In this Harvard Business Review article, sales guru Steve W. Martin warns that "you truly can’t train your sales teams on how and why prospective customers make their buying decision if your training isn’t based upon direct interviews with decision makers at won and lost accounts."
Check out the recent SalesFounders Podcast episode about win-loss analysis featuring Clozd founder, Spencer Dent. Leveraging his experience at Bain, and Qualtrics, Spencer co-founded Clozd with the mission to help companies uncover the truth about why they win and lose. On this episode, Spencer shares some of the most common pitfalls, and why win-loss analysis should be an integral part of your growth strategy.
There are various reasons and motives behind the decisions that B2B decision makers make. At Clozd, we have conducted hundreds of post-decision interviews with decision makers across industries. While buyers generally try to represent the interests of their company, many are influenced by one or more of these underlying political, professional, and/or personal motives.
No one is going to tell you your baby is ugly. Likewise, no client is going to tell a product manager that their baby (the product) is ugly or undesirable. Maybe that's a bit extreme, but in practice it's true that clients are hesitant to share critical product feedback with the product's parent. For companies that want candid, honest feedback about their product offering they need to enlist the help of a neutral third-party.
Win-loss analysis is the practice of capturing and analyzing the reasons why you win and lose sales opportunities. It’s the equivalent of film study for football teams.
Better methods and technologies for film study can give certain teams a distinct competitive advantage. Likewise there are methods and tools that companies can employ to make win-loss analysis more effective. At Clozd, we bucket them into four categories that we refer to as the four "pillars" or "core competencies" of win-loss analysis.
In a world where email and messaging rule the day, why do great B2B sales leaders still encourage cold calls? Because cold calling works. As part one of our sales effectiveness series, Clozd’s Director of Strategic Accounts shares five strategies that can help you reap the benefits of effective cold calling.
How does your existing win-loss program stack up? Find out now.
The win-loss diagnostic is a short online assessment that rates your existing win-loss program. Fill out the assessment to get an instant, personalized report detailing how your win-loss program is performing against the four core competencies of transformational win-loss analysis.
So you're company is going enterprise? It may be the most over-used word in SaaS right now. It’s abused in press releases, funding announcements, internal company meetings, marketing messaging, and sales conversations. What does it really mean? And what are some useful tips and common challenges to be aware of?
Are you looking to build a business case for implementing win-loss analysis at your company? One helpful resource is the Gartner report entitled, "Tech Go-to-Market: Three Ways Marketers Can Use Data From Win/Loss Analysis to Increase Win Rates and Revenue" by Todd Berkowitz. This blog post provides a quick summary of the findings.
Most companies neglect the practice of formal win-loss analysis, and yet they frequently sit around conference room tables to speculate on why they win and lose, basing major decisions on assumptions. Here are ten signs or symptoms that show your business needs a more disciplined approach to win-loss analysis.
Excerpt: "My client had spent 18 months chasing a $400 million deal. They were confident that they were going to win. When the bad news hit, all hell broke loose. “Did you hear we lost the deal?” was repeated over and over for the next 48 hours. And that’s when I heard it the first time, “We need to do a post-mortem.” That was the first of many "post-mortems" that I have participated in for multiple clients and employers in various industries. In general, they are a waste of time because they are plagued by several key shortcomings . . . Stop wasting time on post-mortems and get a pulse on your competitive positioning by formalizing and operationalizing an ongoing win-loss initiative."
Excerpt: "Over the last few years I've spent a lot of time on airplanes flying across the Atlantic and Pacific oceans. A big part of my job was to help the Head of Global Sales scale his operations internationally. It was awesome! I learned a lot by working with colleagues from around the world about what it means to be a global company. I thought I might share 8 things I learned about scaling a global sales organization."
Excerpt: "But, from experience, there's one thing every B2B sales team can do to improve results and increase win rates. I’d bet on it. In fact, I have bet on it. I left a phenomenal job at a historic company so that I could help sales teams implement this critical strategy . . . Find out, from decision-makers, why you won or lost their business."
At Clozd, we’ve noticed that there is one particular thing that carries some extra weight in determining how fast a sales hire ramps: Understanding the reasons why buyers make their buying decision (the criteria they use) and how your company competes on each of those factors. In short, we call it understanding why you win and lose.
So, how do you captivate sales with meaningful training? The answer is simple. Make it real. Base your training in real stories, about real customers, from real deals. Insights and examples drawn from real interactions with real prospects will boast the power to captivate the sales team and change their behavior.