Yet, Only 22% of Businesses Have Defined Goals for Their Competitive Intelligence Programs, Reveals Crayon’s State of Market Intelligence Report
Crayon released the largest market and competitive intelligence research study, the 2018 State of Market Intelligence report. The study dives into the practices, challenges, and new trends in the field of market and competitive intelligence and is based on the responses of more than 700 business professionals.
The study found that 89 percent of large companies have headcount dedicated to market intelligence. Yet only 22 percent of businesses have defined goals for their competitive intelligence programs.
“Businesses have great visibility into their internal metrics and activities, but lack that visibility when it comes to their competitors and market,” shared Jonah Lopin, Crayon CEO and co-founder. “There is a lot more competitive intelligence available now, but businesses are still learning how to leverage and measure it. Our hope with this study is that we can share both the best practices and the challenges businesses face, so we can encourage more innovation in the field of market intelligence.”
The survey also revealed that 67 percent track just ten or fewer sources of intelligence (e.g. websites, publications), which would not even cover the full digital footprint of a single competitor. But research professionals recognize that getting full intelligence coverage is necessary – 77 percent say it’s important to have a holistic view of intel on your competitors in order to see success with market intelligence.
Other key findings from the study include:
- 49 percent have seen quantitative benefits from their market intelligence program and 61 percent have seen qualitative benefits.
- 63 percent have driven tactical actions as a result of their market intelligence program, and 61 percent have driven strategic actions.
- 43 percent of time dedicated to competitive intelligence goes towards the Research phase, while the remaining time is split between Analysis and Communication.
- The primary mode of internal communication of market intelligence is email, with 84 percent saying they share intel that way.
- 40 percent of market/competitive intelligence programs have been in place for less than one year, a reflection that the field is growing or being reimagined in many organizations.
Crayon is a market intelligence platform that enables businesses to track, analyze, and act on everything happening outside their four walls. Tens of thousands of teams use Crayon’s software to capture and analyze complete market intelligence, pulling from more than seven million sources. Crayon was founded in 2014 by former HubSpot and AdMob executives who believe that millions of businesses have yet to take advantage of the intelligence data available today to drive actionable insights and opportunities.