How To Choose an Expert Network Firm - The Ultimate Guide

  • Anuj Saxena


<p style="text-align: justify;"><span data-contrast="none"><img src="https://kradminasset.s3.ap-south-1.amazonaws.com/ExpertViews/HowtoChooseanExpertNetworkFirmOption01.jpg" alt="How to Choose an Expert Network Firm" width="1024" height="512" /></span></p><p style="text-align: justify;"><span data-contrast="none">We live in a data-driven world, where information is as valuable as gold or oil. To charter new territories, companies require data insight into industries, consumer practices, buying patterns, competitive markets, and other business aspects.&nbsp;</span><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:240}">&nbsp;</span></p><p style="text-align: justify;"><span data-contrast="none">With every new opportunity comes an influx of data that needs to be collected and analyzed. In-house staff frequently cannot provide these services due to a lack of knowledge, training, resources, and understanding.</span><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:240}">&nbsp;</span></p><p style="text-align: justify;"><span data-contrast="none">Knowledge and information are vital to venture capitalists, hedge fund managers, private equity investors, and management consultants. These advantages can be the difference between millions of dollars made or lost.</span><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:240}">&nbsp;</span></p><p style="text-align: justify;"><span data-contrast="none">This is precisely where an </span><a href="https://www.knowledgeridge.com/" target="_blank" rel="noopener">expert network firm</a><strong> </strong><span data-contrast="none">steps in.</span><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:240}">&nbsp;</span></p><h2 style="text-align: justify;"><span style="font-size: 14pt;"><strong>What Is an Expert Network?</strong>&nbsp;</span></h2><p class="bbox" style="text-align: justify;"><em>Expert networks are organizations that connect businesses with industry experts, or subject-matter experts, to provide real-time insights, answer critical questions, and solve their business challenges.&nbsp;</em>&nbsp;</p><p style="text-align: justify;">The <a href="https://www.knowledgeridge.com/Expert-Network-Services" target="_blank" rel="noopener">expert network services</a> connect organizations with subject matter experts (SMEs) or resources, such as academics, C-suites, founders, and high-ranking officials, to provide useful information, data, or support to help them make better business decisions.<span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:240}">&nbsp;</span></p><h2 style="text-align: justify;"><span style="font-size: 14pt;"><strong>Who Uses Expert Networks?</strong>&nbsp;</span></h2><p style="text-align: justify;"><span data-contrast="none">While expert network firms are hired mainly by investment companies for an in-depth understanding of potential investment companies, they are essential for every business in this globally competitive market to gain up-to-date insights quickly. </span><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:240}">&nbsp;</span></p><p style="text-align: justify;"><span data-contrast="none">The significance of using specialists in all segments is demonstrated by recent market growth. Expert network services are becoming increasingly popular among corporate strategy departments, pharmaceutical businesses, market research firms, and finance and strategy consultants.</span><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:240}">&nbsp;</span></p><p style="text-align: justify;"><span data-contrast="auto">New expert networks are garnering market dominance by recruiting specialists expressly for specific client requirements. Such specialists are usually more relevant and less "generic," providing superior insights to the customer.</span><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:240}">&nbsp;</span></p><h2 style="text-align: justify;"><span style="font-size: 14pt;"><strong>Types of Expert Networks&nbsp;</strong>&nbsp;</span></h2><p style="text-align: justify;"><span data-contrast="none">A thriving industry, the expert network industry has gone from one company in the 90s to around 130 companies today. Some expert consulting networks have a global outreach with offices across the globe with SMEs to serve all types of clients.&nbsp;</span><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:240}">&nbsp;</span></p><p style="text-align: justify;"><span data-contrast="none">While there are geographical-based expert networks that specialize in region/country-based clients with the sourcing of experts with local understanding and network, there are also industry-based expert networks that source experts specializing in a specific industry.&nbsp;</span><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:240}">&nbsp;</span></p><h2 style="text-align: justify;"><span style="font-size: 14pt;"><strong>How Do Expert Networks Work?</strong>&nbsp;</span></h2><p style="text-align: justify;"><span data-contrast="none">An expert network firm hires experts from various fields who charge fees for their services. These experts are hired for long-term, short-term, or need-based contracts.