Getting feedback to design better strategies & achieve greater synergies
A Win/Loss Analysis is a business-to-business research instrument devised to assess the key reasons why your sales, marketing and business development team was able – or unable – to score a deal with a particular prospect. This valuable intelligence is gathered through interviews with the very decision-makers, recommenders, and influencers who selected and purchased your solution – or did not.
Pros, cons, likes, dislikes, competitive edge – or lack thereof – are revealed directly by the executives you were trying to sell. As an objective third party, it is not unusual for MLI to hear comments that a sales team wouldn’t. Our clients usually have some sense of why they failed or succeeded. A win/loss analysis may reveal flaws in some of your most fundamental assumptions regarding:
- Support, maintenance
- Pricing of your solutions
- Biases toward competitors or against your firm
- Your sales and marketing team performance, pitch, responsiveness
- Prospect’s decision-making process
- And so much more
While the insight gained is after the fact, it is critical in that it may be used to improve any of the above at the next bidding opportunity; it thus constitutes a way to improve your odds against competitors and is preemptive and corrective, not just retroactive. The results are insight you can leverage to score the next deal and win.
Will a Win/Loss Analysis make the sales/marketing department nervous?
Not necessarily. It is in the best interest of all to learn from our mistakes.
Will it give them a better chance at making the next sale?
The more knowledgeable your team, the better chance your firm stands to win at the next opportunity.
What you expected to hear:
“Your solution looks great, but too pricey. Your competition was cheaper.”
What we discovered:
Surprises may abound…
“It was not price at all. We find their solution cumbersome, not user-friendly. Here is why…”
“Your client’s support was subpar. Here is what we got from their competition…”
“The founder at one of your competitors (the ultimate winner, as it happens) sits on our board of directors.”
“I did not make the decision. Ms. Y and Mr. Z did not either. They key guy was EVP Mr. A.”
Did you know any of these? How come you did not find out before the start of your sales effort, i.e., when the lead was generated? Could you have built a stronger case?
How about finding out and changing perceptions earlier next time?
How is a Win/Loss Analysis conducted?
MLI conducts unbiased, one-on-one executive interviews with various decision-makers, recommenders and influencers. We usually conduct the study shortly after the deal was won – or lost. This maximizes the accuracy of the intelligence gathered, while the sales process is still fresh in the prospect’s mind.
How do you benefit?
2. Strengthen prospect & customer relationship – A win/loss analysis shows the prospect YOU CARE. It may help next time.
3. Understand past performance – Stop wondering. Get the REAL reasons why you won – or failed. Without a clear understanding of what went wrong, you may not be able to change in time to win the next round of business. A Win/Loss analysis will enable to gather critical feedback on your offering mix (product or service, pricing, distribution, promotion or communication, sales and marketing).
4. Improve future performance – A Win/Loss Analysis brings focus and clarity to your perceptions and expectations and enables you to respond to market pressure, and adapt. What went wrong once (if anything) needs not happen again. Our clients can adjust behavior, offerings, hiring/training, marketing/advertising (including trade show positioning), customer service, processes and policies to adapt and secure the next roll of business. A Win/Loss Analysis is not just a market intelligence gathering scope; it is actionable.
5. Gain, not just tactical knowhow, but also strategic insight Following key interviews MLI was able to secure with high-level officers at some prospects, a couple of our savvy, large clients unexpectedly discovered they had been defeated by a nimbler competitor with superior competitive offerings (i.e., breakthrough technology, etc.), only to decide to acquire them. The resulting Merger & Acquisition activity improved our Client’s competitive edge and is a game changer.
6. Adapt to greater changes in the marketplace
A win/loss analysis enables our customers to gain unique market insight and integrate it into their business processes for improved deliverables, customer service and economic relevance. In the long run, it will help you win more business, more often, and be perceptive of all major changes in the greater marketplace. You will become proactive, a visionary, rather than reactive, a follower.