{"id":53111,"date":"2020-07-31T19:24:13","date_gmt":"2020-07-31T23:24:13","guid":{"rendered":"http:\/\/jimmynewson.flywheelstaging.com\/?p=53111"},"modified":"2021-05-19T16:31:57","modified_gmt":"2021-05-19T20:31:57","slug":"10-important-competitive-intelligence-statistics","status":"publish","type":"post","link":"https:\/\/www.jimmynewson.com\/10-important-competitive-intelligence-statistics\/","title":{"rendered":"10 Competitive Intelligence Statistics:  Do Your Competitors Know These?"},"content":{"rendered":"\n\n\n[et_pb_section fb_built=”1″ admin_label=”section” _builder_version=”3.22″][et_pb_row admin_label=”row” _builder_version=”3.25″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_text admin_label=”Text” _builder_version=”3.27.4″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”]<!-- divi:spacer -->\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<!-- \/divi:spacer -->\n\n<!-- divi:paragraph -->\n<p>We live in a digital age, where we have a wealth of knowledge at our fingertips. The process of compiling quantifiable and qualitative data about our business opponents has never been more simple and easy to reach.<\/p>\n<!-- \/divi:paragraph -->\n\n<!-- divi:paragraph -->\n<p>Competitive intelligence brings value to your business and allows you to formulate a clear sense of direction. Not using strategic tools such as competitive analysis, market research, and competitive intelligence puts you at risk of falling behind the competition and surrendering your market share to others.<\/p>\n<!-- \/divi:paragraph -->\n\n<!-- divi:heading {\"align\":\"center\"} -->\n<h2 class=\"has-text-align-center\">Click on Image to Enlarge<\/h2>\n<!-- \/divi:heading -->\n\n<!-- divi:image {\"align\":\"center\",\"id\":53043,\"width\":619,\"sizeSlug\":\"large\"} -->\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large is-resized\"><a href=\"https:\/\/www.jimmynewson.com\/wp-content\/uploads\/2020\/07\/VitalStats-2.png\" target=\"_blank\" rel=\"noopener noreferrer\"><img decoding=\"async\" src=\"https:\/\/www.jimmynewson.com\/wp-content\/uploads\/2020\/07\/VitalStats-2.png\" alt=\"Competitive Intelligence Statistics Infographic - Jimmy Newson Consulting\" class=\"wp-image-53043\" width=\"619\"\/><\/a><\/figure><\/div>\n<!-- \/divi:image -->\n\n<!-- divi:heading {\"align\":\"center\",\"level\":3} -->\n<h3 class=\"has-text-align-center\">Share This Image on Your Site<\/h3>\n<!-- \/divi:heading -->\n\n<!-- divi:block {\"ref\":53103} \/-->\n\n<!-- divi:spacer -->\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<!-- \/divi:spacer -->\n\n<!-- divi:heading -->\n<h2><strong>Important Statistics That You Should Know About Competitive Intelligence<\/strong><\/h2>\n<!-- \/divi:heading -->\n\n<!-- divi:paragraph -->\n<p>To demonstrate the genuine significance of competitive intelligence, we present a collection of the most important statistics that will persuade you to take a strategic route to success.<\/p>\n<!-- \/divi:paragraph -->\n\n<!-- divi:list -->\n<ul><li>According to a 2020 report published by the Crayon, a marketing research company, an astonishing 94% of businesses are planning to invest in competitive intelligence. With a large scale number of companies seeking data-based solutions for their business ventures, the only way to stay afloat is to join in. (Source:&nbsp;<a href=\"https:\/\/smallbiztrends.com\/2020\/01\/competitive-intelligence-statistics.html\" rel=\"noreferrer noopener\" target=\"_blank\">https:\/\/smallbiztrends.com\/2020\/01\/competitive-intelligence-statistics.html<\/a>&nbsp;and&nbsp;<a href=\"https:\/\/www.crayon.co\/state-of-competitive-intelligence\" rel=\"noreferrer noopener\" target=\"_blank\">https:\/\/www.crayon.co\/state-of-competitive-intelligence<\/a>)<\/li><\/ul>\n<!-- \/divi:list -->\n\n<!