Competitive intelligence is becoming a popular term among enterprises, and business leaders indicate it is helping them improve the overall revenue and sales conversions.
When it comes to starting a strategic action within an organization, the competitive intelligence teams continue to get better to streamline business functionalities. About 61% of experts said competitive intelligence has directly impacted their business revenue, reveals a recent Crayon study.
In fact, there is roughly a 17% increase from last year’s value of 52%, and indeed, this is happening due to the rapid digitization. Besides, the pandemic-induced digital market observes competitive intelligence as a continuously evolving discipline due to heightened demand.
The research also indicated that companies continue to encounter roadblocks – about 44% saying it is pretty tricky to gather intel in a real-time manner. This is a staggering sum considering the point that competing intelligence practitioners spend roughly 33% of their work time managing research.
At present, the ways in which enterprises track, analyze, and act on the movements of their competitors, are continually changing. The industry leaders indicate this revolution as innovation within automation as well as data analytics – even though there are big technical roadblocks.
However, practitioners are spending almost 23% less time on research, as compared to 2018 – which is approximately 38% more time on communication. It is actually encouraging to clarify the sudden jump in the number of companies that see direct revenue impact – associated with competitive intelligence investments.
Some of the principle highlights from the study are:
- Competitive intelligence teams keep expanding – About 70% of the businesses have groups of at least two or more dedicated practitioners at present – compared to 57% last year.
- The position of advanced technology in the competitive intelligence process is expanding – Almost 62% of the respondents anticipate increased use of paid competitive intelligence tools in 2021.
- Sharing insights is often a significant key towards business success – Among companies that share competitive insights every week, nearly 72% noted that they have seen direct revenue influence as a result of the increased investments.
- Competitive battle cards are attaining better results – About 71% of enterprises that use competitive battle cards reported they had augmented their sales success rates with this initiative.
As concluded by Laura Taylor, CMO at Crayon, in the company blog – “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.”