How Does The Expert Network Industry Work In The Digital Age?
The Expert Network Industry comprises of industry professionals with more than 20+ years of experience in the industry in a specific domain. It consists of subject matter experts who are hired by expert network firms to deliver quick and on-demand insights to their clients worldwide for a faster and smarter decision making. The exert network group comprises a group of industry experts, analysts, consultants, academics, retirees, and others. It aims to deliver its services to professionals of market research firms, management consulting firms, corporates, and other professional services firms.
In this digital age and competitive environment, every business decision needs to be informative and efficient. Every business nowadays is data-driven with resulting in millions of profits/losses and involves decision-makers within organizations. Whether you are SME, startup, venture capitalist, or entrepreneur, you need detailed insights on market performance, industry landscape, competitor landscape & strategy, customer’s perception, buying behavior, purchasing power, and others which cannot be gathered during the desk research process. Thus, here, the role of an expert network firm comes in to picture and helps you to search and consult with C-level industry executives to solve business challenges and operational complexities.
It comprises experts from varied industries, which include Healthcare & Lifesciences, BFSI, Technology & Media, Industrial Manufacturing & Automotive, Professional Services, Oil & Gas, and others. It helps you to seek consultation from the experts through their various engagement models comprising of phone-based discussions, In-person meetings, roundtables, research surveys, long-term strategic projects, or training sessions.
The need for the expert network group is realized in the instances of specialized knowledge and business consultation required by many organizations to drive innovations and profits in their business. These industry executives are paid basis a standard hourly rate or are hired on a subscription-based model by the expert network firm. The expert network consultation is generally applicable in terms of seeking investment strategies, market entry strategies, business consultation, marketing & sales strategy, seeking technology insights, and others.
The rise in the gig economy concept is driving the expert network industry. Over the last century, technology is disrupting and leading to a democratic revolution, which is cost-effective, immediate, and easy to search. Digital marketing strategies, application of advanced technologies such as artificial intelligence and machine learning have enabled top expert network firms to meet the demand of experts through LinkedIn, and various databases.
According to an estimate by a market research expert, the expert network industry is accounted for a total revenue of USD860 Mn in 2018 in the US. The expert network industry is highly competitive, with more than 70 players across the globe.
This industry relies heavily on the flexibility of their employees as well as experts. The experts are recruited based on an hourly consultation session for phone-based surveys or In-person meetings. Both consultants and regular corporates use this model.