-- divi:list -->\n<ul><li>90% of the Fortune 500 Companies already use competitive intelligence as a means to gain competitive advantage. (Source:&nbsp;<a href=\"https:\/\/www.emerald.com\/insight\/content\/doi\/10.1108\/17515631111106821\/full\/html\" rel=\"noreferrer noopener\" target=\"_blank\">https:\/\/www.emerald.com\/insight\/content\/doi\/10.1108\/17515631111106821\/full\/html<\/a>)<\/li><\/ul>\n<!-- \/divi:list -->\n\n<!-- divi:list -->\n<ul><li>Large-scale companies regret not implementing intelligence-based solutions sooner. 70% of them believe that their past campaigns would have been way more successful if they had used competitive intelligence. (Source:&nbsp;<a href=\"http:\/\/www.forteconsultancy.com\/Ourideas\/498\/Eyes_Wide_Open_Competitor_intelligence_Practices.aspx\" rel=\"noreferrer noopener\" target=\"_blank\">http:\/\/www.forteconsultancy.com\/Ourideas\/498\/Eyes_Wide_Open_Competitor_intelligence_Practices.aspx<\/a>)<\/li><\/ul>\n<!-- \/divi:list -->\n\n<!-- divi:list -->\n<ul><li>87% of businesses consider that Big Data analytics will change the competition factor in their niche industries in the next three years. 89% believe that companies that will not adopt such a strategy risk losing their market position. (Source:&nbsp;<a href=\"https:\/\/www.forbes.com\/sites\/louiscolumbus\/2014\/10\/19\/84-of-enterprises-see-big-data-analytics-changing-their-industries-competitive-landscapes-in-the-next-year\/#61437ce417de\" rel=\"noreferrer noopener\" target=\"_blank\">https:\/\/www.forbes.com\/sites\/louiscolumbus\/2014\/10\/19\/84-of-enterprises-see-big-data-analytics-changing-their-industries-competitive-landscapes-in-the-next-year\/#61437ce417de<\/a>)<\/li><\/ul>\n<!-- \/divi:list -->\n\n<!-- divi:list -->\n<ul><li>More than 73% of enterprises, dedicate a 20% chunk of their technology budgets to research and data analytics. A lot of companies see and appreciate the value of gathering intelligence. (Source:&nbsp;<a href=\"https:\/\/www.forbes.com\/sites\/louiscolumbus\/2014\/10\/19\/84-of-enterprises-see-big-data-analytics-changing-their-industries-competitive-landscapes-in-the-next-year\/#61437ce417de\" rel=\"noreferrer noopener\" target=\"_blank\">https:\/\/www.forbes.com\/sites\/louiscolumbus\/2014\/10\/19\/84-of-enterprises-see-big-data-analytics-changing-their-industries-competitive-landscapes-in-the-next-year\/#61437ce417de<\/a>)<\/li><\/ul>\n<!-- \/divi:list -->\n\n<!-- divi:list -->\n<ul><li>Approximately 80% of CEOs claim that mobile technology and data analytics are essential components of their overall strategy. Nowadays, without an online presence, a business is deemed invisible. Customers of all ages are likely to use their mobile devices to learn about a product or service they desire. The migration of entrepreneurs to the online scene also helps by simplifying the data-collecting process. (Source:&nbsp;<a href=\"https:\/\/www.pwc.com\/gx\/en\/ceo-survey\/2015\/assets\/pwc-18th-annual-global-ceo-survey-jan-2015.pdf\" rel=\"noreferrer noopener\" target=\"_blank\">https:\/\/www.pwc.com\/gx\/en\/ceo-survey\/2015\/assets\/pwc-18th-annual-global-ceo-survey-jan-2015.pdf<\/a>)<\/li><\/ul>\n<!-- \/divi:list -->\n\n<!-- divi:list -->\n<ul><li>About 70% of executives prefer to base their decisions on prognostic intelligence and emerging trends. They gain critical insight by relying on data analysis. To help your business thrive, you need to learn how to convert data to profitability. By following their example and keeping up with predictive information and trends, you can find the best way to position your small business for growth. (Source:&nbsp;<a href=\"https:\/\/www.stat.auckland.ac.nz\/~yee\/784\/files13\/Insearchofinsightandforesight.pdf\" rel=\"noreferrer noopener\" target=\"_blank\">https:\/\/www.stat.auckland.ac.nz\/~yee\/784\/files13\/Insearchofinsightandforesight.pdf<\/a>)<\/li><\/ul>\n<!-- \/divi:list -->\n\n<!-- divi:list -->\n<ul><li>Some companies don’t have the time or expertise to commit to competitive intelligence internally. 