4 Competitive Intelligence Trends – MarketingProfs.com
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Marketers don’t need in order to be told how difficult it is to stand out in their industries. Cutting through the noise to ensure your company is leading the conversation is an uphill battle for a lot of us. And part of “standing out” is recognizing the companies that surround you that you’re trying to stand out from .
That’s your competitive landscape. And, these days, marketers need in order to keep tabs on it more than ever before.
You don’t have to take my word for it, though: My company, Crayon, recently conducted the latest iteration of State of Competitive Intelligence Report to explore how businesses are using competitive intelligence (CI) to rise to the particular top of their categories. Here are four things we learned.
1 . Competition is intensifying
Competition is fiercer than ever, which means companies are usually forced to be more reliant on CI than they ever have been. Nearly 60% of CI practitioners surveyed say their markets have gotten much more competitive—a 16% increase from 2020 levels.
It’s no surprise, then, that will 98% associated with stakeholders say competitive intelligence is important to their success, according to the survey. Many leaders are committed to investing in CI solutions: 42% of respondents say they plan to integrate CI into their own strategies, and more compared to half indicate they intend to increase their particular use of CI technology at some point in 2022.
In short, with regard to many businesses more competition means more CI.
2 . Every business―big or small―can benefit through dedicated CI teams plus technology
It used to be that only large organizations were creating purpose-built CI teams and taking advantage associated with CI technologies. Now, decision-makers at organizations of all sizes —and in all industries—are prioritizing competitive intelligence, and they’re reaping the benefits.
According to the study, teams with dedicated CI platforms are second . 5 times more likely to activate cleverness daily plus share that will intel across their companies, empowering them to drive twice as much revenue impact compared with teams without such platforms. A dedicated CI practice in place allows marketing groups to rely on that intelligence to build out messaging, campaigns, and strategies that will set their company apart.
When we published the first version of the particular report, only 22% of CI teams consisted of three or more practitioners. Today, 33% do.
3. Automation will be supercharging competing intelligence efforts
The data collection apparatus needed to facilitate a large-scale CI strategy can become complicated, plus interpreting that will data in order to glean actionable insights is usually even more complex. In a similar way to how automation changed lead generation regarding marketers, automation is easing some associated with the heavier lifts associated with CI.
The time teams spend on CI—especially gathering the necessary intel—is changing as technology empowers CI teams in order to adjust their own approaches. CI teams are usually redirecting their particular efforts toward activation (delivering takeaways to the right stakeholders) as automated solutions take care of the manual tracking and gathering for them. In fact, in 2022, CI groups will spend 14% less time on research plus 15% more time on activation than in 2018. That’s automation put into exercise.
4. The focus on KPIs, like that on influenced revenue, will continue to grow
As the importance of CI grows and businesses invest more money and resources into their programs, teams need metrics to prove CI’s value―and that often means showing income impact in order to leaders.
Although marketing teams have developed a whole slew of revenue-related metrics to report on their activities, CI teams are still in the early stages of creating KPIs. Similarly in order to marketing, a lot more CI programs are starting to adopt some version associated with influenced revenue , whereby teams can help senior stakeholders recognize the potential revenue tied to a competitive intelligence program.
Regardless of the metrics your team uses, it’s imperative that you focus upon the KPIs that can help the particular business understand the value associated with CI’s attempts. Doing so will certainly remain critical in 2022 and beyond as CI continues in order to pique the interest of companies around the world.
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Because competition heats up, marketers throughout industries are realizing that scanning competitors’ social media platforms, websites, and press coverage every so often is no longer enough. Businesses that will do not take an active approach to aggressive intelligence run the risk of falling behind.
Perhaps the most compelling takeaway from the particular 2022 Condition of Competing Intelligence report is the altering perception associated with CI within organizations. Accordingly, there has never been the better time to invest within CI. Because you’ll never end up being able to “stand atop” your industry without knowing what it takes to “stand out” from your competitors.
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