Adoption of formal win-loss analysis programs is rapidly increasing as companies recognize the need for a more robust and accurate understanding of why they win and lose sales opportunities.
Research conducted by Gartner found that companies that are rigorous in their approach to win-loss analysis often observe a direct impact on sales win rates. Todd Berkowitz, Research Vice President at Gartner, stated:
A formal and rigorous win-loss analysis program enables better segmentation, product strategy choices and sales enablement . . . Those that take a more comprehensive approach have seen a 15% to 30% increase in revenue and up to 50% improvement in win rates.
The benefits of rigorous win-loss analysis extend beyond the sales team. Win-loss analysis also enables organizations to improve messaging, build better products, capture vital competitive intelligence, and foster cross-functional alignment about strategic priorities.
What should we look for in a win-loss analysis partner?
Many of the organizations we talk to are implementing formal win-loss analysis for the first time. They've realized they need a more rigorous approach to win-loss, beyond just a drop-down field in the CRM; but, they aren't totally sure what to look for in a win-loss consulting provider.
So, here are 13 must-haves to look for when selecting a win-loss analysis partner:
- Must have a win-loss analysis methodology that is based on in-depth, engaging, and adaptive interviews with the decision makers at your won and lost accounts.
- Must have consultants with significant management consulting backgrounds and/or relevant industry experience to design the program and conduct the interviews.
- Must have consultants who will act as an extension of your team - mastering your product/service offering, understanding your market, providing thought-leadership, etc.
- Must have a dedicated consultant or consultants who conduct all the interviews – ensuring continuity across interviews.
- Must have the ability to create custom win-loss interview guides and questions across product lines, business units, etc.
- Must have effective methodology and tools for scheduling interviews and achieving a high interview participation rate.
- Must have the ability to collect quantitative data (i.e. a survey) in addition to the qualitative interviews. Ideally, they will conduct the primary mode (i.e. the interview) first to minimize bias.
- Must have an effective method for tagging interview themes that exposes and highlights key trends, strengths, and weaknesses across interviews.
- Must have modern, innovative software for housing the interview transcripts and highlighting the themes and findings from across interviews.
- Must have effective software tools for sharing win-loss interviews and findings across your organization—quickly and easily.
- Must have an effective incentive strategy for rewarding interviewees to improve interview participation rates.
- Must have solid company leadership with a culture of innovation - defined by healthy revenue growth and ongoing investment in their people and technology.
- Must have reference-able clients who can speak to the caliber of their team, soundness of their methodology, and ability to drive a return on your investment.
Learn more about Clozd.
There's a reason that leading business intelligence and market research technology companies, like Tableau and Qualtrics, trust Clozd for win-loss analysis. Clozd offers a talented team, sound methodology, and innovative technology.
See for yourself why Clozd is the go-to win-loss analysis consulting provider for leading companies such as Twilio, Tableau, Qualtrics, Marketo, NICE Systems, Workiva, Avalara, Cision and many more.