Competitive intelligence teams across organizations are increasing as business decision-makers see it helping to improve their revenue and end-sales.
The competitive intelligence teams across businesses continue to advance when it comes to introducing a strategic action in their organizations. Nearly 61% of business leaders say competitive intelligence has had a direct impact on revenue, a recent Crayon study reveals.
In fact, there is a 17% increase from last year’s figure of 52%, and indeed, this is due to the rapid digitization. The pandemic-induced digital marketplace also observes competitive intelligence as a continuously evolving discipline due to increased demand.
Currently, the ways in which enterprises track, analyze, and act on the movements of their competitors are constantly fluctuating. The industry experts indicate this revolution as innovation within automation and data analytics – even though there an ample technical roadblocks.
The study also indicated that companies continue to encounter roadblocks – with 44% saying it is a struggle to gather intel in a real-time manner. This is a staggering figure considering the point that competitive intelligence practitioners spend almost 33% of their work time conducting research.
However, practitioners are spending about 23% less time on research, as compared to 2018 – which is nearly 38% more time on communication. It is actually helping to clarify the dramatic jump in the number of organizations seeing direct revenue impact – linked to the competitive intelligence investments.
Some key highlights from the study are –
- Competitive intelligence professionals keep getting bigger – About 70% of the businesses have teams of at least two or more dedicated practitioners in 2021 – compared to 57% last year.
- The role of advanced technology in the competitive intelligence process is developing – Nearly 62% of the survey respondents anticipate the increased use of paid competitive intelligence tools in 2021.
- Sharing insights frequently is a significant key for business success – Among companies that share competitive insights every week, almost 72% noted that they have seen direct revenue influence as a result of the increased investments.
- Competitive battle cards are yielding higher results – Almost 71% of businesses that use competitive battle cards reported they had improved their sales success rates with this initiative.
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As explained by Laura Taylor, CMO at Crayon – “Businesses have never been more agile than they are right now. Whether you want to launch a product, a product feature, or a marketing campaign, the barriers to doing so are at an all-time low — which means the need for competitive intelligence is at an all-time high.”