How Companies Leverage Expert Networks for Strategic Advantage

Despite an apparently modest increase of 1% in turnover last year, there are no signs that the expert network industry is entering a recession. The professional insights provided by seasoned experts via virtual platforms remain a crucial tool for businesses worldwide.

The industry’s revenues have grown to US$2.28 billion across approximately 120 expert networks globally.

This 1% growth comes after years of rapid expansion, reflecting a shift in market dynamics as the volume of private equity deals has dropped and consulting due diligence activities have slowed.

However, companies are still leveraging expert networks to gain a strategic advantage over the competition, and in this article, you will earn why.

Expert network industry outlook

The expert network industry has grown at an average annual pace of 16% since 2015, mostly as a result of the growing demand for expert advice from the private equity sector and strategy consultants.

Expert networks have also become more and more popular with other clientele, including asset managers, corporate strategy and market research teams, and hedge funds.

Why do businesses turn to expert networks?

Expert networks provide enterprises with access to highly specialized information that can be tailored to meet specific requirements, enabling them to make better decisions.

Modern companies need continuous innovation and must adapt quickly amid fierce competition and complex markets. Expert networks are an incredibly efficient way to accomplish this, as they open the door to significant advantages:

1. Access to specialized knowledge

Via expert networks, companies can connect with specialists who possess comprehensive knowledge of niche areas. The insights gained far exceed what is available through traditional research methods.

2. Engagement flexibility

Businesses can engage with experts in a variety of ways, from one-off consultations to ongoing advisory roles.

3. Speed and efficiency

Need an expert opinion fast? Within hours or days, expert networks can connect you with the right professionals.

4. Cost-effectiveness

Expert networks are designed with cost-efficiency in mind. Clients therefore pay only for the expertise they need, when they need it, without incurring the overhead expenses of long-term employment or hiring full-time consultants or experts.

Key criteria for selecting an expert network

Picking the right expert network is vital for enterprises that want to effectively harness professional expert knowledge. When looking to choose an expert network, the following should be considered:

1. Expert quality and vetting – selecting an expert network that has a rigorous vetting procedure ensures reliable experts.

2. Industry specialization – an expert network with specialized industry knowledge (tech, healthcare, finance, etc.) can offer more relevant insights.

3. Global reach – an expert network with a wide geographic reach can provide a variety of viewpoints.

4. Engagement flexibility – choose an expert network that allows you to select between long-term advisory roles or one-off consultations.

5. Data security and compliance – make sure to contact an expert network that guarantees data protection and strict compliance.

Types of services offered by expert networks

Among the most widely used services are the following:

1. Core expert network services (calls, recruiting, meetings)
2. Surveys and polls
3. Market research reports
4. Consulting services
5. Transcript libraries
6. Expert network aggregators (such as Expert Network Calls).

Expert Network Calls – the expert network aggregator

Platforms like Expert Network Calls (ENC) are transforming the industry by offering clients a more streamlined and efficient way to engage with multiple expert networks simultaneously.

This approach not only reduces the costs encountered by companies but also fosters competition among expert networks, thus offering clients greater value.

The future of the expert network industry

In a nutshell, this industry is expected to experience further growth and evolution due to a growing number of market challenges (digital transformation, regulatory compliance, talent shortages, ESG, etc.) which increase the need for quick and insightful data.

The size of the global expert networks market was estimated to be US$3.27 billion in 2023 and is expected to grow at a compound annual rate of 16.03% to reach US$10.78 billion by 2032.

A significant proportion of the regional expert network market share is anticipated to come from the Asia Pacific area, namely China, India, and Japan.

Final word

Businesses that employ expert networks will be in a stronger position to manage uncertainty, take advantage of new possibilities, and experience long-term success as the global business climate changes.

The expert network aggregators model will become more popular as more companies explore the ability to engage with multiple expert networks at once in order to reduce costs and time. Explore Expert Network Calls today to find out more.