69% of firms that have hired an external expert for their data analytics have reported positive results. (Source:&nbsp;<a href=\"https:\/\/www.stat.auckland.ac.nz\/~yee\/784\/files13\/Insearchofinsightandforesight.pdf\" rel=\"noreferrer noopener\" target=\"_blank\">https:\/\/www.stat.auckland.ac.nz\/~yee\/784\/files13\/Insearchofinsightandforesight.pdf<\/a>)<\/li><\/ul>\n<!-- \/divi:list -->\n\n<!-- divi:list -->\n<ul><li>In general, companies analyze about 12% of their entire collected data. That leaves about 88% of the opportunities and threats that go unnoticed. How much would their ranking improve if they analyzed a greater portion of data? (Source:&nbsp;<a href=\"https:\/\/go.forrester.com\/press-newsroom\/\" rel=\"noreferrer noopener\" target=\"_blank\">https:\/\/go.forrester.com\/press-newsroom\/<\/a>)<\/li><\/ul>\n<!-- \/divi:list -->\n\n<!-- divi:list -->\n<ul><li>Due to competitive intelligence, 56% of executives keep an eye on their potential competitors and make plans to conquer new markets in the following three years. (Source:&nbsp;<a href=\"https:\/\/www.pwc.com\/gx\/en\/ceo-survey\/2015\/assets\/pwc-18th-annual-global-ceo-survey-jan-2015.pdf\" rel=\"noreferrer noopener\" target=\"_blank\">https:\/\/www.pwc.com\/gx\/en\/ceo-survey\/2015\/assets\/pwc-18th-annual-global-ceo-survey-jan-2015.pdf<\/a>)<\/li><\/ul>\n<!-- \/divi:list -->\n\n<!-- divi:paragraph -->\n<p>The overall advantages of competitive intelligence are very evident. Companies of all sizes should incorporate intelligence gathering as part of their strategy. This way, business owners can rest assured that their organizations can handle unpredictable circumstances in the marketplace.<\/p>\n<!-- \/divi:paragraph -->\n\n<!-- divi:spacer -->\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<!-- \/divi:spacer -->\n\n<!-- divi:block {\"ref\":53093} \/-->\n\n<!-- divi:spacer -->\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<!-- \/divi:spacer -->[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]\n\n\n","protected":false},"excerpt":{"rendered":"<p>We live in a digital age, where we have a wealth of knowledge at our fingertips. The process of compiling quantifiable and qualitative data about our business opponents has never been more simple and easy to reach. Competitive intelligence brings value to your business and allows you to formulate a clear sense of direction. Not [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":53116,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"image","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"<!-- wp:spacer -->\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<!-- \/wp:spacer -->\n\n<!-- wp:paragraph -->\n<p>We live in a digital age, where we have a wealth of knowledge at our fingertips. The process of compiling quantifiable and qualitative data about our business opponents has never been more simple and easy to reach.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Competitive intelligence brings value to your business and allows you to formulate a clear sense of direction. Not using strategic tools such as competitive analysis, market research, and competitive intelligence puts you at risk of falling behind the competition and surrendering your market share to others.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:heading {\"align\":\"center\"} -->\n<h2 class=\"has-text-align-center\">Click on Image to Enlarge<\/h2>\n<!-- \/wp:heading -->\n\n<!-- wp:image {\"align\":\"center\",\"id\":53043,\"width\":619,\"sizeSlug\":\"large\"} -->\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large is-resized\"><a href=\"https:\/\/www.jimmynewson.com\/wp-content\/uploads\/2020\/07\/VitalStats-2.png\" target=\"_blank\" rel=\"noopener noreferrer\"><img src=\"https:\/\/www.jimmynewson.com\/wp-content\/uploads\/2020\/07\/VitalStats-2.png\" alt=\"Competitive Intelligence Statistics Infographic - Jimmy Newson Consulting\" class=\"wp-image-53043\" width=\"619\"\/><\/a><\/figure><\/div>\n<!-- \/wp:image -->\n\n<!-- wp:heading {\"align\":\"center\",\"level\":3} -->\n<h3 class=\"has-text-align-center\">Share This Image on Your Site<\/h3>\n<!