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Top 3 Sales Consequences for Ignoring Competitive Intelligence

The sales process we know today is remarkably different from the sales process of a decade ago. Years ago, prospects had an average of four to five choices for any product or service they were looking to purchase. Today, that number has spiked by more than five times. Now, markets are highly populated, with most companies having on average 25 competitors in their space.

The increased competition has changed that way we sell products and services, prospect to drive new business, and manage sales pipeline as executive leaders. In other words, sales is facing new challenges in competitive selling, and the consequences go all the way to the top.

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How to Measure the Economic Value of Competitive Intelligence

Many businesses struggle with measuring the impact of competitive intelligence. In fact, less than half of businesses have established key performance indicators (KPIs) for CI. The 52% of companies that either have no KPIs or are in the process of developing them would be wise to include not just the delivery of competitive intelligence but measurement into their program plans.

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Top 5 Competitive Intelligence Challenges from 1,000+ Industry Professionals

Keeping track of a dynamic competitive landscape and enabling your entire company to succeed with market insights is no small feat. In the newly published 2019 State of Competitive Intelligence Report, more than 1,000 CI professionals shared their best practices, challenges, and results they’ve experienced when leading CI at the organizations. Challenges shared by CI professionals range from gathering accurate competitive intelligence data to getting internal buy-in for CI programs to quickly analyzing and acting on insights that are discovered. Here are the top five challenges CI professionals are tackling this year. For more challenges and best practices, download the full report.

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Measuring Competitive Intelligence: The Importance of Setting Goals and KPIs [+ Examples]

It’s no secret that your time is valuable. When you do your job, you don’t have time to waste, and you try to avoid investing in activities that won’t give you results. So, why should competitive intelligence (CI) be any different? Every business should spend time investing in competitive intelligence so that they can keep an eye on their competitive landscape and maintain a competitive advantage. But, what many businesses miss, is setting actionable competitive intelligence goals and key performance indicators (KPIs). It’s essential to set goals and KPIs for your CI program so that you can measure its success and iterate on your strategy. This year, we surveyed 1,000+ competitive intelligence professionals on their competitive intelligence practices. Here’s what we discovered when it came to CI programs and goal setting.

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