Did you know that competitive intelligence can reduce manual time spent by 60-80%?
Competitive intelligence enables you to grow your business through assortment expansions, pricing adjustments and identifying cost opportunities. Valcon offers a cloud-based solution that monitors competitor products and service information and pricing by automatically matching similar competitor products to your own assortment and providing pricing insights on competitor products.
The result? A smarter product assortment and pricing strategy. Competitive intelligence empowers clients to swiftly respond to competitor moves and discover opportunities for implementing new product features. Insights into competitors’ product pricing allow clients to make necessary pricing adjustments, promoting cost-effectiveness and agility. Ultimately, competitive intelligence can reduce manual time spent by 60-80%.
Our proven methodology to achieve actionable insights
Valcon’s design incorporates several machine learning-powered modules to generate precise product matches and facilitate actionable insights. The process can be divided into four steps:
- Data acquisition
Initially, we acquire customer and competitor product data and historic matching pairs through scraping and ETL pipelines, typically done by a third-party provider. This involves constructing a product data model, scraping competitor data, gathering customer data and transforming the data into actionable insights.
- Processing and matching
After data acquisition, we employ machine learning techniques to match competitor products with customer categories. This includes classifying competitor products into appropriate customer categories and extracting product features from competitor product data by vectorising text (NLP) and analysing images (Computer Vision) of products while leveraging relevant keywords.
- User interfaces
The product features and matches are then validated through a standard workflow and a user-friendly interface. This involves structuring matches, designing validation workflow and developing the application. Key insights are generated by developing a dashboard with product, assortment and pricing information.
- Solution scaling
Finally, the solution is iteratively refined to improve its overall efficiency and robustness for the scale-up phase. This includes increasing the number of competitors and products in scope, improving processing and matching and generating additional insights.
Competitive intelligence is for everybody
Clients from various industries have benefited from Valcon’s competitive intelligence solution. We assisted a global furniture company in developing a cloud-based solution that monitors competitor products and service information from online furniture retailers around the world. We collaborated with an E-commerce supermarket to create a product matcher to easily compare product prices. And we supported a heavy machinery company in creating, scaling and maintaining a competitive intelligence solution.
Can we help you, too? Valcon’s competitive intelligence solutions can be customised to fit individual needs and bring valuable outputs in various settings. Leveraging the machine learning processes described above, we can deliver a minimum viable product in just three months. Feel free to reach out for a conversation about how we can introduce competitive intelligence to your business.
Vincent Wormer, Partner
Anders Worsøe Gantzhorn, Partner
+45 2022 5337
Valcon’s pricing levers can help increase your profits and commercial success without cutting costs. By making a small adjustment to the price of your products and services, you can have a significant impact on your company’s earnings. Our team of pricing experts have helped companies across the globe with their sales, pricing and top-line strategies. Read more here.