No matter how good you are, there are always ways to get better, and ways to continue boosting that winning percentage until you’re finally crowned a champion. That’s why Best-in-Class organisations undertake Win / Loss Analysis. If we understand what we have done well that can then be engrained into our sales strategy. More importantly, only by understanding why we have lost can we improve. With regards to the No Decision opportunities, by identifying what is occurring during this process, we can save time and concentrate on the opportunities that we can win.
What is a Win / Loss Analysis?
An assessment through the eyes of your customer that provides transparency and explanations into the reasons why given sales opportunities are won, lost, or receive no decision.
What does a Win / Loss Analysis do?
A Win / Loss Analysis. reveals the strengths and weaknesses of your organization, providing actionable data to modify processes and improve win rates.
What does it mean to use a Win / Loss Analysis?
It means you have a consistent improvement process put into place, which will utilise the customer voice to increase win rates.
So why should I invest in a Win / Loss Analysis Analysis?
- Your sales team often makes the first impression, represents the company, and provides revenue to sustain development, operations, and growth. This is a key insight every sales leader must have.
- A finely tuned sales organization operating at maximum efficiency provides a powerful competitive advantage
- Sales intelligence is necessary to the proper function of the sales team. A Win / Loss Analysis provides the raw material for such strategic assessments (Good Data = Good Decisions).
How to conduct one?
A Win / Loss Analysis should be conducted either 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 first-hand:
- 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 first-hand.
- It helps you build internal credibility. You aren’t afraid to “roll up your sleeves.”
What are the Benefits?
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 listening to them.
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.
What Can a Win – Loss Analysis Do for Me?
What if you could eliminate wasted effort on things that don’t matter – things that do nothing to improve your win rates? What if you could get the entire executive team to agree on a single definition of sales success – and how you arrive there? Think about all the efficiencies that you could find, and the improvement that you would see in your sales force and overall sales strategy. A Win / Loss Analysis can help to achieve all of these things.
How a CRM can help
A CRM system benefits an organisation through the visibility of its sales activities. This visibility is fundamental to managing sales performance and control of the sales process. This visibility enables management to understand why, when, who and how opportunities are being won, stalled, or being lost. If it cannot be monitored, it cannot be managed. The visibility offered within the CRM system also allows management to make educated business decisions based on hard data.
ProAptivity are an independent CRM solutions provider. We focus on the implementation, training, and support of highly customised CRM software solutions. Our CRM software supported by our sales training provide customers with the tools needed to deliver successful sales process management.
Fundamentally, we help organisations embed CRM best practice throughout their organisation.
If you need help in understanding why my business needs CRM, maybe some of our eBooks could help! Alternatively visit Maximizer CRM or Pipedrive CRM for more information. Contact us today on 028 9099 6388 or via firstname.lastname@example.org. We can help you assess if your business is CRM ready.
Source: Sales Benchmark Index