I have posted here already about accounts, contacts and partners, but there is a 4th type of account I have not discussed yet and I think it deserves a proper introduction: please meet ‘Competitors’.
Understanding who your competition is, where they are active in your install base or how you compete with them to win new business is essential when running a successful sales organization. But before you can analyze how you compete, Sales Cloud needs to get to know your competition a little better:
- In what geographical regions and industries are they active
- Who has the best and latest knowledge about them in case competitive more competitive information is needed
- Salesreps will want to learn what their strengths and weaknesses are, and where competitive information documents can be found
All this kind of information can be stored against competitors in Oracle Sales Cloud.
Once this information on competitors is known, you can log them against accounts and opportunities. This is what understanding the competition is all about. In what accounts are they active and in which opportunities are we competing against them.
This allows for all kinds of competitive analysis as reports can be created that give insight in how competitors are active in your accounts, what types of products they compete against successfully or not and what types of opportunities you tend to win or loose against them.