The expert network is the silent catalyst for B2B service-based business growth. The rising charts are proof of that. According to an Integrity Research report, the expert network industry generated $1.5 billion in revenue in 2020 and grew to $2 billion by 2022. This growth reflects the trust businesses place in expert networks to make the next big move.
So, if you don’t want to pay the cost of uncertainty or if you want to make prompt decisions based on what works in the market, an expert network is essential for you.
In this post, you’ll get to know what an expert network is and how it can impact the growth of any business.
What is an Expert Network?
An expert network is a curated group of industry-leading professionals. These experts might be industry veterans, former executives, subject matter experts, and professionals. They have unique insights into a particular market. Or they’re researchers with niche expertise and valuable firsthand knowledge.
In a nutshell, they provide insights, real-time stats, and relevant information. It’s all tailored to your business challenges or problems. These data-backed insights directly contribute to raising revenue and driving measurable business growth.
How have Expert Networks (EN) evolved?
Benefits of using Expert Network for your business
Expert networks play a pivotal role because they provide access to proprietary insights. This means you’ll get to know what works in your particular industry. Such valuable knowledge can move the needle for any business. Not only that, but it also comes with a lot of benefits. Here are a few of them:
Access to niche expert
You might spend hours on Google to get the targeted advice for your business challenge. But nothing is more valuable than getting actionable insights from the right expert.
Expert networks connect you with specialists who can directly address your challenge. They’ll let you know the data-backed information and the deeper actionable intelligence. When you have the right advice for your queries, you can grow your business and make a different outcome.
Even Expert Networks themselves have achieved varied outcomes each year. This itself shows the dynamic nature of their impact.
Accelerate decision making
The time you take to make a decision has a direct effect on the growth of your business. Expert networks save you from the lengthy processes. You don’t have to go through the paperwork, recruit, or vet them yourself to get valuable knowledge. They help you get immediate access to specialized expertise. So you can proceed quickly and be one step ahead of the curve.
Here, you can see how Nexus Expert Network helped a business in the EV industry. They connect them with the right experts within a tight deadline. This helps them gain actionable insights and drive measurable growth.
Improve strategic planning
Strategic planning is what allows you to change the paradigm of your business. It sets the stage for growth in its annual compound growth rate. Without this standard indicator, you might notice gaps in the growth chart. Or you might lack the precision needed to get the desired result.
Experts can address these gaps. They can give you an approachable and deep understanding of market trends. Once you have expert input, you can see the possible risks and develop winning strategies.
For example, the Corporates and private equity firms are refining their strategies. They are now the most profitable businesses. All because of expert networks and data-driven insights.
Diverse perspectives
Widely different viewpoints and solutions sometimes become essential to solving complex business challenges. It seems impossible to get perspectives from a diverse pool of professionals. But the expert network has made it easier. They maintain a global database of professionals. So you can connect with the right experts in emerging industries and learn the market needs.
One such expert network is Nexus Experts. They have thousands of professionals all over the industries and geographies.
A recent Expert Network Market Sizing study reveals that:
“The US remains the largest geographic source of industry revenues. Asia represents a major growth opportunity. If Europe and APAC get to US consumption levels, the market will exceed $3 billion.”
This stat simply shows how expert networks are expanding. And how their diverse perspectives will affect the growth of businesses.
Customized solutions
It’s not possible to drive meaningful results for your business without targeted insights. Expert networks match industry-leading experts based on client-specific objectives.
This helps you get insights that can truly empower you and your business. Also, you don’t have to struggle with complex regulations or processes if you’re new in business. You just need to have the experts’ guidance, and growth will become achievable.
Risk mitigation
Any risk in business can lead to costly mistakes. Suppose you’re in the manufacturing industry and planning to expand overseas. A single wrong step could make it impossible to avoid operational challenges.
However, when you get advice or insights from industry-specific expertise, you’re actively mitigating the risk of any pitfalls. And you can save your business from growing at a sleepy single-digit pace.
How do Expert Networks operate?