-- \/wp:heading -->\n\n<!-- wp:block {\"ref\":53103} \/-->\n\n<!-- wp:spacer -->\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<!-- \/wp:spacer -->\n\n<!-- wp:heading -->\n<h2><strong>Important Statistics That You Should Know About Competitive Intelligence<\/strong><\/h2>\n<!-- \/wp:heading -->\n\n<!-- wp:paragraph -->\n<p>To demonstrate the genuine significance of competitive intelligence, we present a collection of the most important statistics that will persuade you to take a strategic route to success.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:list -->\n<ul><li>According to a 2020 report published by the Crayon, a marketing research company, an astonishing 94% of businesses are planning to invest in competitive intelligence. With a large scale number of companies seeking data-based solutions for their business ventures, the only way to stay afloat is to join in. (Source:&nbsp;<a href=\"https:\/\/smallbiztrends.com\/2020\/01\/competitive-intelligence-statistics.html\" rel=\"noreferrer noopener\" target=\"_blank\">https:\/\/smallbiztrends.com\/2020\/01\/competitive-intelligence-statistics.html<\/a>&nbsp;and&nbsp;<a href=\"https:\/\/www.crayon.co\/state-of-competitive-intelligence\" rel=\"noreferrer noopener\" target=\"_blank\">https:\/\/www.crayon.co\/state-of-competitive-intelligence<\/a>)<\/li><\/ul>\n<!-- \/wp:list -->\n\n<!-- wp:list -->\n<ul><li>90% of the Fortune 500 Companies already use competitive intelligence as a means to gain competitive advantage. (Source:&nbsp;<a href=\"https:\/\/www.emerald.com\/insight\/content\/doi\/10.1108\/17515631111106821\/full\/html\" rel=\"noreferrer noopener\" target=\"_blank\">https:\/\/www.emerald.com\/insight\/content\/doi\/10.1108\/17515631111106821\/full\/html<\/a>)<\/li><\/ul>\n<!-- \/wp:list -->\n\n<!-- wp:list -->\n<ul><li>Large-scale companies regret not implementing intelligence-based solutions sooner. 70% of them believe that their past campaigns would have been way more successful if they had used competitive intelligence. (Source:&nbsp;<a href=\"http:\/\/www.forteconsultancy.com\/Ourideas\/498\/Eyes_Wide_Open_Competitor_intelligence_Practices.aspx\" rel=\"noreferrer noopener\" target=\"_blank\">http:\/\/www.forteconsultancy.com\/Ourideas\/498\/Eyes_Wide_Open_Competitor_intelligence_Practices.aspx<\/a>)<\/li><\/ul>\n<!-- \/wp:list -->\n\n<!-- wp:list -->\n<ul><li>87% of businesses consider that Big Data analytics will change the competition factor in their niche industries in the next three years. 89% believe that companies that will not adopt such a strategy risk losing their market position. (Source:&nbsp;<a href=\"https:\/\/www.forbes.com\/sites\/louiscolumbus\/2014\/10\/19\/84-of-enterprises-see-big-data-analytics-changing-their-industries-competitive-landscapes-in-the-next-year\/#61437ce417de\" rel=\"noreferrer noopener\" target=\"_blank\">https:\/\/www.forbes.com\/sites\/louiscolumbus\/2014\/10\/19\/84-of-enterprises-see-big-data-analytics-changing-their-industries-competitive-landscapes-in-the-next-year\/#61437ce417de<\/a>)<\/li><\/ul>\n<!-- \/wp:list -->\n\n<!-- wp:list -->\n<ul><li>More than 73% of enterprises, dedicate a 20% chunk of their technology budgets to research and data analytics. A lot of companies see and appreciate the value of gathering intelligence. (Source:&nbsp;<a href=\"https:\/\/www.forbes.com\/sites\/louiscolumbus\/2014\/10\/19\/84-of-enterprises-see-big-data-analytics-changing-their-industries-competitive-landscapes-in-the-next-year\/#61437ce417de\" rel=\"noreferrer noopener\" target=\"_blank\">https:\/\/www.forbes.com\/sites\/louiscolumbus\/2014\/10\/19\/84-of-enterprises-see-big-data-analytics-changing-their-industries-competitive-landscapes-in-the-next-year\/#61437ce417de<\/a>)<\/li><\/ul>\n<!-- \/wp:list -->\n\n<!