How To Read Company Profile Statistics on TechBehemoths
When a company releases a new product or functionality, there must be documentation for users. That’s what we had in mind at the beginning when we launched TechBehemoths Company Stats. On the other hand, documentation is boring, and sometimes difficult to read - and that’s when we think that it should be written in a more engaging way, as a blog post.
Before all, congratulations to all companies on TechBehemoths on this new functionality. It’s one of the things we’ve been working on for a while to give users a clear, and unique way to understand vendor performance and the eventual project match. At the same time, this functionality will help vendors to understand where they should work more and what adjustments they should make to match the market demand and criteria.
The Company Statistics is divided into 4 sections that measure:
Profile Strength - how present a company is overall on TechBehemoths
Pricing - The price range of the company compared to others from the same location
Services - The variety of services a company provides compared to its competitors
Market Experience - For how long the company has been providing IT services
Each of these criteria can be a critical factor in the vendor selection process. And of course, vendors should explain themselves why they are positioned in one way or another compared to other competitors.
To have a better understanding, we’ve prepared a breakdown of how each of the graphs should be read, and what they exactly mean. So, let’s dive in based on our own example: Mobiteam GmbH from Berlin, Germany.
#1 The General (Profile Strength) Chart
Before implementing the general chart, each company had and still has the profile strength bar that determines how well a vendor can showcase itself on the platform. The only challenge was to understand how many companies are in “the same league”. And that’s how the General Chart appeared.
With the chart, stats are simple to read. Just by taking a look, you could understand that ~33 vendors from Germany have an Excellent company profile, while most of the are stuck at Average.
For vendors, this means that there is lots of room for improvement, and at the same time a lot of competition. If you grow your profile strength up to excellent - you’re in the superior league.
For the vendee (customer), it’s easier to filter companies starting from this very point. Vendors with a good profile enjoy a better reputation rather than vendors with an average profile. The same goes for the rest of the indicators in this chart.
Both for vendors and vendees we designed and implemented a switch. It serves as a geographical filter. In our case, Germany is way too big, and there are too many vendors to compare with. Sometimes they are not even direct competitors. Solution? Switch to Berlin.
#2 The Pricing Chart
The pricing chart is equally important for vendors and vendees and displays the average hourly rate by company. It’s designed to provide a realistic view of the market both at a national and local level.
If you are a vendor, we strongly encourage you to be honest with yourself and transparent on the platform. Having a higher or a lower hourly rate could determine what type of vendees you aim to, and also tell a lot about your capabilities.
If you are a vendee, the hourly rate could be a critical criteria in your selection process. If you know the city you want to hire an agency or an IT company - that’s even better. This time there is no switch, as we provide a simultaneous chart comparison between the city where the vendor is located, and the country.
There’s also one last trick you need to understand before moving to the next chart. In large tech hubs such as Berlin or London, there are dozens of companies to choose from at a different price range. Vendors with lower price are usually outstaffing/outsourcing companies with their primary location in another country. They are a real competition for local vendors that most of the time have higher hourly rates.
But, if you move to a less populated city or country, the trend might go the other way around. Large, foreign companies may charge more than local vendors. There are various reasons behind this trend. Access to technology, vendor reputation, level of tech educations and salaries are among the most common reasons.
#3 The services Chart
The Service chart reveal the fields the vendor is specialized in compared to other companies from the same country or city. Each city and country have a different average number of services that vendors offer and vendee require. After all any market is mainly tailored by the market demand.
For vendees. Let’s say that after two charts you have already decided which vendor is right for your projects. Sometimes that’s enough, other times it isn’t. The third chart is designed to tell you if the selected vendor provides the exact services you need for your project, or if you need to look further for a similar vendor that covers a bit more services. Scroll down to the Company Speciality section and find out.
For vendors. If the chart on your company profile doesn’t reflect the number of real services you provide - go to your dashboard and correct this information. Also, keep in mind that more is not always better. Or, it would look at leas suspicions if a company with 2-9 employees covers 30+ services.
In addition, we felt that the geo-switch here would help both vendors and vendees get a better understanding of how the market stands on a local level. Some stats that are common for a country may not alway be regular for a the city. However, In Germany/Berlin - the number of services doesn’t change too much if you apply or remove the filter.
#4 The Market Experience Chart
Many companies, not necessarily from the IT sector but including it, are proud and showcase their year of establishment. About how important this indicator is overall - it depends on the industry. A brewery established in the 18th century comes with a story behind, preserved traditions for hundreds of years, and happy customers.
Focusing on the IT market, things look differently. Vendors with 1-2 years of experience on the market could perform equally well or even better compared to 10-years experience vendors. It’s not about legacy and traditions, but its about technology development and the ability to stay up-to-date.
We think that vendees will appreciate differently this indicator, according to their needs. But, at the same time we can’t deny the importance of market experience of a vendor.
Wrapping things up
All 4 charts helps in comparing the current options on the tech market in a city or country. The ways these charts impact vendor and customers experience are different, but the final goal is to bring closer the right company to the right project. This is what we all wish.
Are you satisfied with your current market positon based on these charts? Let me know by answering the question below.