5 Questions to add to your Win/Loss analysis
Many companies conduct win/loss analysis on a formal or informal basis. These efforts often focus on product features, pricing and the performance of the sales reps which are critical to understanding the sales process.
A number of years ago Isurus published an opinion piece that advocated adding five questions to your win/loss analysis. A summary of those recommendations follows:
1. What information sources influence the buying decision? Win/loss analysis provides a good opportunity to confirm whether marketing communications, PR, and analyst relations investments are paying off and can help you decide where to focus resources in the future.
2. How effective are sales tools like ROI calculations and business value analyses? Many enterprise technology sales teams utilize a formal ROI analysis to demonstrate value to prospects. Win/loss analysis can help your sales team understand what purpose the ROI calculation serves, and to what extent they should rely on the results of the analysis to persuade buyers.
3. How formal is the decision-making process? While most sales teams have a sense of whether they fare better when the evaluation process is less versus more formal, including this finding in a win/loss analysis documents the trend and enables the sales team to develop systematic strategies to respond.
4. To what extent is Sales following their own sales process, and is it working? Most enterprise technology sales teams are trained in solution selling; however, it can be difficult to know how well the sales team actually follows the process. Win/loss analysis provides the opportunity to understand how closely the process is being followed in particular deals.
5. What motivates buyers to start evaluating vendors? Win/loss analysis provides an opportunity to understand what initially motivated the purchase process–what event, person, or circumstances “got the ball rolling.” By understanding what got the ball rolling, your organization can identify the trigger events to watch for and anticipate, set expectations for the vendor’s role in moving a deal forward and better qualify deals.
Win/loss analysis provides an invaluable opportunity to understand buying behaviors in your market. Make the most of this data source by evaluating your current approach to make sure your organization is learning all it can from this resource.