Developing a Competitive Intelligence Program That Scales
A Competitive Intelligence (CI) program is essential for gathering and interpreting key information to anticipate competitors' actions, analyze market trends, and develop robust business strategies. The primary goal of a CI program is to minimize risk through informed decision-making, ultimately achieving a 360-degree view of the competitive landscape.
To be effective, a CI program must avoid common pitfalls such as noisy or inaccurate data, reactive strategies, and underutilized intelligence. A proactive, comprehensive approach, with strong executive support, is essential for fostering a culture of competitive awareness across the organization.
Program Overview
The scale, breadth, and size of your marketing team will determine where best to place your program. In smaller organizations, the effort may be a shared responsibily. In larger, more mature marketing programs, the CI program should likely be situated within the Corporate Marketing department to ensure it serves all key stakeholders, including Sales, Marketing, Product, and Executive Leadership. This positioning allows the program to maintain independence and focus while equally supporting all areas. Many organizations find that CI under Product Marketing can serve with same effectiveness and success.
According to Forrester research, “Insight from information is only intelligence if it's actionable and the firm acts.” Therefore, it’s crucial for the CI team to work as a center of excellence, using a portfolio of skills, processes, and cultural enablers to drive actions from insights.
Ethics
Operating a CI program ethically is paramount. The program should align with the principles and code of ethics established by the Strategic and Competitive Intelligence Professionals (SCIP):
Strive to increase recognition and respect for the profession.
Comply with all applicable laws.
Disclose all relevant information, including identity and organization, prior to interviews.
Avoid conflicts of interest.
Provide honest and realistic recommendations and conclusions.
Promote the code of ethics within the company and the profession.
Adhere to company policies and guidelines.
Resources
Personnel
The CI program can be facilitated by a small team, such as a VP and Director of Corporate Marketing, who manage the execution, collection, dissemination, and monitoring of intelligence.
Outsourced Agencies
Consulting agencies may be engaged for anonymity and intelligence collection from competitors, focusing on activities like mystery shopping and employee interviews. Agencies like Forrester, Cascade Insights, and Rauch Associates are good examples.
Information Technology
Various tools and technologies can support a CI program:
Asana: Project and task management.
BrightEdge: SEO and content performance marketing platform for analyzing competitors' digital marketing efforts.
HighSpot: Sales enablement platform for distributing intelligence collateral and monitoring usage.
LinkedIn Sales Navigator: Research tool for tracking key personnel changes at competitors.
SEMrush: SEM tool for understanding competitors' Google Ad strategies and unique selling points.
Salesforce (SFDC): CRM for capturing insights about competitors and conducting win/loss analysis.
Slack: Internal communication tool with dedicated channels for collecting competitive information.
Crayon: Digital curation software for gathering digital footprint intelligence from competitors.
Integrated Overview
An effective CI program integrates various elements, including data collection, analysis, production, and distribution, into a cohesive framework. This integration ensures that insights are actionable and contribute to strategic decisions across the organization.
Program Metrics
To ensure sustainability, a CI program must adopt a data-driven approach. Metrics can be divided into two categories:
Impact Metrics: Assess the volume, consumption, and accuracy of collateral produced by the program.
Influential Metrics: Measure the direct impact of CI activities on the company's success, such as win rates, deal lengths, and discount amounts.
Identification and Capture
Analyzing CRM leads and opportunities can help monitor the competitive landscape. This analysis focuses on the initial identification and capture of competitive situations, providing insights into team performance and promoting a culture of competitive awareness.
Production and Consumption
Production metrics track the creation and updating of collateral, while consumption metrics measure usage through platforms like HighSpot and SFDC. Maintaining non-downloadable collateral ensures accurate usage tracking and prevents outdated information from being utilized.
Collateral Accuracy
Monitoring the accuracy of collateral is crucial. Inaccuracies identified from non-CI team sources should be captured to maintain the quality of intelligence disseminated.
Research and Analysis
A CI program leverages multiple approaches for intelligence gathering, including:
Competitor Evaluations: Collect information on corporate activity, marketing strategies, sales processes, and product offerings.
Win/Loss Analysis: Understand the impact of CI collateral on win rates, sales cycle duration, and discount amounts.
Analyst Research: Utilize insights from firms like Gartner, Forrester, and GRC20/20.
