Last week, I shared a summary of “5 Tactics to Research Your Marketplace using Competitive Intelligence Skills” originally published by Adam Sutton of MarketingSherpa. As promised, I am focusing on the first one, and will cover Tactics 2-5 individually in future blogs.
#1 Conduct win loss analysis
Win loss interviews and the ensuing analysis are one of my favorite cooperative intelligence tools, since it’s a win/win. Your company receives valuable information from your customers and prospects, and you make them feel important since you care enough to query them and give them an opportunity to provide honest, candid feedback on what they like and don’t like about you, and what they like about the competition, for example.
During these interviews, uncover the motivations behind their decisions and learn from what they impart to improve product development, tweak your existing products or service, change your marketing message, learn how and when in the sales process your competitors are successfully unseating you and so much more.
Many companies ask me to develop their win loss analysis process, and just want to focus on their losses. This is a shame as they get an unbalanced view of their win loss track record. Let’s face it: loss customers are gone, unless they buy other products or services from your company. In all cases those who continue to be your customers often care for your wellbeing, and usually give deeper answers that you can use towards product development. Remember they want you to continue to be successful since your product/service helps them in their business, especially B to B.
I recommend you conduct these interviews in cooperation with your sales force, rather than behind their back. Building trust with Sales is the biggest reason to include them as part of the win loss analysis process. Additionally, Sales can save you so much time by telling you how the people you’re going to interview are motivated to share. You only have a short window to conduct this interview, so having sales intelligence, recognizing Sales’ bias is a good use of time. Wow, that reason alone is enough to work with Sales. I shared this point last week since some clients want me to conduct win loss interviews without letting sales know we’re even querying their customers. This is such a bad idea. Sales will find out soon enough that this is going on and will often feel betrayed.
On a final note, it is also demoralizing for Sales if you conduct only loss interviews with their customers. How would you like it if only your losses were being queried and amplified about the company? I feel like Darth Vader when I am reduced to connecting with Sales only around their losses. They know when I call it’s always in connection with another loss. Is that how you want to treat your sales force? I don’t think so!
Here are a couple of articles I have written about the benefits of conducting win loss analysis:
What has been your experience in conducting win loss analysis? Do you conduct it in cooperation with Sales? Do you prefer to conduct win loss analysis blind, where people don’t know the identity of the company you represent and Sales doesn’t know this is happening?
Be notified when our book, Win/Loss Analysis: How to Capture and Keep the Business You Want is published.