When it comes to measuring the ROI of your competitive intelligence content how do you fair? Do you know how much revenue your sales battlecards influence?
You need to, and so does your executive team. Unfortunately for both yourself and your executives, very few product marketing or competitive intelligence teams report on KPIs and fail to directly quantify the impact they have on revenue.
Fortunately, with just a few key numbers you can start to measure the ROI of your competitive enablement materials. Not only is this important for building the authority of your team, but also to get visibility into where to improve your efforts.
In a previous article (here) we shared a comprehensive list of the measures you can use to track the performance of your competitive intelligence program. Tracking all of these measures will take considerable resources, which you might not have an abundance of. Instead, start with the basics. A condensed set of three simple metrics which will give you a rough idea of the impact of your sales battlecards. For each competitor, you need to measure the following:
Views tell you how often your competitive content is being viewed for each competitor.
Trends with “Views”
“Requests for help” tell you the number of times you or your competitive team were asked to provide support in a deal.
Trends with “Requests for Help”
The value of deals influenced is where you can finally connect your work with real revenue. This is where you can demonstrate to leadership the value that sales reps derive from your competitive content, and the value your function brings to the organization.
What you want to see here is that a competitor with an increasing number of views is correlated to an increasing value of revenue influenced. It’s critical to track the trends of this metric over time to derive real insights.
Capture these three metrics monthly so you can track trends and make adjustments to content priorities as needed. As for reporting out to leadership and executive teams, it can vary but quarterly reporting is a standard frequency for most teams.
Start tracking the performance of your competitive intelligence program by downloading the Competitive Intelligence Metrics Dashboard we’ve built just for you. It includes a monthly tracking template as well a dashboard for executive reporting to give you visibility into the ROI of your sales battlecards. You can download it here. Tracking the performance of your competitive intelligence KPIs is also critical to start building benchmarks for your competitive program so that you can continue to improve, and measure that improvement over time.
If you’ve found yourself at the end of this article, then you’re looking to level-up your skills in competitive strategy. Heck yes. That gets us riled.
We’ve created a content series on How To Build a Competitive Intelligence Program to help people just like you to continue to build their knowledge base in competitive and market intelligence. We try to focus on only high-value content with practical advice that you can implement easily into your practice. Subscribe to the series and check out our full library of resources here.
Chris Owen and Scot Kim explain the importance of executive support for your competitive enablement program, and what they did to earn it.
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