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In order to successfully sell your product, you need to have a complete understanding of your market. You need to understand the needs and pain points of your market to successfully position your products, execute product launches, and keep internal teams up to date on market trends. So, where can you gather all of this intel? Let's take a look at eight sources of competitive intelligence that will help boost your market research. 

Download the Guide to Competitive Intelligence for Product Marketing

Your sales team pushes each month to help deliver your product to new customers, but despite every company’s best efforts, even the oldest subscription companies see over 2% of those hard-earned sales churn every month (thanks to ProfitWell for the stat).  

Sales enablement is the practice of arming your sales team with the knowledge, skills, and assets they need to win more deals. The Marketing team has a unique opportunity to drive more revenue for the business by enabling sales with the content and trainings that they may not have the time or expertise to create themselves. No one item will be the silver bullet that helps your team close every deal, but by building a portfolio of sales enablement materials, your team will have everything they need throughout the sales process to set them up for success.

Integrating competitive intelligence into your business strategy is not always a seamless process, especially if you don’t know where to start to gather the intelligence. Gathering intel is a critical step in a successful competitive intelligence process. Before you gather intel, you need to identify your competitors and identify areas of interest to track in your competitors’ digital footprints. Once you’ve gathered the intel, you need to create a competitive analysis, communicate the intel to key stakeholders, and then you are able to turn your data into results. Gathering competitive intelligence data is typically the most time-consuming piece of the competitive intelligence process -- The State of Market Intelligence found that 43% of time in the competitive intelligence process goes toward the research phase. So, any improvements to this step in the process will provide great benefits and time savings. Let’s take a look at the best practices for gathering competitive intel.