How to Define Your Competitive Intelligence Priorities, and Why You Should

MarketingProfs 27 Nov 2019 03:00

What are you trying to achieve out of your competitive intelligence program?

When you're in a crowded market or you're the market leader, it can feel like you have a million priorities. Getting wrapped up in a big project or a million little tasks that-need-to-get-done-or-the-sky-is-going-to-fall... is a real feeling.

However, for product marketers, competitive intel (CI) should be at the front of the line. Understanding the landscape and current happenings are essential to be successful against competitors. If you're not defining your CI priorities, like most projects, it's being set up for failure and can be costly for your business.

Strive for progress, not perfection. Not everything is equally important—so you need to focus efforts on the areas that are going to align closely with your overall objectives.

Outside of knowing what you want to accomplish, how do you define your CI priorities? Kompyte recently surveyed product marketers, growth marketers, and sales enablement professionals and found that 30% of them don't have a process for collecting and taking action on competitive intelligence. Another 55% said they do ad hoc competitive initiatives or their process is highly manual. Only 2% have prioritized competitive intelligence programs or initiatives.

At the end of the day, you're not alone. Defining how you use and benefit from competitive intelligence can take time, but if done correctly, it can be incredibly impactful.

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