In today's competitive climate, the speed of conducting business is only limited by how fast one can think. What held true several months ago in your prospects' minds or the competitive landscape most likely is redefined. It's wise to take nothing for granted, even when it comes to the information provided by your sales force. They know the client, but do they really know what the client is thinking? Maybe. But if revenues are static, it might be time to start questioning the answers. A simple Win/Loss Analysis could reveal some flaws in some of your most fundamental assumptions.
Win / Loss Analysis
- Which competitors do we most often lose to and why?
- Which competitors do we most often win against and why?
- How do our competitors sell against us?
- What are our competitors' unique selling propositions?
- What external or internal factors influence our customers' purchasing decisions?
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HOW IT WORKS
The key to a successful Win/Loss engagement rests on the ability to dig deep. We conduct unbiased, one-on-one telephone interviews with all key decision-makers and influencers. It's essential to conduct the study during or at the conclusion of the sales process. This maximizes the accuracy of the information, while the sales process is still fresh in the prospect's mind.Meg Whitman (CEO of HP) talks about using win/loss analysis as part of HP’s turnaround strategy
Becky Quick from CNBC interviews Meg Whitman who talked about how she employed win/loss analysis to win back a major piece of business previously lost to Dell. The video was aired on CNBC in June of 2013. The win/loss analysis segment runs less than 3 minutes and is quite revealing. Simply click the arrow in the middle of the video to view the clip.
What will a Win/Loss Analysis do for you?
What your organization does with the information gathered can have a great impact on your ability to win business. First, a Win/Loss engagement brings focus and clarity to the customer's perceptions, experience, and expectations directly related to the outcome of a recent sale. Because of the timelines and accuracy of the data, your company can respond to problems immediately. A Win/Loss Analysis is much more actionable than more costly customer satisfaction studies. Additionally, the outcome of a Win/Loss Analysis has the potential to make a contribution to product management, product enhancement and future development efforts. Companies competing in fiercely competitive markets may benefit the most from a Win/Loss Analysis. It gives you the edge in building the strongest customer relationships the fastest. Furthermore, the information can bolster your entire effort. A properly designed Win/Loss Analysis can provide strategic and tactical direction on sales hiring, sales training, sales management, marketing management, advertising and trade show positioning and customer and technical service training. Lastly, implementing a successful Win/Loss Analysis can provide valuable ongoing feedback. As your company weathers the ups and downs of the economy and the fickle nature of spending, it allows you to move as your market moves. The insight always leads to a solid course of action based on relevant and timely customer perceptions.
To attain higher levels of customer delight and win more business, it is imperative to have a process in place which feeds the sales, marketing and product development teams with real-time, accurate data that can be acted upon quickly. Integrating the customer into this process has been and continues to be a struggle for most organizations. Customer knowledge integration is essential to an understanding of "real" customer expectations and behaviors. A Win/Loss Analysis is an outstanding beginning to that end. To learn more about our capabilities or our other offerings, please contact us.