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How can you measure the effectiveness of your competitive intelligence program?

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Competitive intelligence (CI) is the process of gathering and analyzing information about your competitors, their products, customers, strategies, and strengths and weaknesses. CI can help you identify opportunities, threats, and gaps in the market, and improve your own decision making and performance. But how do you know if your CI program is effective and delivering value to your business? In this article, we will explore some ways to measure the effectiveness of your CI program using data analysis techniques.

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Indurthi Sridhar

Operations, sales and account management executive with over two decades of experience in Middle East and India.
Alisa Meredith

Certified Product Marketing Manager | B2B SAAS | Content Marketing

1 Define your CI goals and metrics

Measuring the effectiveness of your CI program begins with defining your goals and metrics. Ask yourself what you are trying to achieve and how you will measure your progress and success. Depending on your objectives, you may want to use metrics such as market share, revenue growth, customer satisfaction, product innovation, brand awareness, and competitive advantage. It is important to align your CI goals and metrics with your overall business strategy and priorities, making sure they are SMART: Specific, Measurable, Achievable, Relevant, and Time-bound.

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Indurthi Sridhar

Operations, sales and account management executive with over two decades of experience in Middle East and India.
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CI is very important to understand your solution and your competitive products for better marketing. CI information can be procured through social media, user interviews, online videos. This data can be analysed over spread sheet to do SWAT analysis. Based on the swat analysis companies can have effective marketing plan.

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Alisa Meredith

Certified Product Marketing Manager | B2B SAAS | Content Marketing
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For sure your goals need to align with overall business strategy and priorities, but if you stop there, you may struggle to get credit for your hard work. For example, brand awareness growth is the result of many efforts and several teams. Make sure you have buyin on how your contributions will be viewed, and keep a "wins" folder containing every competitive insight you gathered and shared that contributed to reaching that goal (have separate folders for each KPI). Prepare a report showing both the progress to goal and some specific examples of the intel you found and shared that impacted that business result.

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Venesha Brooks

Founder @ Insurtech Amsterdam | Facilitating collaboration and accelerating innovation in insurance.
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There are serveral ways to define your CI goals. I typically use Porter 5 forces, SWOT analysis or TOWS analysis. My favorite is the TOWS analysis. It is an extension of the SWOT Analysis framework that identifies your Strengths, Weaknesses, Opportunities, and Threats but then goes further in looking to match up the Strengths with Opportunities and the Threats with Weaknesses. Moreover, you can also try the "Strategic Group Analysis" or "Business Model Canvas" framework.

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2 Collect and organize your CI data

To measure the effectiveness of your CI program, you should collect and organize data from various sources, such as secondary data from public websites, reports, news, and social media; primary data generated through surveys, interviews, focus groups, and mystery shopping; and internal data from sales, customer feedback, and product performance. It's important to ensure the data is relevant, reliable, and timely. Additionally, you should organize the data in an easily accessible format with tools like spreadsheets, databases, and dashboards to make it easier to analyze and share. Avoiding data overload is also key.

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Venesha Brooks

Founder @ Insurtech Amsterdam | Facilitating collaboration and accelerating innovation in insurance.
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One of the tools that l found very useful for organizing and collecting CI data was Klue. It helps you to do the following: 1. Track Competitors: Monitor competitor websites, pricing, product changes, news releases, reviews, and more. 2. Curate Battlecards: Create tailored battlecards for specific competitors, scenarios, and deals to empower your sales team. 3. Keep Your Team Informed and Collects Intel On The Go: the Klue browser extension helps you gather information from social media, news publications, websites, and other sources. 4. See What Works Best: Gain insights into the most frequently used battle cards. 5. Collaborate In Real Time: Foster real-time collaboration through platforms like Slack, Teams, Salesforce, email, and more

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3 Analyze and visualize your CI data

The third step to measure the effectiveness of your CI program is to analyze and visualize your data. You can use descriptive analysis to summarize and present your data with statistics, tables, charts, and graphs. Comparative analysis allows you to contrast your data with competitors or industry benchmarks using ratios and percentages. Trend analysis helps identify changes in data over time with the use of time series and moving averages. SWOT analysis evaluates strengths, weaknesses, opportunities, and threats based on data through a matrix or diagram. Lastly, scenario analysis explores different outcomes and implications based on assumptions, projections, and simulations. When analyzing and visualizing your data, it’s important that you do so in a way that is clear, accurate, insightful, and that answers your CI questions while supporting your CI goals.

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4 Communicate and act on your CI insights

The final step to measure the effectiveness of your CI program is to communicate and act on your insights. You can use various formats and channels to do this, such as reports, presentations, alerts, and stories. It is important to communicate in a way that is relevant, concise, and actionable, and that addresses your stakeholders' needs and expectations. Additionally, you should follow up on your insights and monitor their outcomes with feedback, reviews, tests, etc. By doing this, you can measure the effectiveness of your CI program and demonstrate its value to your business. Plus, you can use the insights to improve your B2B marketing strategy and tactics in order to gain a competitive edge in the market.

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5 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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How can you measure the effectiveness of your competitive intelligence program?

1

2

3

4

5

1 Define your CI goals and metrics

2 Collect and organize your CI data

3 Analyze and visualize your CI data

4 Communicate and act on your CI insights

5 Here’s what else to consider

B2B Marketing Strategy

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How can you measure the effectiveness of your competitive intelligence program?

1

2

3

4

5

1 Define your CI goals and metrics

2 Collect and organize your CI data

3 Analyze and visualize your CI data

4 Communicate and act on your CI insights

5 Here’s what else to consider

B2B Marketing Strategy

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