knowledge.
This depth of understanding acts as an anchor, allowing you to grasp the reality of the company, product or service your organization is reviewing.
- They are Experienced Guides: Independent analysts are more than information providers; they’re your partner in navigating the murky waters of decision-making. They offer:
- personalized consultations.
- tailored research for your specific needs.
- objective, fact-filled answers to your most pressing questions.
This structured support, if you choose to use it, propels your organization in the direction you want to go.
- They Provide Unfiltered Voices: Major media sites may have megaphones to shout at the crowd, but independent analysts use modulated voices to inform those who embrace critical thinking and are willing to have prevailing narratives challenged. In offering a diversity of information (including things you may not want to hear) they assist you in scanning the horizon for both opportunities and potential pitfalls. They don’t filter the research to win a meaningless popularity contest.
- They Uphold Integrity in the Information Age: Let’s face it, trust in institutions is eroding. Independent analysts, however, remain committed to unbiased research and critical analysis. They are a vital counterweight to the growing influence of paid media, protecting you from the dangerous waters of misinformation and bias.
Of course, there is a fee for the research and analysis done by independent analysts. This level of in-depth analysis does not provide a “free report”. Their value lies in objectivity and willingness to tell it like it is.
Ethical business leaders want to hear the truth about where they stand in relation to their competitors and want to be known as trustworthy. They believe coveted honors are earned, not bought. And with 38% of B2B buyers using review sites as part of their due diligence, objective information provides an essential voice for decision-makers.
Interested in learning more about independent analyst rankings? Contact us here.
Want to review a good example of an independent organization’s analysis? Check out the Frost Radar™: Laboratory Information Management Systems for the Life Sciences Industry, 2023 report here.
