94% of businesses are investing in competitive intelligence

New Ideas in MarketingEssential news for marketers, summarised by YouGov
January 15, 2020, 2:01 AM UTC

Over 1,000 people were surveyed for a study.

This article cites a State of Competitive Intelligence report for 2020 by Crayon revealed that 94% of brands are investing in competitive intelligence (CI). CI is useful for companies regardless of the company size, specially for small businesses looking to establish themselves as ecommerce retailers.

29% of respondents were full-time CI professionals and 46% were part-time. 48% of participants state that the industry they work in has become more competitive in the last three years.  41% of those surveyed say their industry has become somewhat more competitive in 2020.

57% of organisations have teams of two or more dedicated to CI. This was 37% in 2018. For 98% of respondents, top sources of competitive intelligence are competitor websites. For 97% its word-of-mouth by customers, and for another 97%, its word-of-mouth for employees.

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