How do you measure the impact and value of your competitive intelligence activities?

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Competitive intelligence (CI) is the process of gathering, analyzing, and using information about your competitors, markets, customers, and trends to support strategic decision-making and achieve competitive advantage. But how do you know if your CI activities are effective and valuable for your organization? How do you measure the impact and value of your CI activities?

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Massimo Chieruzzi
CHINMAY AGNIHOTRI

Competitive Intelligence Strategist at Skillsoft

1 Define your CI goals and metrics

Before you can measure the impact and value of your CI activities, you need to define what you want to achieve with them and how you will track your progress and results. You need to align your CI goals and metrics with your organizational objectives and priorities, and make sure they are SMART: specific, measurable, achievable, relevant, and time-bound. For example, your CI goal could be to increase your market share by 10% in the next year, and your CI metrics could be the number of new customers, the revenue per customer, and the customer satisfaction rate.

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2 Collect and analyze your CI data

Once you have your CI goals and metrics, you need to collect and analyze your CI data from various sources and methods, such as market research, web analytics, social media, surveys, interviews, reports, and benchmarks. You need to use reliable and relevant data that can help you answer your key CI questions and provide insights into your competitive landscape, opportunities, threats, and gaps. You need to use analytical tools and frameworks, such as SWOT, PESTEL, Porter's Five Forces, and value chain analysis, to organize, interpret, and visualize your CI data.

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Massimo Chieruzzi
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From a revenue standpoint (that's usually what your exec team will use to measure the impact of the CI team), I would create custom fields in the CRM and for each deal, have the sales team identify the competitors involved. The amount of pipeline with competitors involved and the movement in closed won/lost in competitive deals is usually a simple and effective indicator of the CI impact on the business.

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3 Communicate and deliver your CI insights

The next step is to communicate and deliver your CI insights to your stakeholders and decision-makers, such as senior management, marketing, sales, product development, and operations. You need to tailor your CI insights to the needs and expectations of your audience, and use clear and compelling formats, such as dashboards, reports, presentations, newsletters, and alerts. You need to highlight the key findings, recommendations, and action points of your CI insights, and show how they can help achieve your organizational goals and metrics.

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Vilma Mendes

Head of Flavors Business Unit, P&L, B2B Sales, MKT, Communications, Strategy, Business and Talent development
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To efficiently communicate and deliver your CI insights, it is vital to engage with the relevant individuals in a systematic manner and appropriate format. Equally significant is to offer practical recommendations that align with the ethical and rigorous standards of both the local and global markets.

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4 Monitor and evaluate your CI outcomes

The final step is to monitor and evaluate your CI outcomes, which are the results and impacts of your CI insights and actions on your organizational performance and competitiveness. You need to measure and compare your CI outcomes against your CI goals and metrics, and use feedback loops and indicators, such as KPIs, ROI, NPS, and customer reviews, to assess your CI effectiveness and value. You need to identify and celebrate your CI successes, and learn from and improve your CI challenges.

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5 Review and improve your CI process

Measuring the impact and value of your CI activities is not a one-time event, but a continuous cycle of improvement. You need to review and improve your CI process regularly, and adapt it to the changing internal and external environment. You need to update your CI goals and metrics, collect and analyze new and relevant CI data, communicate and deliver fresh and actionable CI insights, monitor and evaluate your CI outcomes, and review and improve your CI process again. By doing so, you can ensure that your CI activities are always aligned with your organizational strategy and deliver value for your organization.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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CHINMAY AGNIHOTRI

Competitive Intelligence Strategist at Skillsoft
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Measuring the direct ROI of competitive intelligence (CI) programs can be challenging, as it's not always easy to quantify the impact. However, there are several useful metrics. Tracking CRM data and revenue impact, along with getting feedback from stakeholders, are commonly used. In addition, I recommend monitoring the download and open rates of CI deliverables like battle cards or competitor profiles—an increase suggests a growing interest in your work. Also, track the number of ad-hoc or custom requests your CI team receives. If these numbers are rising, it shows stakeholders trust and value CI as a key strategic partner.

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How do you measure the impact and value of your competitive intelligence activities?

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1 Define your CI goals and metrics

2 Collect and analyze your CI data

3 Communicate and deliver your CI insights

4 Monitor and evaluate your CI outcomes

5 Review and improve your CI process

6 Here’s what else to consider

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