Regardless of your industry, no business wants to miss out on the latest technological trends, especially when they can provide a new competitive advantage. And these days, if you’re not already exploring what tech can do for your competitive intelligence process, then you’re not just standing still, you’re falling behind.
In today’s competitive business environment, companies are looking for software to help them collect and manage an endless stream of data. More and more, it seems like companies that haven’t taken the plunge yet are delaying the inevitable. Here are a few statistics that prove how vital it is that you invest the right technology for your competitive intelligence operation:
- If you’re afraid of missing out, here’s a scary statistic: A 2018 survey discovered that a whopping 97% of executives have already invested in data and AI-based technologies that improve the way businesses organize and distribute critical information[i]. 73% of those executives believe they’ve already seen measurable return on those investments, up 50% from 2017.
- It’s hard to beat the competition if you don’t see it coming, and most CEOs are always on the lookout. In a 2017 survey, 54% of CEOs reported being concerned about new market entrants harming their business, and 61% were concerned about an increase in competitors over the next five years[ii]. A comprehensive, ongoing competitive intelligence process is the best way to stay on top of potential threats and new entrants into your market space.
- Your business is nothing without its customers. That’s why a fully-supported marketing department is crucial to retaining the customers you have and drawing in potential new buyers. According to a 2018 Gartner report, marketing technology accounts for a full 29% of respondents total marketing budget, up from 22% the previous year[iii]. Across industries, companies are investing in ways to optimize and analyze their SEO practices, as well as keep tabs on their competitors’ efforts.
- Finally, out of all the tech investments marketing executives are making, 91% consider market research with a human analyst component “significantly important” or “somewhat important” to their overall strategy[iv]. Separately, 91% said they already use tools that help them gauge the success of their competitors’ marketing campaigns.