Are you curious about what your competition is charging?
Most businesses today are at least passively interested in tracking their competitors’ pricing. Product teams, market researchers, analysts, and executives can all make use of up-to-date pricing information, but many still struggle to track their competitors’ rates on an ongoing basis.
If you’re interested in obtaining the latest prices in your industry, here are a few places to start your search:
- Competitors’ websites: The first and most obvious place to look for a competitor’s pricing information is on the company’s website for their official rates. Many businesses post at least a general breakdown of their pricing, although most are subject to change during the sales process. But if you look deeper, many businesses publish presentations, reports, and even detailed price lists on obscure parts of their websites. Finding these documents can be tricky, but the information they contain is often detailed and useful.
- Ask your prospects: The rate a business offers on paper isn’t always the rate customers end up paying at the end of the negotiation process. One of the most direct ways to find out what your competition is really charging is to ask potential customers what they’re being offered elsewhere. Of course, this requires a level of trust and finesse on the part of the sales team, but depending on your industry, you may find that sales prospects are willing to disclose what other businesses are charging if they think it will get them the best possible rate.
- Partners & subcontractors: Depending on your industry, it’s possible that some of your partner companies or contractors work with or have worked with your competitors in the past, giving them valuable insight into what the competition’s pricing structure from a unique perspective.
- RFPs: Bids on government sponsored Requests For Proposal are subject to the Freedom of Information Act, meaning they’re a matter of public record. With a little research (or a little professional help), you can access bids made by your competitors, and see not only their final price, but often a full breakdown of their cost structure and expenses.
To find out how CI Radar can take price gathering off of your plate, contact us today!