Spending $45 million in stock for a software service is not surprising, said Ms. Li, the Forrester analyst.

They can also pay up to $65,000 for face-to-face two-hour meetings with Forrester analysts to apply the research to specific business strategies.

Mr. Bernoff, the Forrester analyst, said he expected numerous entrants, including one major player, soon.

"While buyers have run to this fairly quickly, suppliers haven't," said Matthew Sanders, a Forrester analyst.

Kate Delhagen, another Forrester analyst, is skeptical about the services' prospects for success.

A Forrester analyst, Michael Gazala, it turns out, called me back first.

Forrester analysts were quoted more in the first six months of this year than in all of 1998.

Even at the low end, the price is higher than that of some of the 60 or so competitors, said Mr. Hagen, the Forrester analyst.

"It's a death spiral," said Henry Harteveldt, a Forrester analyst.

"I've seen their ads, and they're very cute," said Carrie Johnson, a Forrester analyst for online retail commerce.