&nbsp;</span><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}">&nbsp;</span></p><p style="text-align: justify;"><span data-contrast="none">The expert networks may charge the business on a subscription or transaction basis</span> <span data-contrast="none">depending on the services, location, and experience they bring to the table. In the former, the company has regular access to the experts for a flat rate. In the latter, the firm charges the business for each interaction with an expert. </span><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}">&nbsp;</span></p><h2 style="text-align: justify;"><span style="font-size: 14pt;"><strong>Services Provided by Expert Networks&nbsp;</strong>&nbsp;</span></h2><p style="text-align: justify;"><span data-contrast="auto">Expert network firms provide relevant information on some of their most challenging questions requiring specialized knowledge, enabling businesses to focus on what they do best. </span><span data-contrast="none">Let&rsquo;s look at the services provided by expert networks:</span><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}">&nbsp;</span></p><h3 style="text-align: justify;"><span style="font-size: 12pt;"><strong>Consultation With Experts</strong>&nbsp;</span></h3><p style="text-align: justify;"><span data-contrast="none">The expert network firms help connect businesses with experts for various consultation purposes regarding existing or potential business opportunities. The expert network will set up a </span><a href="https://www.knowledgeridge.com/Expert-Network-Services/Expert-Calls" target="_blank" rel="noopener"><span data-contrast="none">one-on-one consultation with an expert over a phone call</span></a><span data-contrast="none"> or in person.&nbsp;</span><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}">&nbsp;</span></p><p style="text-align: justify;"><span data-contrast="none">The client decides whether to have multiple conversations with one expert or have short conversations with various experts, depending on their specific requirements.</span><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}">&nbsp;</span></p><h3 style="text-align: justify;"><span style="font-size: 14pt;"><span style="font-size: 12pt;"><strong>Research and Survey</strong></span>&nbsp;</span></h3><p style="text-align: justify;"><span data-contrast="none">The expert network firm also provides </span><a href="https://www.knowledgeridge.com/Expert-Network-Services/Expert-Surveys" target="_blank" rel="noopener"><span data-contrast="none">detailed research or expert survey</span></a><span data-contrast="none">s</span><span data-contrast="none"> with the help of interviews and other tools based on the client&rsquo;s demands.</span><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}">&nbsp;</span></p><h2 style="text-align: justify;"><span style="font-size: 14pt;"><strong>How to Choose an Expert Network? </strong>&nbsp;</span></h2><p style="text-align: justify;"><span data-contrast="none">The extent of your business requirement will determine the type of expert network firm best suited for you. To provide accurate information to expert networks, you must be explicit about your project requirements.&nbsp;</span><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}">&nbsp;</span></p><p style="text-align: justify;"><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}"><img src="https://kradminasset.s3.ap-south-1.amazonaws.com/ExpertViews/HowtoChooseanExpertNetworkFirmOption02.jpg" alt="Expert Network - Infographic" width="1290" height="1328" /></span></p><h3 style="text-align: justify;"><span style="font-size: 12pt;">Ask yourself:&nbsp;</span></h3><ul><li style="list-style-type: none;"><ul style="text-align: justify;"><li data-leveltext="" data-font="Symbol" data-listid="1" data-list-defn-props="{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}" aria-setsize="-1" data-aria-posinset="1" data-aria-level="1"><span data-contrast="none">Do I need experts for a one-time project or a more extended engagement?</span><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}">&nbsp;</span></li><li data-leveltext="" data-font="Symbol" data-listid="1" data-list-defn-props="{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}" aria-setsize="-1" data-aria-posinset="2" data-aria-level="1"><span data-contrast="none">What domain of experts am I looking to engage with? Do they have to be at a senior level?</span><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}">&nbsp;</span></li><li data-leveltext="" data-font="Symbol" data-listid="1" data-list-defn-props="{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}" aria-setsize="-1" data-aria-posinset="3" data-aria-level="1"><span data-contrast="none">Does my need require speaking with one expert or multiple experts?</span><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}">&nbsp;</span></li><li data-leveltext="" data-font="Symbol" data-listid="1" data-list-defn-props="{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}" aria-setsize="-1" data-aria-posinset="4" data-aria-level="1"><span data-contrast="none">Does the geographical location of the expert affect my project requirement?</span><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}">&nbsp;</span></li></ul></li></ul><h3 style="text-align: justify;"><span style="font-size: 12pt;"><strong>Project Specialization Requirement</strong>&nbsp;</span></h3><p style="text-align: justify;"><span data-contrast="none">Each project has unique requirements that become the basis for hiring an expert network. Generally, most global expert networks have a team of SMEs who can cover various domains to capture a more extensive client base.