As a competitive intelligence professional, keeping track of your competitive intelligence KPIs is essential. By tracking key performance indicators (KPIs), you can gain a competitive edge by understanding what strategies and tactics your rivals are using, as well as identifying potential opportunities and threats.
Here are 10 competitive intelligence KPIs you should be tracking today:
1. Market share: Tracking your company's market share relative to your competitors can help you understand your market position and identify potential growth opportunities.
2. Digital share of voice: In the modern age, tracking brand awareness and what your customers are saying about you or your competitors is key. Benchmarking your digital share of voice will allow you to quantify your growth in the market and this tends to be a leading indicator of growth.
3. Sales growth: Monitoring your sales growth compared to your competitors can give you insights into which products or services are most popular and where there may be room for expansion. You can also identify product areas where you may have an edge or fall behind. Drafting up battle cards to support your salespeople and juice sales growth is a common strategy.
4. Revenue growth: Tracking revenue growth over time can help you identify which products or services are most profitable and where you should focus your marketing efforts.
5. Profitability: Monitoring profitability ratios (e.g., gross margin, operating margin, net profit margin) can help you understand which products or services are most profitable and make strategic decisions accordingly.
6. Average customer value: Tracking the size of your customer base compared to that of your competitors can help you understand whether you're losing market share and identify potential areas for growth. Taking that one step further, you can calculate your average customer value and estimate that for your competitors to identify areas where profit can be optimized.
7. Product line mix: Knowing the mix of products and services offered by your competitors can give you insights into their strategy and how they're positioning themselves in the market.
8. New product introductions: Keeping track of when and how often your competitors introduce new products can help you anticipate changes in their product lineup and plan accordingly.
9. Marketing spend: Tracking how much and where each competitor spends on marketing can give you insights into their marketing strategy and how aggressively they're competing for market share in certain product categories.
10. Website traffic: Analyzing website traffic data (e.g., number of unique visitors, page views, bounce rate) can help you understand which websites attract the most visitors and if any particular competitor is gaining ground on you. Check out a tool called similarweb to spy on your competitors website analytics.