A marketing strategy is only as good as the information it is based on. Therefore, a well-founded industry, market and environmental analysis is essential. In times of increasing competitive pressure, the observation of competitors is of increasing importance. With Microsoft Dynamics CRM , important information about the competition can be collected and made available to the sales and marketing team. With “Sales Literature”, documents with information about the competition, such as brochures or price lists, can be uploaded and published. Users can also document and manage the profiles of competitors. The “Competitor” form contains the most important information about the competition, i.e. contact information, address data, as well as strengths and weaknesses – so you get a meaningful Dynamics CRM competitor analysis.
Microsoft Dynamics for Sales also offers the possibility to assign competitors to a sales opportunity. This can be done either via the “competitor” form or the “opportunity” form. The “opportunity” form contains an area called “competitors”. Here, competitors that are already stored in the system can be attached or new competitors can be added. Thus, sales and marketing employees can see within the “opportunity” form which competitors are also fighting for the favor of this customer. The strengths and weaknesses of these competitors are also apparent. This information serves the employee to find better sales arguments.
Next steps for Dynamics CRM competitor analysis
After a customer has informed himself extensively about products, prices and services, he will usually also look around at the competition. If a customer decides to join the competition, you miss out on this sales opportunity. In this case, it is important to know why the contact chose the competition and how much sales were lost for future analyses. In this case, the opportunity entity is marked as lost. This field of action offers the possibility of giving a reason. Competitors can be added in this field. Since the customer’s budget and the possible turnover are already included in the “opportunity” form, it is also possible to see how much turnover has been lost.
This information is very useful for future analyses when it comes to adapting the marketing strategy to the ever-changing market and competitive situation. With the analysis functions, you can easily perform Dynamics CRM competitor analysis, for example to identify the biggest competitor.
For data visualization and thus for simplified analysis of data sets, Microsoft also offers powerful tools, such as Power BI. For more information on the application areas and functions of Microsoft Dynamics CRM, browse our website.