-- wp:list -->\n<ul><li>Approximately 80% of CEOs claim that mobile technology and data analytics are essential components of their overall strategy. Nowadays, without an online presence, a business is deemed invisible. Customers of all ages are likely to use their mobile devices to learn about a product or service they desire. The migration of entrepreneurs to the online scene also helps by simplifying the data-collecting process. (Source:&nbsp;<a href=\"https:\/\/www.pwc.com\/gx\/en\/ceo-survey\/2015\/assets\/pwc-18th-annual-global-ceo-survey-jan-2015.pdf\" rel=\"noreferrer noopener\" target=\"_blank\">https:\/\/www.pwc.com\/gx\/en\/ceo-survey\/2015\/assets\/pwc-18th-annual-global-ceo-survey-jan-2015.pdf<\/a>)<\/li><\/ul>\n<!-- \/wp:list -->\n\n<!-- wp:list -->\n<ul><li>About 70% of executives prefer to base their decisions on prognostic intelligence and emerging trends. They gain critical insight by relying on data analysis. To help your business thrive, you need to learn how to convert data to profitability. By following their example and keeping up with predictive information and trends, you can find the best way to position your small business for growth. (Source:&nbsp;<a href=\"https:\/\/www.stat.auckland.ac.nz\/~yee\/784\/files13\/Insearchofinsightandforesight.pdf\" rel=\"noreferrer noopener\" target=\"_blank\">https:\/\/www.stat.auckland.ac.nz\/~yee\/784\/files13\/Insearchofinsightandforesight.pdf<\/a>)<\/li><\/ul>\n<!-- \/wp:list -->\n\n<!-- wp:list -->\n<ul><li>Some companies don't have the time or expertise to commit to competitive intelligence internally. 69% of firms that have hired an external expert for their data analytics have reported positive results. (Source:&nbsp;<a href=\"https:\/\/www.stat.auckland.ac.nz\/~yee\/784\/files13\/Insearchofinsightandforesight.pdf\" rel=\"noreferrer noopener\" target=\"_blank\">https:\/\/www.stat.auckland.ac.nz\/~yee\/784\/files13\/Insearchofinsightandforesight.pdf<\/a>)<\/li><\/ul>\n<!-- \/wp:list -->\n\n<!-- wp:list -->\n<ul><li>In general, companies analyze about 12% of their entire collected data. That leaves about 88% of the opportunities and threats that go unnoticed. How much would their ranking improve if they analyzed a greater portion of data? (Source:&nbsp;<a href=\"https:\/\/go.forrester.com\/press-newsroom\/\" rel=\"noreferrer noopener\" target=\"_blank\">https:\/\/go.forrester.com\/press-newsroom\/<\/a>)<\/li><\/ul>\n<!-- \/wp:list -->\n\n<!-- wp:list -->\n<ul><li>Due to competitive intelligence, 56% of executives keep an eye on their potential competitors and make plans to conquer new markets in the following three years. (Source:&nbsp;<a href=\"https:\/\/www.pwc.com\/gx\/en\/ceo-survey\/2015\/assets\/pwc-18th-annual-global-ceo-survey-jan-2015.pdf\" rel=\"noreferrer noopener\" target=\"_blank\">https:\/\/www.pwc.com\/gx\/en\/ceo-survey\/2015\/assets\/pwc-18th-annual-global-ceo-survey-jan-2015.pdf<\/a>)<\/li><\/ul>\n<!-- \/wp:list -->\n\n<!-- wp:paragraph -->\n<p>The overall advantages of competitive intelligence are very evident. Companies of all sizes should incorporate intelligence gathering as part of their strategy. This way, business owners can rest assured that their organizations can handle unpredictable circumstances in the marketplace.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:spacer -->\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<!-- \/wp:spacer -->\n\n<!-- wp:block {\"ref\":53093} \/-->\n\n<!-- wp:spacer -->\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<!-- \/wp:spacer -->","_et_gb_content_width":"","content-type":"","footnotes":""},"categories":[15,74,19,20],"tags":[],"class_list":["post-53111","post","type-post","status-publish","format-image","has-post-thumbnail","hentry","category-blog","category-business","category-digital-marketing","category-entrepreneurship","post_format-post-format-image"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>10 Competitive Intelligence Statistics: Do Your Competitors Know These?<\/title>\n<meta name=\"description\" content=\"Competitive intelligence brings value to your business and allows you to formulate a clear sense of direction. 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