Adoption of formal win-loss 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 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 solution provider.
So, here are 13 must-haves to look for when selecting a win-loss partner:
Must have a win-loss 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 interview guides/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 provider for leading companies such as Twilio, Tableau, Qualtrics, Marketo, NICE Systems, Workiva, Avalara, Cision and many more.