With 65% of businesses that update their competitive intelligence weekly seeing a revenue increase as a result – a figure which rises to 75% for those that update their CI daily – a new model to enable tech companies to more easily use CI to drive business success has been launched.
The 4Rs model from Seattle-based Audienz provides a systematic approach to CI that helps businesses gather insights, define their strategies, increase their impact, and monitor their success. The model comprises Rapid 360° Insight to enable businesses to capture competitor information quickly; Right Strategy to ensure that insights are used to inform a strategy that accentuates the company’s differentiators; Realized Impact to turn insights into action, giving marketing and sales teams the ammunition they need to win customers, and Real-time Monitoring, ensuring that sales and marketing teams are kept up to date.
“Disruptive technologies are currently driving business transformation at a relentless pace. Yesterday’s second tier (or even third tier) companies can quickly become today’s market leaders as technologies like the cloud, artificial intelligence, and ubiquitous mobile computing lower barriers to entry, transforms business models, and accelerates innovation,” explains Audienz CEO Fernando Mendez.
Organisations that can stay ahead of their fast-changing markets are best placed for success if they deploy competitive intelligence (CI). 85% of enterprise decision-makers say they have a time frame of two years in which to make significant inroads into digital transformation or they will fall behind their competitors and suffer financial consequences as a result [1]. Competitive intelligence empowers business leaders to stay informed of their competitor’s strategies and movements so they can lead their markets and position their products or services to win. The ROI of CI is real. Nine out of ten businesses get quantitative benefits from CI, with 52% citing a measurable increase in revenue (according to the 2019 State of Competitive Intelligence Highlights report).
“While most businesses recognize the increasing importance of CI, making it part of a company’s DNA isn’t necessarily straightforward,” continued Mendez. “There can be a number of challenges, including keeping up with a vast amount of ever-changing information; organizing that information into insights and then turning intelligence into action.”
But there is a way of using Competitive Intelligence to help gather insights, define your strategy, increase your impact, and monitor success. These include capturing competitor information quickly to deliver a holistic view that includes products, customers, sellers, and the market; then, using these insights to develop a strategy that accentuates your company’s differentiators; turning your insights into actions, giving your marketing and sales teams the information they need to enable them to win customers, and finally, staying on top of the latest information in real time so that you can update and optimize your strategy accordingly, and keeping your marketing and sales teams up to date. Each of these components on their own will deliver tangible benefits, but when combined, the overall impact can be transformational.
“For the approach to be successful, real-time monitoring of data to ensure strategies remain up to date is critical. Once the initial competitive intelligence effort is completed, real-time monitoring will be needed so the business keeps its finger on the pulse, ensuring competitive intelligence is consistently up-to-date, relevant, and valuable,” continues Mendez.
“Implemented effectively, this approach can help companies outpace their competitors in a fast-changing business environment. It can be daunting but, implemented effectively, competitive intelligence can deliver quick wins and rapid return on investment.”
[1] “40 Stats On Digital Transformation And Customer Experience,” Forbes, May 13, 2019, https://www.forbes.com/sites/blakemorgan/2019/05/13/40-stats-on-digital-transformation-and-customer-experience/#121fbe6f6475.[2] “2019 State of Competitive Intelligence Highlights,” LinkedIn SlideShare, Feb 6, 2019, https://www.slideshare.net/crayondotco/2019-state-of-competitive-intelligence-highlights.
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