First, establish the goals for your analyst relations program. Think beyond the placement of your company in a 'Magic Quadrant' or 'Wave' type of report, and identify additional KPI's, such as:
- number of mentions in analyst reports
- increased number of customer inquiries
- increase in analyst reports about your market or category
- etc
The right metrics will depend on your company's stage (pre-seed, early stage, pre-IPO, etc.) and goals for the AR program. Make sure to communicate the goal and the KPI's to executive stakeholders and send our a summary report every quarter.