Sourcing & Recruitment
First, they identify and recruit industry-specific experts. They are from a wide range of geographic locations. This expands their database. Not only this, but it also helps decision-makers to connect quickly with the right experts.
They also recruit experts depending on the client’s project or particular demands.
Rigorous vetting
Aligning experts with the network’s standards can save you from issues. Mainly, it stops decision-makers from having inexperienced interactions. Expert networks rigorously vet potential experts to verify their credentials. This ensures that decision-makers never experience analysis paralysis while making critical decisions.
Experts Matching
The network matches the clients with relevant experts by using the database. A huge database means the chances are higher to connect with industry-specific expertise. The network connects businesses with experts based on project requirements, timelines, and scope.
Some expert network companies match clients with experts only. However, some operate for both. Nexus Expert is one of them. They work for clients and maintain a huge database of industry-leading experts.
Compliance
Once vetting and recruiting are complete, they move on to the next most important stage. They implement confidentiality measures. This ensures that interactions occur within ethical guidelines and relevant regulations.
They facilitate access to confidential insights through video calls, written reports, or presentations. Nexus Experts makes engagement possible through 1:1 calls, focused groups, and surveys.
How does Nexus choose the right expert for you?
Checklist for Choosing The Right Expert
✅ Does the expert have industry-specific expertise and insights?
✅ Does the expert meet the criteria to be a part of our vetted pool of professionals?
✅ Does the expert have verified credentials?
✅ Does the expert comply with the compliance framework?
✅ Is the expert accessible within your budget and timeline?
✅ Does the expert meet your project needs?
✅ Does the expert offer diverse perspectives?
They facilitate access to confidential insights through video calls, written reports, or presentations. Nexus Experts makes engagement possible through 1:1 calls, focused groups, and surveys.
Choosing an expert to get insights is hard. Many traditional and modern expert networks, like Nexus Expert, are available. Here are a few steps we take to evaluate the right expert according to your needs:
- Identify the expert with profound information on the challenges of the relevant industry.
- We have strict legal standards to maintain safety and confidentiality. We use a compliance framework to vet our global network. It avoids the risk of leaking sensitive information.
- We maintain a diverse pool of experts. This includes not only experts across industries but also those with industry-specific expertise. So, you can make logical decisions by immediately connecting with the right professional.
- The lengthy processes or adherence to specific credit systems can delay expert access. We streamline our process with the client’s budget. This ensures that you get answers to your questions without unnecessary delays.
Conclusion:
The market has made a drastic shift in response to revolutionary changes. Connecting with industry-leading professionals has become a necessity for services-based businesses. Businesses are now driving revenues and making high-stakes decisions based on critical insights.
From exclusive insights to actionable knowledge, expert networks offer the best channel to access a niche mentor. By getting these perspectives, businesses progress in the right direction and find a successful path that grows them. Also, their cost-effectiveness compared to traditional consulting makes them more desirable.
So, to keep rising on the growth chart, businesses must make decisions backed by data. Nexus Expert is one such platform. It allows experts and businesses to gain or share info and make real progress in the market
Some expert network companies match clients with experts only. However, some operate for both. Nexus Expert is one of them. They work for clients and maintain a huge database of industry-leading experts.
FAQs:
The firms that need deep insights to make critical decisions or to grow. The list of clients specifically includes the following four industries and many others: 1. Market Research 2. Private Equity 3. Strategy Consulting Firms 4. Life Sciences Healthcare Market Research
The top experts make money by exchanging information about trends and the future. They share insights through 1:1 calls, surveys, and written reports and get paid.
Yes, if you are getting insights through an expert network like Nexus Experts, then it's legal. Firms like these recruit experts. And they follow compliance rules to make sure that no secret insights get leaked.
Anyone with diverse experience and insights can help businesses make informed decisions. However, you have to meet the criteria set by expert network companies. Once you meet those criteria, you can give a consultation.
Nowadays, AI has changed the market and consumer behavior. That's why it is important for businesses to engage with knowledgeable information. This predicts that this industry will reach almost $2.5 billion in 2025. It's clearly showing the future potential of this industry.
