Competitive intelligence blind spots are wreaking havoc on businesses across industries...
NEW YORK, Dec. 16, 2024 /PRNewswire-PRWeb/ --
Lost Revenue
A recent survey by SCIP (The Strategic Consortium of Intelligence Professionals) found that companies with ineffective competitive intelligence practices experience up to 30% more lost revenue opportunities compared to those with robust Cl processes.
Market Share Declines
According to Crayon's 2024 State of Competitive Intelligence report, companies that fail to actively monitor their competitive landscape can lose up to 25% of their market share within five years.
Pricing Issues
Tru Market's own project work reveals that companies regularly underestimate the pricing power of their brands relative to competitors. The result? Margins that could be 15% - 35% higher on average.
Missed Innovation
Gartner reports that companies without structured programs for collecting competitive intelligence data are 50% less likely to identify and capitalize on emerging market trends, leading to slower innovation cycles.
Customer Churn
Research from PwC indicates that businesses unaware of competitive moves and market shifts have a 15% higher customer churn rate, as they fail to meet evolving customer expectations.
Many companies don't have a clear understanding of the competitive dynamics actually taking place in their markets week-to-week, Tru Market reports. Things like in-market price negotiations, brand reputation attacks, customer experience breakdowns and more, happen daily without enough tools to quickly bring data forward. Tru Market recently worked with a B2B client that was losing significant business because they were unaware that competitors were discounting up to 30% in real-time during sales discussions.
Clients typically suffer from three common CI challenges: 1) inadequate collection of the right types of competitive intelligence data, 2) lack of automation for quickly transforming data into actionable insights and sharing data across the enterprise, and 3) under-staffed CI teams with constrained budgets. Indeed, current industry data shows that 75% of CI teams are staffed by fewer than three CI professionals.
Introducing CI-NOW: Continuous Competitive Intelligence Tracking
In response to these challenges, Tru Market announces the launch of CI-NOW, a new competitive intelligence tracking platform developed to provide clients with ongoing access to CI insights.
CI-NOW combines and delivers two critical types of competitive information:
- Customer Experience Data: a range of in-market observations and insights from the customer's perspective gathered by mystery shopping a client's key competitors.
- Market Event Data: ongoing collection, curation and delivery of the key market events for competitors...e.g. marketing launches, product changes, key personnel moves, financial news, and more.
CI-NOW instantly provides a clear window into competitive activity. The impact is immediate and significant – faster response to competitive moves, more accurate pricing, stronger innovations, improved customer service, and much more.
Accessible and Affordable Competitive Intelligence for All
CI-NOW is a subscription-based service that is tailored to each client's core competitive set. It was developed to be highly accessible and highly affordable. For less than the cost of two focus groups, clients can gain ongoing annual access to robust, real-time competitive intelligence.
About Tru Market
Tru Market is a leading provider of real-time competitive intelligence through mystery shopping, market tracking, custom research, and competitive analyses. Based in New York, Tru Market works with clients of all sizes across B2B and B2C markets worldwide. For more information, visit www.trumarket.info or contact at [email protected].
Media Contact
John Kottmann, Tru Market, 1 917-419-2187, [email protected], www.trumarket.info
SOURCE Tru Market
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