10 Competitive Intelligence Statistics: Do Your Competitors Know These?

competitive intelligence statistics

Written by: Jimmy Newson

Jimmy Newson is an inbound sales and marketing consultant, virtual summit producer, and public speaker. He's always up for speaking anything marketing, tech, and growth.

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July 31, 2020

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.

  • 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)
  • 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/)

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.

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