Digital Footprint Monitoring: Analyze digital information, such as blogs, collateral, social media, and SEO.
Production
Effective project management is key to a CI program. Tools like Asana can help monitor project duration and volume, ensuring timely and efficient production of intelligence collateral.
Deliverables
Deliverables should be well-defined and regularly updated. HighSpot can be used as a primary repository for distributing intelligence collateral, while SFDC and Crayon provide integration for real-time competitor battlecards.
Distribution
Distribution channels, including internal communication platforms like Slack, ensure that intelligence is easily accessible to all relevant stakeholders. Dedicated channels for competitive information foster a culture of awareness and action.
Enablement
Enablement activities, such as providing ad-hoc assistance to sales staff, are crucial for supporting competitive deals. Monitoring the volume, source, and targets of requests for help can provide insights into the program’s effectiveness and areas for improvement.
CI Culture
Promoting a culture of competitive intelligence involves regular communication, training, and support for all employees. An internal NPS-type survey can help gauge the perception of the CI program's value and identify areas for enhancement.
Budget
A well-planned budget ensures the sustainability of the CI program. Allocating resources for personnel, consulting agencies, and technology is crucial for maintaining an effective and scalable program.
Top Tools for Competitive Intelligence
Here are some top tools that provide competitive intelligence software, helping product marketers in their day-to-day work:
Klue: Klue is a competitive intelligence platform that helps organizations capture, manage, and share market insights. It provides real-time updates on competitors' activities, allowing teams to make informed decisions and stay ahead in the market.
Crayon: Crayon offers a comprehensive suite for competitive intelligence, tracking over 100 data types across various digital channels. It provides insights into competitors' strategies, allowing companies to adjust their own tactics and gain a competitive edge.
Owler: Owler is a community-based business insights platform that provides real-time updates and insights about competitors. It helps businesses track competitors’ moves, such as funding events, leadership changes, and product launches.
CompeteIQ: CompeteIQ offers competitive intelligence tools that provide deep insights into competitors' strategies. It allows businesses to create dynamic battlecards, analyze competitor activities, and drive strategic decision-making.
Competera: Competera is a pricing optimization and competitive intelligence platform that helps businesses monitor competitors' pricing strategies. It enables companies to adjust their pricing in real-time, ensuring they remain competitive in the market.
Building an Effective Competitive Intelligence Program
Developing a scalable CI program involves several key steps:
Establish Clear Objectives: Define the goals and objectives of the CI program. What do you aim to achieve with competitive intelligence? How will it support your organization’s strategic decisions?
Gain Executive Support: Secure buy-in from executive leadership to ensure the program has the necessary resources and visibility within the organization.
Create a CI Team: Assemble a team with the skills and expertise needed to execute the CI program effectively. This team should include members from various departments to ensure a well-rounded perspective.
Select the Right Tools: Choose the appropriate tools and technologies to support your CI efforts. Tools like Klue, Crayon, and Competera can provide the insights needed to stay ahead of competitors.
Develop a Data-Driven Approach: Implement a data-driven approach to monitor and evaluate the effectiveness of the CI program. Regularly analyze metrics to identify areas for improvement and ensure the program remains aligned with organizational goals.
Promote a CI Culture: Foster a culture of competitive intelligence within the organization. Encourage employees to share insights and contribute to the CI program. Regular training and communication can help reinforce the importance of competitive intelligence.
Integrate CI into Decision-Making: Ensure that insights from the CI program are integrated into strategic decision-making processes. This involves regularly sharing intelligence with key stakeholders and using it to inform business strategies.
Monitor and Adjust: Continuously monitor the competitive landscape and adjust the CI program as needed. The market is constantly evolving, and your CI program must be adaptable to stay relevant.
Final Thoughts: Embrace Competitive Intelligence
Knowing the competition is just the first step, knowing how to manage and disseminate the intelligence is the key to program effectiveness. The critical role of a well-structured competitive intelligence program is to drive strategic decisions and maintain a competitive edge. By integrating CI into your organization’s culture and decision-making processes, you can better anticipate market changes, respond to competitor actions, and ultimately, achieve long-term success. To start building your CI program today, evaluate your current resources, define clear objectives, and choose the right tools to support your efforts. If you are looking to establish or refine your current program charter, BlindSpot Consulting has the blueprint and expertise to ensure your success. Contact us today to learn more.
