How Expert Network Aggregators Are Changing the Way Companies Do Primary Research?

Although companies have sought out expert advice and counsel on industry trends since the dawn of capitalism, the modern concept of “expert networks” as we use it today first came about in the 1990s when consultancies began to recognize the need for a systematic approach to accessing expert knowledge to better inform investment decisions.

But with the rapid growth of expert networks, which are over 120 these days, a separate service is emerging, making it easier for advice-seeking companies to find the best experts as quickly as possible - the Expert Network Aggregators.

The Evolution of Expert Networks

In the early days, expert networks were much smaller and usually included just a small number of boutique firms that provided investment consulting services by facilitating conversations between industry experts and investors. These firms were usually quite small and narrowly focused on a specific industry or market sector.

However, as the entire investment sector underwent a transformation from slips of paper and handwritten buy/sell orders to computers and online trading and other digital tools, the expert network industry likewise transformed as formerly small firms began to expand their networks of experts and professional insiders, eventually leading to the rise of the online aggregators and online platforms that dominate the market today.

This evolution has led to an explosive increase in demand for expert network services. Today, there are now more than 120 expert networks earning more than two billion dollars in revenue annually, and the average rate of growth for the industry has been a staggering 18% since 2015. Even the temporary slowdown caused by the pandemic could not stop this trend as 2021 saw a 25% increase in year-on-year growth.

Today, a few big firms like GLG (Gerson Lehrman Group), AlphaSights, Third Bridge Group and Guidepoint continue to bring in the lion’s share of the Expert Network industry revenue, but other competitors, including firms specializing in specific industrial sectors or geographical regions, are fast growing as well.

Expert Network Aggregators and Their Impact on How Companies Do Primary Research

With a 24/7 presence online and a wide variety of digital tools, expert network aggregators have certainly transformed the way consultancies from around the globe are doing business. Because expert network aggregators offer consultancies access to a broader pool of experts sourced from various expert networks by aggregating the offers of individual expert networks, this enables customers to gather insights and opinions from a diverse and large range of professionals.

Expert network aggregators access extensive databases of experts and offer communication and collaboration tools, and real-time data analysis, making it much simpler for consultancies to find and engage with exactly the right person with the right experience and expertise to match their specific needs.

Expert network aggregators also provide consultants and investors with enhanced profiling tools, enabling them to find people with highly specialized expertise quickly and efficiently. At the same time, smaller expert networks, by partnering with expert network aggregators, can reach customers they would never reach on their own.

With advanced filtering and search capabilities, businesses can effortlessly identify experts that match their specific needs based on criteria such as industry/sector, expertise, location, and past experience, allowing consultants and investors to connect with exactly the right people to help inform their decisions and strategies.

Conclusion

It is no exaggeration to say that the rise of expert network aggregators has completely revolutionized the way that consultancies perform primary research by providing them with access to a bigger pool of expert networks, enhanced expert profiles and filtering (making it easier to find the right expert), and a vastly improved quality of the insights and recommendations being received by consulting firms.

Expert network aggregators, such as ENC, now offer communication and collaboration tools, digital archiving of conversations with experts, and highly advanced search and filtering tools that give consultants and investors the ability to stay up-to-date with the latest insights and trends. As a result, expert network aggregators are becoming an essential tool for consulting firms across all industries, enabling them to stay ahead of the curve and make informed decisions based on the latest insights and expertise.