Today, we’re excited to share the results of the third annual market and competitive intelligence research study, the 2020 State of Competitive Intelligence report. This is the largest study on the best practices and trends in the field of market and competitive intelligence, drawing from the responses of more than 1,000 CI professionals and stakeholders.
Nearly every business is now investing in competitive intelligence - 94% have at least some employees working on CI, the study found, and more than half (57%) have dedicated teams of two or more CI professionals. The study also found that 90% of businesses say that their industry has become more competitive in the last three years, and 48% say it has become much more competitive. The need for CI has never been greater.
The tools and strategies available to execute CI have changed dramatically. Automation, data proliferation, measurement tools, and so much more have transformed the way businesses can capture and analyze their competitors’ movements and take action to get ahead. Our goal with this study is to share best practices and trends in competitive intelligence to enable CI professionals to continue to grow in their roles and have a greater impact on their organizations.
Here are some of the key findings from the 2020 State of CI Report.
CI teams are growing
More than half (57%) of businesses have CI teams of two or more dedicated CI professionals, compared to just 37% of businesses two years ago.
Competition continues to heat up
90% of businesses report that their industry has become more competitive in the last three years, and 48% say it has become much more competitive. Large enterprises face the most competitors, but all size businesses have seen an increase in the number of competitors year over year, with the average climbing from 25 competitors to 29.
Measuring impact is also a top challenge
Measuring the impact of CI was one of the most common challenges noted by CI professionals. Only 44% have key performance indicators today. However, those that do have defined KPIs are more than 2x as likely to report revenue increases as a result of CI.
Updating and sharing CI frequently drives results
The more frequently CI resources are updated and shared, the higher the likelihood of reporting revenue impact from CI. After all, keeping CI resources up-to-date keeps them relevant, and sharing updates more frequently allows everyone within the company to take advantage of new intelligence.
CI results drives further CI investment
52% of businesses have seen an increase in revenue as a result of CI efforts. And that positive result brings further investment in CI - companies that saw revenue impact were 63% more likely to increase CI headcount and 66% more likely to increase CI budget this year.
Want more benchmarks and best practices from fellow CI professionals? Download the full 2020 State of Competitive Intelligence Report at www.crayon.co/state-of-competitive-intelligence
Topics: Competitive Intelligence
