Competitive Insights are bits of data and information collected by a competitive intelligence solution enabling business teams to stay ahead of changing markets and increased competition in their industry.
Each business team within an organization will require specific competitive insights to turbocharge data-backed outcomes. For example, product teams may need information on the market and product roadmaps from competitors, whereas procurement teams will need information on vendor relations, pricing, and deals. Executive teams may need insights on stakeholder relations, the competitive landscape, and revenue figures, but sales teams will need insights on pricing, pain points, and competitor win rates.
In this blog, we’ll discuss how competitive insights can help different teams turbocharge data-backed outcomes.
Executive leadership teams use competitive insights to drive their decision-making process and move the company forward within their respective industries. The competitive insights that an executive team might find most valuable include industry trends, stakeholder relations, and their competitive landscape.
Insights on industry trends turbocharge executive teams with a holistic view of the market by providing data-backed decisions for executive teams to direct. The data collected on industry trends allows executive teams to determine if the direction they are headed towards is profitable, and what steps will fuel the growth of their business. Insights on stakeholders also enable executive teams to discover new deals, pursue possible deals, and evaluate current deals in their pipeline. The data collected on these deals enable action-oriented outcomes that direct sales and product teams on how to adjust their own strategies to pursue better deals and optimize products.
Executives need a clear view of the competitive landscape to drive their decisions and keep their companies ahead of the curve. Executives often use out-of-date data and static reports to make decisions. Competitive insights provide up-to-date intel and help executives stay aware of what’s trending, potential growth opportunities, side-step information silos, and foresee competitor movements.
Competitive insights are a crucial part of the sales process. Sales teams can use insights to understand how a prospect may be using a competitor’s product and the pain points that they are encountering. This helps sales teams make data-backed decisions that focus on how their own product addresses these pain points.
Sales teams can use competitive insights to turbocharge outcomes around their conversations with prospects. With competitor information gathered, sales teams can initiate targeted conversations that identify targets' pain points and the differences between themselves and their competitors.
Competitive insights gathered on accounts can identify buying-ready triggers. Sales teams then know which accounts are best to target and track. This helps sales teams identify the best messaging and strategies for outreach to their target accounts.
Sales teams can also use competitive insights to gather intel on competitors and better handle objections during sales calls or meetings, where to emphasize the strengths of their product versus their competitors, and where to identify the best use cases for prospects.
Marketing teams can use competitive insights to turbocharge their outcomes by collecting data on competitor campaigns. They can use this information to act and drive changes within their own campaigns to effectively target different audiences.
Marketing teams can also use competitive insights to drive their content pipeline. The insights gathered on competitor content pipelines establishes what content works best with specific audiences and make data-backed decisions based on which content should be produced such as whitepapers, templates, blogs, or videos.
Product teams can use competitive insights to decide the direction of their product roadmaps, and which features their products should include. Competitive insights are crucial for product teams to observe how the product landscape is changing and what features customers are seeking.
Insights on how competitors are adapting their products to fit the needs of customers enable your product team to act and adjust their own product based on data collected.
A growing area that product teams need to keep an eye on is the changes in pricing and packaging. This enables product teams to determine the best decisions that will benefit their product and their customers.
Procurement teams use competitive insights to drive data-backed outcomes with vendors and materials. Procurement teams use the intel to understand vendor and market landscapes. These insights allow procurement teams to pursue better deals and identify which vendors they should partner with.
Supplier intelligence exposes competitive pricing when negotiating material or vendor contracts, profitable pricing strategies, and partners that will help elevate the brand. Procurement teams typically see significant cost savings when tracking suppliers.
These insights drive decisions on when to acquire new materials, partnerships with vendors may be, and how to get the best prices from different vendors.
Competitive Insights help strategy teams identify opportunities for growth, how to combat competitor movements, and how to align the rest of the organization in a way that will achieve the company's quarterly, annual, or long-term goals.
The strategy team can also benefit from competitive insights by identifying the gaps that competitors are trying to fill and gaps that have not yet been addressed. This information can be relayed to other teams across the organization with proposed solutions related to the goals of the executive team.
These insights can turbocharge data-backed outcomes that lead to the strategy team developing battle cards, competitive strategies, delivering internal content, building engagement from internal and external stakeholders, and keeping the organization’s story and goals under control from unnecessary problems that could come up in the media, during manufacturing, or in future endeavors.
Want more information on how you can better turbocharge data-backed outcomes? Register for our upcoming webinar, Integrating AI into the Competitive Intelligence Process, to learn how AI can enable your business teams to drive better business outcomes.