Win Loss Analysis and your Growth Strategy
Win loss analysis is a branch of market research focused on understanding why companies win or lose new business opportunities. By implementing win loss internally or through a third party, you can obtain reliable, actionable, and unbiased feedback about how well your sales team performed in recent competitive opportunities. You can identify the best practices of your top performers, your competitive positioning within each opportunity, how well your solutions were received, and more. Win Loss can easily be seen to pursuit teams as game film is to competitive sports teams. The bonus is, the benefits do not end with the sales organization.
What other benefits can be realized with Win Loss Analysis?
A win loss program will reveal the risks and opportunities associated with your sales strategies, your competitor’s strategies, and your target markets. You can learn about your marketplace in a way that exceeds simply knowing about your buyers. Win loss analysis will also reveal the varied buying habits, challenges of your buyers, and your competitor’s strengths and weaknesses. Buyer Personas.
If you want a clear picture of each sales opportunity and the developing trends across multiple opportunities to help sales professionals win more business, an effective win loss sales program will:
- Improve competitive win ratios
- Establish clear benchmarks
- Increase sales performance
- Uncover win-back opportunities
- Discover the reasons for lost opportunities
- Increase your competitive advantage
- Enhance your knowledge of where you are weak and strong in the market
Who Benefits from a Win Loss Program?
Although the benefits to the pursuit team are hard to ignore, a win loss program will impact every department in your company. Additionally, key stakeholders/executives can use the actionable intelligence that is captured in a win loss program to make informed strategic decisions.
- Sales Representatives will understand the prospect’s perception about their abilities and effectiveness, real or perceived. (This is not to be delivered in a punitive fashion.) Also, sales reps will understand the company’s strengths and weaknesses, positioning, their competition, and the overall marketplace.
- Sales Leaders will get data on the key issues that are obstructing their overall sales efforts. They’ll find out why your competitors were selected, the factors most important to buyers, and data on how the market perceives you. This information will help sales managers to focus and train sales reps on the most impactful areas. In addition, best practices from high performers shine through allowing them to be duplicated across the team.
- Product Development will understand how your solutions stack up against the competitors and what features and functionality are most important to buyers.
- Marketing will receive direct feedback from your buyers as to which messaging is or isn’t resonating and what compelled them to find your solution. They’ll finally be able to answer which marketing tools and collateral have the most influence.
- Executive Management will get actionable intelligence on every aspect of the entire sales process. They’ll learn about new players in their markets and gain insight into current market trends.
With win loss analysis, you’ll get the qualitative data required to drive your business to make strategic decisions, increase revenue growth, and gain greater market share.
If you’d like to connect and continue the win loss discussion, please contact me at email@example.com