Guidepoint
Guidepoint Expert Network Review
Guidepoint is a leading expert network connecting clients with industry professionals for advisory services. In this review, we’ll take a closer look at the benefits and drawbacks of signing up as an expert with Guidepoint.
Sophie – Our Expert Network Specialist: Sophie is from Hamburg, Germany and is our specialist on Expert Networks. After several years of working as a top executive, Sophie is now an independent consultant and is signed up as a council member of several networks. When she is not helping HuginX write Expert Network reviews, she can often be found enjoying thrilling Nordic noir crime series.
Company background
Guidepoint is an expert network company that was founded in 2003 and is headquartered in New York City. It provides its clients with access to a global network of experts who can provide insights and analysis on a range of industries and topics. Guidepoint’s experts are typically former industry executives, consultants, academics, and other professionals with relevant experience and expertise.
The company has grown significantly since its founding and now operates in several countries around the world, including the United States, Europe, Asia, and the Middle East. Guidepoint is seen as a top-tier expert network in the same league as other leading firms like GLG, AlphaSights and Third Bridge.
“Guidepoint connects clients with vetted subject matter experts—Advisors—from our global professional network. Our clients leverage the insights and perspectives shared by our Advisors to stay informed and make better business decisions.” Guidepoint
Ad-hoc consulting calls
A 1-hour long ad-hoc consultation call is the standard format for Guidepoint’s experts to engage with its clients. First, you’ll receive an invitation from the network that specifies the subject matter, date, and time of the call. The call is typically set up as a conference call, and you’ll be given instructions on how to dial in at the scheduled time.
Once on the call, you’ll be introduced to the other participants, and the moderator will initiate the discussion by asking questions related to the topic at hand. You’ll have the opportunity to share your insights and experiences, as well as answer questions from other participants. The call typically lasts for around 60-90 minutes, and once it’s finished, you’ll be compensated for your time and expertise. Ad-hoc expert network calls can be a great way to share your knowledge and get paid for it, all while networking with other professionals in your industry.
Expert network B2B surveys
Expert network advisors can also earn money by participating in B2B surveys conducted by Guidepoint on behalf of its client. Surveys provide a quick and efficient way to gather quantitative insights from a large number of experts. As for compensation, the payment for participating in B2B surveys can vary widely depending on the nature and complexity of the survey, as well as the level of expertise required from the respondents. However, on average, a business professional can expect to earn around $50 for completing a standard 10-20 minutes long survey.
Some surveys may offer higher compensation, while others may offer less. As opposed to consultation calls, you’re not able to set your own rate when it comes to B2B surveys. Ultimately, the payment offered for a survey is determined by the scarcity of the target group and the length of the survey. It is important to note that payment is typically contingent upon filling out screening questions and qualifying. Unlike consultation calls, B2B surveys are not prorated based on the amount of time spent or the number of questions answered. The only way to get paid is to complete all the questions in the survey.
How do Expert Networks operate?
New to expert networks? Here is a quick guide to 10 key steps networks take when matching experts with clients for ad-hoc phone consultations.
Expert Networks explained in 10 steps
1. Client request recived
Expert Network receives specifications from client.
2. Search for candidates
Internal network checked for matching candidates
3. External resources utilized
Additional external candidates are sourced if needed
4. Vetting of candidates
Candidates are vetted over phone or through screener questions
5. Compliance and confirmation
Candidate undergoes compliance training
6. Scheduling of consultation
The phone consultation is scheduled
7. Consultation takes place
Phone consultation is conducted, usually on a single blinded basis.
8. Post-call confirmation
You receive confirmation of compensation amount after the call
9. Request payment
You'll fill in your payment details and request payment
10. Payment received
You receive the payment. Usually through bank-transfer, PayPal or pre-paid credit card.
Read more about how expert networks operate
What type of expertise are they looking for?
If a project manager from Guidepoint has contacted you, your LinkedIn profile likely indicated that you would be a good fit for a project.
Examples of criteria used by expert networks when searching for advisors for a specific project:
- Scenario A: You used to work at a company on which the client is researching. The general rule is that you must be at least 6 months removed from the target company.
- Scenario B: You currently or used to work for a competitor, client, or supplier to a company the client is researching.
- Scenario C: You have relevant experience in a specific field or parallel industry or worked for a company that was a customer of the target company.
In a client study by Guidepoint, respondents stated they use expert networks such as Guidepoint on strategy cases, making it the first use case ahead of due diligence cases.
Screening for your first project
When enrolling in Guidepoint, expect a project manager to send a thorough screening survey regarding your work history and the client’s inquiry. This survey includes sample questions, designed to assess your expertise and suitability for the one-hour phone consultation, which is not intended to be replaced by the questionnaire. Despite the survey taking only ten minutes to complete, you may be asked to provide your availability for the one-hour call as well.
