Why Win Loss Analysis for Competitive Sales?
Win loss analysis is a branch of market research focused on understanding why companies win or lose new business opportunities. By implementing a win loss program, 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 much more.
What are the Benefits of a 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.
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 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 understanding of competitors
Who Benefits from a Win Loss Program?
Although you may believe the insights from win loss analysis is only for the salesforce, a win loss program will impact every department in your company. Additionally, key individuals can use the actionable intelligence that is captured in a win loss program to make better decisions.
- Sales Representatives will understand the prospect’s perception about the representative’s abilities and effectiveness. Also, sales reps will understand their strengths and weaknesses, the company’s positioning, their competition, and the overall marketplace.
- Sales Managers 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.
- 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. They’ll learn 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.
Why You Should Partner with an External Third Party
By partnering with an external third party, you’ll obtain reliable and unbiased feedback from your recent sales opportunities. This feedback will help your sales representatives refine their techniques, learn how to effectively target a client’s needs, and tailor presentations that put your products and services in the best possible light. With win loss analysis, you’ll get empirical and pragmatic data to drive your business to make strategic decisions, increase revenue growth, and gain greater market share. (Check out this case study on how win loss analysis changed the conversation for one company.)
Source: Frank Visgatis