How to Track Competitors through Cloud CRM Software and Increase Revenue?

In order to stay ahead of competitors and be business leaders in the long run, it is important to monitor competitors, their strategy, etc. CRM softwares are explicitly designed to simplify and easily handle every aspect of competition management. 

The advanced technology and innovation that goes behind making such softwares gives us the guarantee that employees will spend less time on tiresome administration and more time optimizing resources and revenue.

How can a cloud CRM software help in competition management? 

  1. With the help of a such solutions, large and medium sized companies will be able to accurately track competition and create winning strategies.
  2. They will enable customer facing teams to become more productive by easily capturing and tracking all important details pertaining to competitors through a single interface.
  3. By analyzing competitors’ strategies, sales representatives will be able to make better offers, pitch for a potential cross-sell or up-sell to existing customers, thereby increasing brand loyalty and maximizing revenues.
  4. Also, by recording the strengths and weaknesses of competitors, team members will be able to create better marketing and customer strategies.
  5. Moreover, team members will be able to create smarter customer engagement services by preparing ad- hoc reports and dynamic dashboards that reflect the competitor’s networking presence.
  6. Team members can easily use social CRM tools to capture tweets that mention competitor or their products, thereby facilitating a real-time evaluation of how to gain a better competitive advantage. 

Let us assume a scenario, wherein two rival companies, A and B both manufacturing toothpastes are pitching to the same target audience. Out of the two, company A is making enough profit but company B, though the quality of the product does not differ makes no profit at all. Now, the company B decides to invest in a power cloud-based CRM software to boost sales and earn increased revenue. Now, with the help of this latest competition management functionality, company B can keep a close track on competitors, use their strategy, understand their pitch, etc. to plan better and sell more.

Thus, company B will be able to closely monitor the strengths and weaknesses of company A. Taking their weakness into consideration, company B can improvise on its products. For example, if company A’s toothpaste is only known for teeth whitening, company B can add another advantage to its product along with teeth whitening. Let’ s say after a detailed understanding of the competitors product, their specialty, etc. company B decides to focus on two aspects, i.e. teeth whitening and cavity protection.

Customers who are intelligent enough and value their money will shift their attention on a company that provides them with more benefits. In this case, as company B offers more advantage than company A, the target audience will naturally switch to company B.

This is a simple example of how cloud CRM will enable companies to keep track of numerous rival companies that pitch for the same sales opportunities, to help them maintain an advantage and lead in market share.

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