We live in a digital age, where we have a wealth of knowledge at our fingertips. The process of compiling quantifiable and qualitative data about our business opponents has never been more simple and easy to reach.
Competitive intelligence brings value to your business and allows you to formulate a clear sense of direction. Not using strategic tools such as competitive analysis, market research, and competitive intelligence puts you at risk of falling behind the competition and surrendering your market share to others.
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Important Statistics That You Should Know About Competitive Intelligence
To demonstrate the genuine significance of competitive intelligence, we present a collection of the most important statistics that will persuade you to take a strategic route to success.
- According to a 2020 report published by the Crayon, a marketing research company, an astonishing 94% of businesses are planning to invest in competitive intelligence. With a large scale number of companies seeking data-based solutions for their business ventures, the only way to stay afloat is to join in. (Source: https://smallbiztrends.com/2020/01/competitive-intelligence-statistics.html and https://www.crayon.co/state-of-competitive-intelligence)
- 90% of the Fortune 500 Companies already use competitive intelligence as a means to gain competitive advantage. (Source: https://www.emerald.com/insight/content/doi/10.1108/17515631111106821/full/html)
- Large-scale companies regret not implementing intelligence-based solutions sooner. 70% of them believe that their past campaigns would have been way more successful if they had used competitive intelligence. (Source: http://www.forteconsultancy.com/Ourideas/498/Eyes_Wide_Open_Competitor_intelligence_Practices.aspx)
- 87% of businesses consider that Big Data analytics will change the competition factor in their niche industries in the next three years. 89% believe that companies that will not adopt such a strategy risk losing their market position. (Source: https://www.forbes.com/sites/louiscolumbus/2014/10/19/84-of-enterprises-see-big-data-analytics-changing-their-industries-competitive-landscapes-in-the-next-year/#61437ce417de)
- More than 73% of enterprises, dedicate a 20% chunk of their technology budgets to research and data analytics. A lot of companies see and appreciate the value of gathering intelligence. (Source: https://www.forbes.com/sites/louiscolumbus/2014/10/19/84-of-enterprises-see-big-data-analytics-changing-their-industries-competitive-landscapes-in-the-next-year/#61437ce417de)
- Approximately 80% of CEOs claim that mobile technology and data analytics are essential components of their overall strategy. Nowadays, without an online presence, a business is deemed invisible. Customers of all ages are likely to use their mobile devices to learn about a product or service they desire. The migration of entrepreneurs to the online scene also helps by simplifying the data-collecting process. (Source: https://www.pwc.com/gx/en/ceo-survey/2015/assets/pwc-18th-annual-global-ceo-survey-jan-2015.pdf)
- About 70% of executives prefer to base their decisions on prognostic intelligence and emerging trends. They gain critical insight by relying on data analysis. To help your business thrive, you need to learn how to convert data to profitability. By following their example and keeping up with predictive information and trends, you can find the best way to position your small business for growth. (Source: https://www.stat.auckland.ac.nz/~yee/784/files13/Insearchofinsightandforesight.pdf)
- Some companies don’t have the time or expertise to commit to competitive intelligence internally. 69% of firms that have hired an external expert for their data analytics have reported positive results. (Source: https://www.stat.auckland.ac.nz/~yee/784/files13/Insearchofinsightandforesight.pdf)
- In general, companies analyze about 12% of their entire collected data. That leaves about 88% of the opportunities and threats that go unnoticed. How much would their ranking improve if they analyzed a greater portion of data? (Source: https://go.forrester.com/press-newsroom/)
- Due to competitive intelligence, 56% of executives keep an eye on their potential competitors and make plans to conquer new markets in the following three years. (Source: https://www.pwc.com/gx/en/ceo-survey/2015/assets/pwc-18th-annual-global-ceo-survey-jan-2015.pdf)
The overall advantages of competitive intelligence are very evident. Companies of all sizes should incorporate intelligence gathering as part of their strategy. This way, business owners can rest assured that their organizations can handle unpredictable circumstances in the marketplace.