As we all know, today’s business landscape is highly competitive and moves at a relentless pace. The importance of accurate, relevant, and timely market and competitive intelligence to gain a competitive edge in such markets cannot be understated. That said, though, implementing an effective market intelligence program – and earning the buy-in of influential, critical stakeholders in your organization – can be a real challenge.
In this blog post, we’ll explore six strategies for fostering that buy-in to the importance of competitive and market intelligence across your organization.
1) Align Intelligence with Broader Business Goals and Objectives
To secure buy-in from leadership teams and key stakeholders, you must first consider the business’s overall goals and objectives. How can your market intelligence program fit within that framework and support those goals? Some examples of how intelligence insights can directly impact an organization’s strategic priorities are increasing market share, helping prepare a commercialization strategy for entering a new market or geography, and improving product development with knowledge about where the market is headed and what the competition is working on.
Have those answers readily available, and share them with the stakeholders you’re trying to get on board. By showing the clear connection between high-quality competitive and market intelligence, strategic decision-making, and, ultimately, business outcomes, you’ll make it easier for stakeholders to see the value of your efforts.
2) Measure and Broadcast ROI
Demonstrating a solid return on investment (ROI) for your M&CI efforts is essential for gaining buy-in and maintaining long-term support. Define clear KPIs (Key Performance Indicators) that align with your intelligence goals. These KPIs could be revenue growth, market share increase, cost reductions, etc. Regularly track and measure the impact of your market intelligence program on these KPIs and present the (positive) results to stakeholders. Once decision-makers see concrete evidence of the financial benefits of your work, they’ll be more likely to invest in it – which will likely further improve your ROI.
3) Develop User-Friendly Intelligence Platforms
To encourage adoption and make insights accessible to all employees, invest in a user-friendly M&CI platform like our Forrester-recognized Insightsfirst platform. These platforms should serve as a single source of truth, combining all insights into one platform. Employees will be able to find relevant data, analytics, and insights quickly and easily. With Insightsfirst, users can create personalized dashboards with visualizations and set automated alerts to receive the most pressing information right to their inbox.
The more intuitive, easy-to-use, and helpful a platform, the more likely users will embrace it in their daily workflows.
The Forrester Wave™:
Market & Competitive Intelligence Platforms, Q2 2023
4) Offer Training and Education
A major obstacle to intelligence buy-in is a lack of understanding about how to use it effectively, how to operate the intelligence platform, who to contact for help, and so on. Proactively provide training and educational resources to help employees across the organization become proficient in leveraging intelligence for their specific roles. Explain the best use cases for turning to market intelligence and show them how to use any tools. This training can take many forms, from workshops and webinars to email newsletters and regular office hours. The goal is consistent, though – empowering all employees with the skills needed to make informed decisions with insights.
5) Create Cross-Functional Teams
With M&CI initiatives, collaboration is king. Establish cross-functional teams that bring together representatives from various departments, including sales, marketing, product development, and finance. Ask those team members what insights would help them make decisions, and ensure you proactively provide access to the data you gather. These cross-functional teams can also be appointed advocates for competitive intelligence in their respective departments.
6) Communicate Success Stories
Lastly, now that you’ve put in all that hard work, the success stories will come rolling in. Share those real-world examples of how your team’s insights enabled strategic, data-driven decisions that led to revenue growth, cost savings, competitive advantage, or a better-defended position as a market leader. These stories – especially when they include numbers – serve as tangible proof of the value of M&CI and inspire others in your organization to hop on the bandwagon. Use communication channels such as internal newsletters, meetings, and presentations to share these success stories within the company.
Fostering buy-in for competitive and market intelligence across your business is crucial to secure your company’s stable and growing position in the market. Use the six strategies outlined above to build a strong foundation for M&CI’s acceptance and utilization. Remember: this is not a one-time project but an ongoing, constant process that requires continuous support from the broader organization.
AI is an important component of any successful, modern M&CI program. Check out our Ultimate Guide to Integrating AI in CI Programs to learn more!
