The never ending challenge in sales is always how can I replicate last months / quarter’s / years success?
The answer is to conduct a win / loss analysis. A win / loss analysis helps to replicate what’s working and eliminate what’s not. Conducting this type of analysis gives you fact-based feedback and is a vital input into replicating success, vital for continuing to hit your number. It’s even more important if you aren’t.
What is a Win / Loss Analysis ?
A win / loss analysis is an assessment through the eyes of your customer. It provides transparency and explanations into the reasons why opportunities are won or lost. Interviews can be conducted by phone or in person. Some companies may choose to outsource their win / loss analysis to a third party. Some may have non-sales individuals conduct the interview. Either is acceptable, but as a sales leader you need to conduct some personally. By doing so, you capture the following firsthand:
- It gives you the opportunity to dig deeper into responses during the interview.
- Your sales team often makes the first impression and represents the company. This is a key insight every sales leader must learn firsthand.
- Helps you build internal credibility. You aren’t afraid to “roll up your sleeves.”
What are the Benefits?
A win / loss analysis reveals the strengths and weaknesses of your organization. It provides actionable data to modify processes and improve win rates.
If you want to make your number, you need a strong sales strategy. The information gathered during the interview is priceless. There is no better way to understand your buyer than to talk live. The first step in any good sales strategy is segmentation. Segmentation includes understanding your buyer (persona). A key component of building personas is win/loss interviews. Here are some other benefits of conducting a Win/Loss Analysis:
- Sales coaching for your team as you uncover gaps and find successes.
- Feedback for product management on pricing, competitors and future releases.
- Validation for marketing on messaging, content and go-to-market activities.
- Real-time data points to better align your resources, people and processes.
- Better customer relationships and retention.
How to conduct one?
So you know you need to conduct a win / loss analysis. The question now is how to get started. Contact ProAptivity today on 028 9099 6388 or via email at email@example.com for assistance.
Source: Sales Benchmark Index