61% of businesses say competitive intelligence has made a direct impact on revenue — a 17% increase over last year’s figure of 52%, a Crayon report reveals.
Competitive intelligence teams continue to improve when it comes to initiating strategic action across their organizations.
“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,” shared Laura Taylor, CMO at Crayon.
She continued: “At the same time, competitive intelligence as a discipline continues to evolve. The ways in which we track, analyze, and act on competitors’ movements are constantly changing, thanks in large part to innovations in automation and data analytics.”
Businesses continue to encounter roadblocks
The study also found that businesses continue to encounter roadblocks: 44% say it’s a struggle to gather intel in a timely manner — a staggering figure considering the fact that competitive intelligence practitioners spend 33% of their time conducting research.
Compared to 2018, however, practitioners are spending 23% less time on research and 38% more time on communication. This helps to explain the dramatic jump in the number of businesses seeing direct revenue impact as a result of their competitive intelligence investments.
- Competitive intelligence teams keep getting bigger. 70% of businesses have teams of two or more dedicated practitioners, compared to 57% in 2020.
- The role of technology in the competitive intelligence process is growing. 62% of respondents anticipate increased use of paid competitive intelligence solutions in 2021.
- Sharing insights frequently is a major key to success. Amongst businesses that share competitive insights on a weekly basis, 72% say they’ve seen direct revenue impact as a result of their competitive intelligence investments.
- Competitive battlecards tend to yield results. 71% of businesses that use competitive battlecards say they’ve improved their sales win rates as a result.