The obvious reason to conduct win-loss analyses is to discover why you win and lose deals. But knowing why you win or lose is just the beginning. You’re not just looking for good information, you want to drive concrete changes that will increase your competitiveness. The true value of a win-loss program comes when you turn your win-loss insight, into action.
While every company’s situation is unique, following are 7 typical outcomes from a win-loss analysis:
1. Better Deal Targeting and Segmentation
Once the win-loss analysis shows you why you win certain kinds of deals, you can gauge which new deals have the highest chance of success. Instead of treating every opportunity equally, focus your salespeople on the most promising deals.
2. Guidelines for Building Relationships with Prospects
Most prospects research your organization before they engage your sales team. During this research, they develop biases, opinions, and perspectives on how they should judge your product. Let your sales people know what your prospects are thinking. This will help them communicate in an intelligent manner. Share the insight from your win-loss analysis to develop the easiest, fastest… dare I say the most “delightful” experience across all touchpoints so that you stand out as the preferred vendor.
3. Product Development Insight
A key outcome of your win-loss analysis is what features or capabilities your product lacks to win – either because competitors have surpassed you or prospects have started looking for capabilities you simply don’t provide. This first-hand data couldn’t be more critical to your product development team as it plans future updates. Your win-loss analysis should help you to prioritize new developments.
4. A Clear, Defensible Vision
You need to present customers and prospects with a vision of where your company and its products are headed, and your vision needs to align with theirs. Win-Loss analysis can help you build a vision that is unique to you and your value proposition. See our blog post on Vision for more information on this subject.
5. Updated Competitive Strategies in Sales Tools and Enablement
Battlecards, training modules, whitepapers—all of your sales tools need to reflect what your prospects and customers actually say about you and your competitors, not what you think they are saying. Drawing on win-loss findings, you can advise your sales and marketing teams on ways to update your tools to better inform them on how your competitors have beaten you and how to better leverage your strengths (or the reasons that you win).
6. Sharpened Messaging
The competitive arena is dynamic. Presentations, websites, social media, collateral, elevator pitches – all need to reflect the latest in terms of customer needs and their outlook on your market. Your win-loss analysis provides superb insight to help you update your messaging on the buyer’s problems, your differentiation, and how your solutions can best meet the customer’s needs.
7. Better Informed Pricing Strategies
Understanding how your competitors have priced opportunities and gaining insight into the buyer’s need and decision process should prove invaluable when developing and updating the price for your solutions.
So, in summary, a win-loss program is not just for identifying why you win and lose… It’s about taking that insight and putting it into action to become a more competitive organization.