Criteria used to vet experts
It is important to note that being deemed a good fit by both the project manager and yourself does not guarantee selection for a call with Guidepoint. After vetting, your profile will be submitted to the client for review, and numerous factors will influence whether you are chosen for the project, including:
- Qualification based on relevant experience
- Score from being rated on previous projects
- Compliance checks
- Consulting rate
- Response time to vetting questions
How effective is the matching process?
As an expert, you may be excited at the prospect of earning money through an expert network such as Guidepoint. However, you may find yourself spending time on projects that are significantly far off-topic, wasting valuable time and energy.
It’s essential to ensure that your Guidepoint profile is comprehensive and specific to reduce the number of projects that are not a good match. By doing so, you can increase your chances of landing on-point opportunities that align with your expertise. Therefore, filling out a detailed profile is crucial for avoiding false matches that can be a waste of your time and resources. Don’t let yourself fall into the trap of low-quality projects that offer little value to your expertise. Instead, take control of your time and ensure that your profile is precise and up-to-date.
What consulting rate should I set working with Guidepoint?
The compensation for participating in expert network consulting projects varies considerably and is primarily determined by your job title and recent experience. You are more likely to be offered projects that align with your experience within the last three years. Additionally, the more recent your experience and the higher your job title, the greater your chances of being selected for a client call.
If your role is below the Director level, the standard rate offered typically ranges from $100 to $200. On the other hand, a Director or higher-level role is likely to be offered between $200 and $350 for their participation in a call. While it’s possible to negotiate a higher rate, it is unlikely that you will secure more than $100 above the initial offer for your first call. Therefore, it’s essential to carefully consider the compensation offered and negotiate effectively for future calls.
You can renegotiate
As an expert, it’s important to keep in mind that your consulting rate with an expert network like Guidepoint is not set in stone. In fact, you have the opportunity to constantly renegotiate your rate every time you’re contacted for a project. However, before you jump into negotiations, it’s essential to assess the demand for your experience and evaluate how specialized your industry or expertise is. It’s not uncommon for experts in small or niche industries to command rates of $500 to $1,000, as these networks often struggle to source qualified individuals.
It’s also crucial to note that your Guidepoint rate will be pro-rated by the minute based on the duration of the call. If the call falls short of an hour, you’ll only receive payment for the portion of the hour you were on the call. Conversely, if the call extends beyond the hour, you can expect to receive more than your initial negotiated rate.
Avoiding compliance issues
Expert network Guidepoint takes conflict of interest and confidentiality very seriously. The company has implemented rigorous measures to ensure that experts comply with their policies.
In addition to the initial compliance screening and training, Guidepoint also conducts periodic audits to ensure that their experts are not sharing confidential information or engaging in any activities that could compromise the integrity of the network. This is essential to maintain the trust of their clients and avoid any legal or reputational risks.
Experts must also disclose any potential conflicts of interest, such as if they are currently employed by a competitor or have a financial interest in the company being researched. Guidepoint ensures that experts are not assigned to projects that would create a conflict of interest or violate any legal or ethical obligations.
While these measures are necessary to protect the interests of clients and maintain the integrity of the network, some experts may find them overly restrictive or burdensome. However, compliance is a crucial aspect of the expert network industry, and failure to comply can result in significant consequences, including termination of the expert’s relationship with Guidepoint and potential legal action.
Pros and cons of signing up with Guidepoint
Guidepoint is a top-tier global expert network that connects businesses with knowledgeable professionals in various industries. Because they handle a large volume of projects, you’ll have an increased likelihood of finding a project that is matching with your professional background. In this way, you can expect to receive a steady stream of project requests and opportunities to share your expertise with clients. This is particularly advantageous if you are in a niche industry.
When consulting on Guidepoint projects, we’ve been impressed with their customer service when it comes to setting up expert calls. The associates are prompt and professional in their interactions, providing clear instructions and answering any questions that the experts may have. They are also respectful of your time, setting up calls that work with your schedule, and they follow up promptly after the call to ensure that you were satisfied with the experience. This level of attention and care to both clients and experts is something we really appreciate in an expert network.
We have also been impressed by their quick payment process. After completing a project, Guidepoint’s experts will receive an invoice form that allows them to request payment through the advisor portal within 45 days. Payment will be processed within 5-7 business days of submitting the invoice, and the expert should expect to receive payment via bank transfer within the next 12-15 business days.
Their advisor platform on the other hand feels slightly dated, and filling in profile information is not very intuitive. Also, there is no interface for experts to navigate and find relevant new projects. This can be frustrating for experts who are looking to maximize their opportunities and earn a fair rate for their time and expertise.
Guidepoint’s advisor portal
Another potential downside of joining Guidepoint is the issue of experts being presented with projects that are not a good match for their profile. This can be frustrating and time-consuming, as experts may have to decline multiple project requests before receiving a suitable one.
While Guidepoint does have a system in place to try and match experts with relevant projects, it’s not always successful, and some experts may find themselves spending more time declining requests than actually participating in client calls. However, experts can mitigate this issue by filling out a detailed profile and regularly updating their information to ensure they are being matched with relevant projects.
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Disclosure: While HuginX is editorially independent, we may earn commissions on sign-up links.
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