In Dynamics 365 CRM, we are all familiar with the core sales entities such as Lead, Account, Contact, and Opportunity. However, one often overlooked but valuable entity is the Competitor record. The Dynamics 365 Competitor record plays a crucial role in tracking information about companies that your organization frequently competes against in the sales process. By maintaining detailed competitor records, businesses can gain insights into their competitive landscape, refine sales strategies, and improve their positioning against rivals.
Let’s say you are a Construction company and have implemented Dynamics 365 CRM to track your sales opportunities. You know that your company does a great job and has a great reputation, but you have dozens of other companies that you sell against every day. Some are honest and reliable; some always go for the low bid and others you wouldn’t trust to build a doghouse. And when you present a proposal to your prospect, you just might modify it based on knowing your competition.
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Creating Dynamics 365 Competitor Records
Navigate to Sales/Competitors to create your records. You can add the competitors name, address and website. There are fields for Strengths and Weaknesses, and you should fill those out, as it will aid other salespeople in your organization. At enCloud9 we have modified the Dynamics 365 competitor record to add contacts as well as a link to accounts. We have also added fields for the competitor social media accounts (Facebook, Twitter, LinkedIn)
Linking Competitors to Opportunities
When you are working in your opportunity records in CRM, make certain that you append competitors to the opportunity. Adding competitors to an opportunity is easy. Usually on the opportunity form a competitor sub grid is available. On the sub grid, click the + button to add competitors to the opportunity. That is all there is to it.
Closing Opportunities
So even though you made your best efforts, your competitor won the project. The prospect let you know why you lost the deal. Your next job is to close the opportunity in Dynamics 365 CRM. Â Here is where it all pays off – when you close the opportunity as lost, you can append the competitor to the opportunity closing record along with the reason you lost. While no-one likes to lose a deal, tracking the reasons you lost is a learning experience that can help you in future opportunities. To learn more about viewing opportunities.
To learn more about using opportunities in Dynamics 365, read our blog or watch our video on YouTube.
Reporting on Competitors
Recording competitors in Dynamics 365 give you lots more data points for charts, views, dashboards and reports. Try tracking competitors win/loss ratios, strength analysis, and other data points. The more you know your competition, the more likely you are to win against them.
How enCloud9 can help you leverage competitor records in Dynamics 365
At enCloud9, we specialize in helping businesses maximize the potential of Dynamics 365, including the effective use of Competitor records to refine sales strategies. Our
At enCloud9, we specialize in helping businesses maximize the potential of Dynamics 365, including the effective use of Competitor records to refine sales strategies. Our team of experts ensures that your competitor data is properly structured, easily accessible, and seamlessly integrated into your sales processes.
With our CRM consulting services, we assist organizations in setting up, customizing, and optimizing Competitor records to track key insights such as strengths, weaknesses, pricing models, and deal outcomes. We also help implement automated workflows and reporting dashboards, giving your sales teams the competitive intelligence they need to win more deals.
Additionally, enCloud9 provides training and ongoing support to ensure your team fully understands how to use Competitor records effectively within Dynamics 365. Whether you’re looking to analyze sales trends, refine your value proposition, or improve your competitive positioning, our tailored solutions empower your business to stay ahead of the competition.
Let enCloud9 help you make the most of your Dynamics 365 system—contact us today to learn more about optimizing your CRM for competitive advantage!
enCloud9 can also help you win more deals by designing a custom Dynamics 365 CRM system that fits your business needs. Feel free to contact us on our webform or call us at 402-235-8540.
For more great Dynamics 365 tips and insights, be sure to visit our YouTube channel or explore our latest articles on the enCloud9 blog!
