Establishing a competitive intelligence team is an opportunity to provide real actionable insights to product management, product marketing, executive members and sales. To justify the budget to hire headcount to build a robust competitive intelligence team, competitive intelligence leaders should do the following:
- Establish key performance indicators to be held accountable
- Articulate in financial terms, how CI will help grow the company’s overall revenue. For example, every CI analyst will displace $500k worth of deals away from competitor x. So, if you manage 8 CI analysts, that is a $4M worth of wallet share away from the competition.
- Calculate how CI will help in the product development phase. In a recent Gartner product development survey, 58% of companies say that competitive intelligence is the most important activity before committing to product development. Why would you not invest in a CI team?
By building a business case to executive management to invest in building a competitive intelligence team will allow CI leaders to be accountable. Accountability is not a bad word. In this case, it is a great word to have next to competitive intelligence because at the end of the year, CI can justify either adding new headcount, invest in new CI tools and/or expand travel expenses to train-the-trainers on how to displace the competition. Competitive should never be a bootstrapped organization. Or better yet, a bunch of rogue CI analysts. Start now in building your CI team by creating a business case.
View Free, Relevant Gartner Research
Gartner's research helps you cut through the complexity and deliver the knowledge you need to make the right decisions quickly, and with confidence.Read Free Gartner Research
Comments or opinions expressed on this blog are those of the individual contributors only, and do not necessarily represent the views of Gartner, Inc. or its management. Readers may copy and redistribute blog postings on other blogs, or otherwise for private, non-commercial or journalistic purposes, with attribution to Gartner. This content may not be used for any other purposes in any other formats or media. The content on this blog is provided on an "as-is" basis. Gartner shall not be liable for any damages whatsoever arising out of the content or use of this blog.