Tactical, Operational & Strategic Analysis of Markets, Competitors & Industries
I am always surprised that more companies don’t have a formal win loss program since the ROI is amazing, and what you learn from this process can often be quickly implemented.
Data gathered from win loss data combines sales intelligence and knowledge from customers, competitors, and your marketplace. Those companies that do win loss analysis claim to improve their win rate by 15-30%. That’s a nice return on investment.
Here are some improvements I have uncovered through win loss interviews and analysis.
1. Improve sales professionalism
Beware of the sales person who is fixated with, “How are we doing compared to the competition?” This is a turnoff. In one recent case, this behavior cost the sale. The customer was strongly leaning towards this company’s solution, but the account rep rubbed the decision-maker the wrong way with his pushiness to close the deal. This was a gift to the competition. This behavior is most injurious when your product really isn’t that different from the competitor’s.
2. Improve the quality of your customer testimonials
This one comes up often. Make sure you have picked respectable and responsible people among your customers to represent your product or service. Make sure they really know your product, and can answer just about any question your prospect might have. Provide enough customer testimonials, so prospects have a choice and you are not overburdening your testimonial customers.
3. Improve implementation, training and service
I hear this one time and time again. Companies often get careless after the sale is made, and don’t hold the customer’s hand enough during implementation and during that period of time when the customer is ramping up and learning how to use your product or service. Make it easy for them. Ideally assign them a dedicated rep, so they don’t have to repeat their story to a new “help desk” rep every time. This continuous repetition is also not efficient for your staff. Get it right sooner and you will have happier customers, less downtime and fewer help desk calls.
4. Focus on Product Features Your Customers Value the Most
You will find out about features that your product doesn’t offer that the competition does or does better. This isn’t always a quick fix, but sometimes it is. However, this knowledge can fuel product development. More immediately this information helps Sales focus on your product features that customers value the most, perhaps by vertical market, knowledge that also comes out of win loss interviews.
5. Learn Which Clients Are and Are Not Good Prospects
Good sales people tend to focus on solving the customer’s business problems with your company’s solution. They usually are not fixated on the competition, but rather on your company’s solution. Win loss data can help provide fuel for how and why your solution is the best, and where it is not so strong. Knowing which clients are not good prospects for your service gives Sales more time to focus on better prospects, which improves close rates and revenue.
6. Don’t Forget to Research Wins
Many companies just want to focus on losses. Wow, are they missing the boat. Your customers are usually a better source of intelligence. Generally they will spend more time telling you what you’re doing right; what you’re doing wrong; and provide you with ideas for product development and the competition. They will tell you about implementation, service and how well your product is working for them (or not). Psychologically they want you to be successful. They chose your solution. Their sharing is a reflection on their good business decision using your company’s solution.
Conclusion: This is just a smattering of what you can uncover in win loss interviewing. If you analyze the data, you can quickly uncover trends in your business, and more importantly take corrective action. What have you uncovered in win loss interviews to help your company or your client?
I just bought the book last week after reading some very good reviews..I only started to read the first few pages but hopefully I can finish reading it and other CI books during this holiday season.
It's an excellent book, "Win/Loss Reviews" by Rick Marcet. Rick is also a member of this CI Ning group, so you are connected to him, and I am sure he would like to hear what you think about his book!
BTW what else are you reading? It's always good to share notes along these lines. Thanks!