The benefits of Win-Loss analysis
This article will define the benefits of Win-Loss Analysis, covering what Win/Loss is, how to do it and what you can expect from it. Winning or losing is rarely about just price, luck or the roll of a dice.
Win-loss analysis is an excellent deep market research exercise focusing digging deep into how you sell and market your services and products. The process is usually untaken via telephone interviews with your new customers or lost prospects.
The objective is to get as much useful and actionable information. And then analyse it to create Competitive Intelligence to encourage real change and continuous improvement throughout your business.
Win/Loss analysis has become more and more popular for a simple reason. It works. Its believed that between 15 and 20% out there use some of sort of Win-Loss analysis. More companies are using Win-Loss within their business or going out to external and impartial partners like Octopus Intelligence.
Beware of bias
However, doing it yourselves may bring bias into your findings. Especially if you use the sales team to ask the questions. Arguably, it is a pointless exercise if you use the sales team as they will have done no wrong. And the interviewee will not want to reveal the real reasons for not buying from you.
Win-loss exercise will help your company understand the selection criteria of your customers and prospects. And see how your company performs from their external perspective.
Most importantly, you will get a feel of how your sales teams approach a prospective customer and the techniques used and how well they went down with the buyer. You may even be able to compare your efforts to that of your competitors.
Decisions are rarely down to pricing, and when you have a long sales cycle, which can also be problematic and complex, you have a better chance of success when you entirely understand your industry subjective selection criteria.
But what can you do with the results of Win-Loss?
- You can reassess and restructure your product development process, sales, sales training and sales support needs.
- Isolate the key messages you and your competitors are sending out that that resonates with prospects, allowing you to change your proposition more competitive.
- It’s less likely you will be left behind interviews, and the subsequent analysis will isolate what features and benefits that are becoming increasingly in vogue within your industry.
- Isolate and identify mistakes your company makes when selling your offering enabling you to guide how to avoid them in the future
In short, independent, impartial and objective strategic intelligence you get from a Win-loss analysis by Octopus Intelligence is invaluable. It will only improve your immediate future sales opportunities, enhance your product and service offering, show you if your marketing is sending out the right message and you have the right technology and pricing strategies. This article defined the benefits of Win-Loss Analysis, covered what Win/Loss is, how can be done and what you can expect from it.