What do you want to achieve with your Competitive Intelligence program?
If you are in a crowded market or are a market leader, you may feel like setting a million priorities. It is a real feeling to be involved in a big project or in a million small tasks that need to be done or the sky will fall.
For product marketers, however, Competitive Intel (CI) should be at the forefront. Understanding the landscape and current events is essential to succeed in the competition. Failure to define your CI priorities, as with most projects, is considered a failure and can be costly for your business.
Strive for progress, not perfection. Not everything is equally important – so you need to focus on those areas that are closely aligned with your overall goals.
How do you define your CI priorities, even though you do not know what you want to achieve? Kompyte recently surveyed product marketers, growth marketers and sales enablement experts, finding that 30% of them have no way to collect competitive information and take action. Another 55% stated that they are conducting ad hoc competition initiatives or that their process is very manual. Only 2% have prioritized competitive intelligence programs or initiatives.
These insights made us think: If companies think CI is essential, why not prioritize it?
Competitive intelligence is a strategic imperative: it can be used in many facets of the business and affect a variety of business functions. However, how you define your competition priorities depends on the areas that are important to your business.
Why is it important to define your CI priorities?
Have you ever walked through a shop and noticed that you spent more time than expected and did not have half the things on your list? The same applies to your competition initiatives. Without a clear definition of success, things can quickly go wrong.
For example, here are some risks associated with undefined goals:
Problems with time management and achieving general goals. Apart from the lack of definition, it is even more difficult to make progress on something that is not clear.
A decrease in follow-through obligations. Without a clear goal in mind, the number of tasks on your task list could become overwhelming.
Inability to say no. You become a yes person. You are under the illusion that you can do anything.
Actions are reactive rather than proactive. Work is always a mix of reactive and proactive tasks – some days are better than others. However, if you are in a reactive state, important tasks are constantly pushed back.
Can not make decisions quickly and safely. You lack clarity on KPIs and long-term goals.
At the end of the day you are not alone. It may take some time to define how you use competitive information, but if done correctly, this can have a huge impact.
How do you start? After meeting with some of the respondents, we used the common best practices that their teams follow.
Try These Three Proven Methods
1. Take your time
What we've heard most about product marketers is that although it was hard to find time once they had time to set goals and reconcile them, everything else felt different.
Gaining time can be a challenge, but CI programs do not prioritize. If you are in a reactive state and you can not make quick decisions, you will lose productivity and increase the likelihood of achieving business goals.
2. Creation of a priority list and evaluation of meaning
What can you do depending on your responsibilities to win a business and fulfill your KPIs?
Now stop it. With a sprinkler-like approach, you can not achieve anything. First, think about the goals by function and how important they are to the overall success of your business.
For example, if you are the product marketing team, your goals and importance level will be significantly different from those of the sales enablement team. However, there will most likely be overlaps. Since each function could have a different focus, the definition of CI priorities should be paired with metrics.
If you have a list of all "overriding" priorities, refine this list. They will not bring the ocean to a boil immediately. Trying to do everything reduces the likelihood of producing higher quality work. Identify business-critical CI elements such as product launches and seasonal or short-term marketing promotions.
The priorities range from basic to proactive competition initiatives. So think about the metrics you're being measured on and plan accordingly.
3. Continue to check and update
As with most things, priorities change; They are not carved in stone. Once you have clearly defined the goals, you can easily reach them again when you are put on hold. As you gain insights from the competition, you need to review your priorities. Defining it is not an attitude-forget-and-forget concept. They have to be checked and updated regularly. With your priorities organized and coordinated, you can make quick decisions and respond appropriately to competitor updates. They serve as a guide to the approach to various ways of maximizing benefits.
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Setting goals is critical to any business to measure growth and achieve success. To achieve this, a quick iteration is the key. CI should serve as a tool to improve strategic positioning and alignment with corporate goals. When a business objective changes or is updated, the matching CI priority must also be reviewed.