Marketers are struggling to stand out in their industries amidst increasing competition. To do so, they need to understand their competitive landscape. To uncover insights into this, Crayon conducted the 2022 State of Competitive Intelligence Report. Four key takeaways from the report include: increased competition is leading to more reliance on competitive intelligence; every business can benefit from dedicated CI teams and technology; automation is supercharging competitive intelligence efforts; and the focus on KPIs, like influenced revenue, will continue to grow.
The report found that competition is intensifying, with nearly 60% of CI practitioners surveyed saying their markets have gotten much more competitive. Companies are investing in CI solutions, with 42% of respondents saying they plan to integrate CI into their strategies, and more than half indicating they plan to increase their use of CI technology. Automation is easing the data collection and interpretation process, allowing CI teams to focus on activation.
Finally, teams need to focus on KPIs that can show the value of CI's efforts. Influenced revenue is increasingly being adopted to show this to senior stakeholders. CI is becoming more and more important for companies to succeed, and understanding the competitive landscape is key to standing out.
The State of Competitive Intelligence: Four Trends
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