Why I think every SaaS should have a Competitive Intelligence program
In the world we’re living in, SaaS companies are becoming easier to launch (or clone) every single day. Competition in every industry will go through the roof in the next few years.
Don’t believe me? Just check out AppSumo. Every possible industry has at least 2 or 3 super cheap products launching at any given time.
This leaves you with two options:
- Ignore competitors and let them win 30% of your sales pipeline (according to 2023 data)
- Build an internal Competitive Intelligence program. And crush them
But wait… there’s a plot twist… Here’s something I’ve discovered working closely with some of the best SaaS companies: Option number one doesn’t exist.
There’s no such thing as not having a Competitive Intelligence program. Your marketers, product managers, and sales reps monitor your competitors daily: what new features are they launching? What’s their pricing? What’s their messaging?
Competitive intelligence is already happening in your company, even if you have never allocated a budget.
That’s why it does make a lot of sense for most SaaS companies to just structure a proper Competitive Intelligence program with the right tools and the right people. In the end, I can assure you you’ll spend less money, improve your company-wide understanding of your competitors, and win more deals.
On this page, you’ll find the best resources to get started with competitive intelligence, even if you’re small and with a budget close to zero.