Win Loss analysis goes beyond the roadblock encountered by your sales teams, and gives the company the REAL reasons why deals are won or lost. While your sales team may intend to give you the right reasons why their customers decided on your solution or not, their perspective is filtered through their emotional experience. It’s only human nature.
Why Win Loss Analysis? Clear Up Miscommunication
According to Peter Drucker, 60 percent of business is lost due to some form of miscommunication. Win Loss interviews give you a direct connection to your customers and those who chose a competitor. They can give you an opportunity to clear up miscommunication with your customers and learn where and how those gaps originated in the first place.
Your company wins since you learn how to do business better with your customers. Customers and prospects win since they can unload both the benefits and frustrations of dealing with your company and the competition after the pressure of making the buying decision has subsided. They also identify product or service shortcomings that perhaps no one is addressing. Win/Loss conversations are another precious customer touch point. These conversations are all the more needed in today’s digitally charged world, since buyers do not contact your sales force until they are well into their buying decision. People still have the need to be listened to, and have fewer opportunities to be heard.
Why Win Loss Analysis? Improve Win Rates and Retain More Business
The bottom line is you want to improve win rates and retain more business. Sales, marketing, product development, and the competition are all assessed by your customers when you conduct Win Loss interviews. An important part of marketing is your digital presence, and not just your website, blog or industry analyst reports, but also what other buyers are sharing about their experience with your company’s and your competitor’s products or services–contained in that wide open space on the Internet.
Why Win Loss Analysis? Improve Sales Training
Through his extensive research, Steve W. Martin asserts that the number one problem with sales training programs is that they’re not based on the reality that you gain from Win/Loss customer interviews. How can you train your sales teams on how and why prospective customers make their buying decision if your training isn’t based on direct interviews with decision-makers at won or lost accounts? Another plug for Win/Loss analysis.
Win Loss Analysis: How to Capture and Keep the Business You Want
In my book, Win/Loss Analysis, I shared 25 tactical benefits of Win Loss. Here are a few of my favorites:
- What features or services the competition promises, but doesn’t deliver.
- Good and bad customer testimonials.
- New technology being deployed, promised or rumored in the marketplace.
- Product or service tweaks that will extend their shelf life and profitability.
- Product and service features that your customers value versus those they don’t.
In Win/Loss Analysis, I also shared 15 strategic benefits of Win/Loss analysis. Here are a few favorites:
- Learn what business to walk away from.
- Unintended product uses.
- Which business sweet spots to strengthen.
Why Win Loss Analysis? The Bottom Line
Win Loss analysis will enable your company to be more proactive. Win Loss results provide early warning for the external factors that affect sales, product development, marketing, strategic planning, R&D, and alliance development. When you conduct Win Loss analysis regularly, a loss in your target market becomes a one-time event, rather than developing into a losing trend.