Hello, I am trying to determine the best approach to identifying our competitors and reporting on them. It would not just be for relating them to opportunities. I know a standard picklist value for "Type" on the account object is "Competitor." Is that the best approach? Right now, we use the "Type" field to describe the account in more detail like whether it's a bank or private equity firm. Would adding a new record type of "Competitor" be the route to go, or should I just stick to that standard "type" field or some custom field?
Also, then for tracking on the opportunity, would it be best to use a custom object or a custom field on the opportunity record?
I'd really appreciate the input. Thank you #Best Practices #Competitors #Sales Cloud #Financial Services Cloud
I've seen a lot of different ways to scale and build competitor tracking. There's an app on the AppExchange that sets up the perfect architecture to track competitors, their products, and win/loss rates with your competitors, including surfacing playbooks to your reps on the opportunities for how to talk to prospects about competitors.
Check it out here and let me know if you have any questions! https://appexchange.salesforce.com/appxListingDetail?listingId=a0NHu00000oz4xCMAQ
