Crayon’s Fifth Annual State of Competitive Intelligence Report Reveals Increased Investment in Competitive Intelligence as Competition Grows Fierce Than Ever

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The survey results show nthe first half of companies will increase their use of competitive intelligence technology in 2022; 42% will add CI workforce

BOSTON–(BUSINESS WIRE)–Today, Pencilthe competitive intelligence backbone trusted by HubSpot, Dropbox, Gong and Salesforce, has announced the results of its 2022 State of Competitive Intelligence (CI) Report. Based on survey data from over 1,200 CI practitioners and stakeholders, the survey is the largest and oldest in the CI industry and focuses on how companies support, practice and measure competitive intelligence.

This year’s data revealed that 59% of practitioners say their markets have become much more competitive, an increase of 16% since 2020. To combat competition, organizations have pledged to invest, with 42% of respondents planning to add CI workforces at some point this year and more than half plan to increase their use of CI technology in 2022.

“This year’s State of Competitive Intelligence report clearly shows that this industry is at a positive inflection point,” said Crayon Founder and CEO Jonah Lopin. “Companies that leverage technology to compete and win in real time are significantly more likely to grow and prove their revenue impact. Competition is on the rise across all industries and top companies are investing aggressively to create sustainable competitive advantage in 2022.”

Other findings and conclusions from this year’s report include:

  • Technology is pushing competitive intelligence to new heights. Compared to 2018, CI teams are spending 14% less time on research and 15% more time on activation, primarily due to advances in automation. Teams with dedicated CI platforms are 2.5x more likely to activate intelligence daily, driving twice the revenue impact of Teams without dedicated CI platforms.
  • CI is an increasingly measurable investment with more work to do. CI practitioners are looking to become more metrics-oriented. Compared to 2018, CI teams are 88% more likely to say they have established KPIs, but the majority are still unable to reliably prove significant impact. Among companies that have not yet defined success metrics, three-quarters of respondents say they are in the process of doing so.
  • There is a need to provide battle card information in the right places. While two-thirds of CI team respondents maintain battle cards, the report found that only 20% are activated through a CRM and a mere 17% are activated through sales enablement platforms. Not enough businesses provide information to sellers in the places they live, which can be a challenge for battle map adoption.
  • The maturity of the CI function is evolving. CI remains a growing industry in which companies are investing. The report found that 43% of respondents describe their organization’s CI function maturity as established or advanced, while 57% of CI practitioners describe the functions they support as “ad hoc” or “emerging”. Crayon predicts that more investment will result in more maturity over time.

“With lowering barriers to entry in virtually every industry, the biggest strategic risk companies will face over the next three years will be new, unknown competitors. Now is the time for competitive intelligence to shine,” said Cam Mackey, CEO of Strategic and Competitive Intelligence Professionals (SCIP), “Whether your organization is just beginning its CI journey or looking to go global, this report will be valuable to you.”

Survey methodology

The 2022 State of Competitive Intelligence Survey was open from November 23, 2021 to December 30, 2021. 31% of respondents were full-time CI practitioners, 51% were full-time CI practitioners, part-time and 18% were CI stakeholders.

The State of Competitive Intelligence is CI’s largest and oldest survey, and each year we refine and improve our standards of data collection and analysis to produce the most accurate and precise. In 2022, we made two enhancements to our data standards to increase integrity and quality: (1) we exclude partial responses from survey results, and (2) we normalize time series results for the mix of paid and organic responses, as these channels often have different average program lengths. Where time series spanning past reports are included in the 2022 report, we have retroactively applied the 2022 data standards enhancements to the previous year’s data to ensure trend line consistency and accuracy. As a result, some prior year statistics may not match prior year reports, as they now reflect prior year findings from the subset of respondents who meet the 2022 Enhanced Data Standards, and because the results have been normalized for the mix of paid and organic responses. .

About Pencil

Crayon is the competitive intelligence backbone that enables businesses and midsize businesses to see and seize opportunities and create lasting advantages in their markets. Hundreds of organizations use Crayon to capture accurate information that’s easily accessible and actionable to drive broad, measurable, and meaningful impact.

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Sara Beth Fahey

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