The cost drivers for competitive monitoring are
1. Crawling the data
Running real-time analytics with dedicated sensors on an IOT infrastructure might is expensive. In contrast, analyzing multiple websites with google analytics and similar tools comes with a comparatively small price tag. Using automated web scraping tool will decrease the cost and help you eliminate input errors and provide you with the data available to make better decisions and predictions.
2.Computing the data.
Depending on the nature of your business this can be a piece of cake or a multi-million dollar amount. While API calls may cost a few cents, this easily adds up to hundreds of thousands of dollars. However, without a clear idea, how to turn the data into valuable insights (and later into valuable actions), this will not provide you any value.
3.Turning data into information into insights into action
To create your own competitor monitoring strategy, just follow some best practices for your industry or build an in-house intelligence or mandate a specialist. Depending on the availability of best practices, templates and your in-house requirements for gathering insights from multiple departments this becomes a business intelligence program.
Working with C84 starts minimum as a 3-months program, comes with a custom onboarding and expert coaching sessions over the web at â‚¬ 4.975 / month.
In-house versus agency
Cost depends whether you already have qualified analysts in your team. You wonÂ´t need any agency to collect or compute the data unless they help you gather the information, insights and finally action thatÂ´s behind the data.
- If so, youÂ probably have as well the required tools and workflow in place to collect data and distribute gathered insights among your organizationÂ´s stakeholders.
- If youÂ have nothing of this in place, youÂ will face some organizational questions. E.g.: „Should the marketing team social-monitor the existing customer base without sharing information with the responsible sales team?“Â ThereÂ may be great insights to gather, but on the other hand, your customer may consider this kind of survey to intrusive. The correct answer really depends on kind of culture in your company and industry. Involving an external specialist can help you understand the dynamics of competitive monitoring with less risk.
Does location matter?
Research can be done from anywhere if you have a stable footprint in the industry community. In our case, even if we may know how to conduct competitive monitoring in many industries, these filters do apply:
- We canÂ´t help with anythingÂ thatÂ´s not discussed on the web.
- We wonÂ´t approach a new industry without a backing of our clientÂ´s team.
- For some reasons, many key stakeholders expose themselves broadly in professional communities. With the right tools and tactics, itÂ´s easy to collect a wealth of publically available information without harming any law.
Our done-for-you approach
- The simple way: you hire the service, we do the job, thatÂ´s it.
- The alternative:Â you hire us toÂ inspire and train your own team.
Hiring us will work for you if you are new in the field or donÂ´t have an existing competitive monitoring process in place.
Our footprint is very much on the traditional internet, including discussions on the open web, blogs, and social and professional networks like LinkedIn, Quora, and Xing. WeÂ are aggregating meta-crawlers like „Google enhancedÂ search“, „Facebook enhancedÂ search“Â among others and person to person interviews. This is available technology that gets better day by day as it includes the benefits of artificial intelligence and massive computing.Â With that in mind, we are able to provide a price/service ratio, that hardly is attractive for other old-school research providers.