</span><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}">&nbsp;</span></p><h3 style="text-align: justify;"><span style="font-size: 12pt;"><strong>Pricing</strong>&nbsp;</span></h3><p style="text-align: justify;"><span data-contrast="none">Pricing is another crucial factor. You can choose a committed subscription amount or pay per interaction based on your project requirement. Annual commitments might be more pocket friendly with good discounts, while the transactional model allows for more flexibility. It is also advised to have a good understanding of any additional charges.</span><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}">&nbsp;</span></p><h3 style="text-align: justify;"><span style="font-size: 12pt;"><strong>Business Practices, Ethics, and Norms</strong>&nbsp;</span></h3><p class="bbox" style="text-align: justify;"><em>Dealing with sensitive and important data, every expert network firm needs to have a <a href="https://www.knowledgeridge.com/Expert-Network-Compliance" target="_blank" rel="noopener">robust business compliance framework</a> in place. These practices and regulations should be mandatory for the firm and must be an important factor when considering an expert network.&nbsp;</em></p><ul><li style="list-style-type: none;"><ul><li><span data-contrast="none">What are the mandates required for SMEs before taking an engagement?&nbsp;</span><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}">&nbsp;</span></li><li><span data-contrast="none">Has there been a thorough background check?&nbsp;</span><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}">&nbsp;</span></li><li><span data-contrast="none">Do you have to sign a privacy contract annually or before every project?</span><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}">&nbsp;</span></li><li><span data-contrast="none">Does the expert network firm have a robust compliance process?</span><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}">&nbsp;</span></li></ul></li></ul><p style="text-align: justify;"><span data-contrast="none">It is also important to understand the Data Privacy Regulation policy of the expert network. With growing competition every second, each business needs a team of dedicated experts with the ideal data to be at the top in their field. The future holds high potential for expert networks as our world becomes more data reliant.&nbsp;</span><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}">&nbsp;</span></p><h2 style="text-align: justify;"><span style="font-size: 14pt;"><strong>Why Should You Choose Knowledge Ridge?</strong>&nbsp;</span></h2><p style="text-align: justify;"><span data-contrast="none">At Knowledge Ridge, </span><a href="https://www.knowledgeridge.com/Krpi" target="_blank" rel="noopener"><span data-contrast="none">we shape future trends on how organizations access knowledge and expertise</span></a><span data-contrast="none">. With a 95% success rate for all expert engagements, we help clients sharpen key decisions, drive innovation, and make better-informed investments.&nbsp;</span><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:240}">&nbsp;</span></p><p style="text-align: justify;"><span data-contrast="none">Dedicated to a future with a thriving business, we provide tailored end-to-end expert solutions to clients spanning all major industry sectors, diverse geographies, and cultures. Get in touch with us today to understand how </span><a href="https://www.knowledgeridge.com/Knowledge-Ridge-Contact" target="_blank" rel="noopener"><span data-contrast="none">we can help your business reach its highest potential</span></a><span data-contrast="none">. </span><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:240}">&nbsp;</span></p><h3><span style="font-size: 14pt;"><strong>Frequently Asked Questions:</strong>&nbsp;</span></h3><h2><span style="font-size: 12pt;"><strong>How do I find industry experts?</strong>&nbsp;</span></h2><p><span data-contrast="none">The expert network companies provide highly specialized and hard-to-find subject matter experts (SMEs). At Knowledge Ridge, we have SMEs with direct involvement in the required industry.</span></p><h2><span style="font-size: 12pt;"><strong>What is an expert network platform?</strong></span><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}">&nbsp;</span></h2><p><span data-contrast="none">An expert network platform is an organization that helps businesses find Subject Matter Experts (SMEs) who research, extract, and organize the data to help them make better business decisions. </span><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}">&nbsp;</span></p><h2><span style="font-size: 12pt;"><strong>What is the average hourly cost of an expert network?</strong>&nbsp;</span></h2><p><span data-contrast="none">The cost of hiring the services of an expert network varies depending on the expert&rsquo;s value of information and seniority and the client&rsquo;s specific requirements.&nbsp;</span><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}">&nbsp;</span></p><h2><span style="font-size: 12pt;"><strong>What is the expert network market size?</strong>&nbsp;</span></h2><p><span data-contrast="none">Starting with one firm in the 90s, the expert network market has grown an average of </span><span data-contrast="auto">18% </span><span data-contrast="none">annually between 2015 and 2021. It surpassed 20% in 2021, generating around $1.9 Bn in revenues. </span><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:240}">&nbsp;</span></p>