Today all business decisions are driven by data. It is cliche but true, and when millions of dollars of profits or losses on the line, decision-makers want as much data and information as they can get before executing a transaction. But the information these decision-makers want and need is very specific. They have questions that can’t simply be Googled because the answers are only gained through years of first-hand experience.
Their task becomes finding people who have this experience and asking them these questions. Expert networks have seized on this demand for information from experienced people (also known as experts) and built it into a full-fledged industry.
What is an Expert Network?
Expert networks are companies that source experts who have the in-demand knowledge or information their clients need. Their workflow is similar to that of a recruiting firm, except instead of full-time positions, they are recruiting for mostly one-off conference calls.
The process looks something like this:
- The client comes to the expert network with a project. “We need someone with experience in manufacturing and distributing widgets who can talk to us about pricing and market trends.”
- The expert network says, “Sure, sure, we know someone who has made widgets for 20 years.”
- The expert network reaches out to its internal network of experts to find someone with the requested experience. This usually takes the form of an email blast to all their experts, “Does anyone have 20 years of experience manufacturing and distributing widgets who can talk about pricing and market trends??”
- If this doesn’t work, the expert network’s associates take to LinkedIn with a spray and pray approach, messaging anyone who lists experience in the widget industry in their profile.
- After finding a handful of promising experts through these channels, the expert network presents them to the client so they can decide who they want to connect with.
- The expert network then schedules a conference call between the client and the expert, “Could you please tell us everything you know about widgets?”
- After the call, the client pays the expert network for their work securing the expert, usually a fee of about $1,000.
- The expert network then pays the expert out of that fee, usually a fee of about $300.
The process works and expert networks are thriving. Decision-makers are always hungry for information and they’re finding it through expert networks.
But if you’re thinking, “Seems like a lot of steps just to get someone on the phone… and pricey too,” we couldn’t agree with you more. That’s why we built Vancery.
Watch our video or click here to learn more!