A marketing strategy is only as good as the information it is based on. Therefore, in-depth industry analysis, market analysis and environmental analysis is essential. In times of rapidly increasing competitive pressure, watching your competitors closely has become even more important. Microsoft Dynamics 365 allows you to gather important information on competitors and therefore provide your employees with useful information to better compete on the market. With „Sales Literature“ users can upload and publish documents containing competitive information such as brochures, price lists and product lists. These documents can be added to the competitors profile. The “Competitor” form contains contact information, address information, as well as information on the competitor’s strengths and weaknesses. This profile can be managed and edited by all users which have the according user rights.

To create a new competitor profile go to the “sales module” and click on competitors. Here you will find a list of the so far created competitor profiles.

Competitor profiles in Microsoft Dynamics CRM

Click on the “+” button to create a new profile. The competitor form will then appear. Do not forget to fill in the required fields. Once you click on the “save” button your new competitor profile is ready for use.

Adding a competitor in Microsoft Dynamics CRM

Microsoft Dynamics 365 also enables its users to associate competitors with an opportunity. This can be done by attaching a competitor to the opportunity form or vice versa. To attach a competitor to an opportunity simply go the competitors field within the opportunity form and click on the “+” button. You can then either chose from one of the already existing competitor profile or create a new profile.

Adding competitors to an opportunity in Microsoft Dynamics CRM

By associating an opportunity with a competitor, employees can see who they are competing against in terms of that specific opportunity - without having to leave the opportunity form! Employees can also see that specific competitor’s strengths and weaknesses – again all within the opportunity form. This information is extremely useful when looking for good sales arguments.

Once a customer has informed himself about products and prices he will take a look at what the competitor has to offer. Should he decide on buying the competitors’ products, one will miss out on that opportunity. For analysis purposes it is important to find out why that lead opted for the competition and how much potential turnover one missed out on. In this case one will mark the opportunity as “lost”. To do so, click on “close” opportunity and chose “out sold” as the status reason. Within the „close opportunity“ action field user can also give in information on the loss of profit and the competitor the customer opted for. Within the description field one can also type in the reason for the customer’s choice. Remember that the loss of profit will automatically be given in by the system if the opportunity field contained information on the estimated budget, price lists and product lists.

Closing an opportunity with Microsoft Dynamics CRM

This kind of information is needed to perform in-depth analysis and adapt one’s marketing strategy to the constantly changing customer demands. The analysing tools provided by Microsoft Dynamics CRM help to identify the largest competitor and better compete on the market.

Microsoft also offers powerful visualizing tools for performing in-depth analysis. Browse our website to also find more information on Microsoft Dynamics 365.