Clozd’s VP of Operations, Braydon Anderson, hosts a conversation with experienced sales leaders from SAP Qualtrics, E2Open, and OpenGov. Discover some of the critical benefits of win-loss interviews for top-performing sales teams.
One of the most important (and challenging) tasks while setting up your win-loss program is determining who you will interview and getting their contact information. It sounds easy, right? Many win-loss program sponsors think so at first, but quickly find that recruiting the right number and mix of interviewees is an uphill battle. In this blog post, consultant Jonathan Stevens explores tips and ideas for making sure you target and interview the right customers.
Where win-loss analysis becomes really powerful is when you begin to tag and track themes across interviews. This allows you to see what you’re doing well, what you’re doing poorly, where your efforts are yielding improvement, and where you need to focus next to improve your win rate. But while themes carry a lot of value, they bring pitfalls as well - after all, there is always some subjectivity involved in turning qualitative data (interviews) into quantitative data (trackable themes). So how do you create and track win-loss themes effectively? Here are some guidelines we have developed based on our experience conducting hundreds of win-loss interviews.
The Pragmatic Marketing framework is the de facto standard for training product professionals since 1993. One of the practices encouraged and promoted by the framework is win-loss analysis. Check out this article from the Pragmatic team that outlines some of the critical best practices to follow for effective win-loss analysis.
When a B2B deal goes south, the most common reason initially identified by both buyers and vendors is price. Of course, price runs through every decision, and no one loves shelling out cash. But, in conducting hundreds of win-loss interviews for high-profile clients, our team at Clozd has very rarely encountered situations in which the true driver of the deal turned out to be a raw difference in price. Instead, our in-depth conversations have yielded key insights on what a buyer really means when she says “the price was too high.” This blog post explores three common, underlying themes that could be the real problem with your pricing strategy.
In an ideal situation, a business' sample size would consist of it’s entire customer base (i.e., gathering data and feedback from every customer the business has won or lost a deal with). This approach would ensure a complete picture is painted, with representation of every size and shape of sales opportunity. However, conducting an interview with every prospect is neither feasible (economically) nor required (methodologically).
So, what is the right number of interviews to conduct? The short answer is . . . it depends.
Many of us at Clozd have years of experience working directly with survey feedback, and we recognize where this feedback is valuable. However, we’ve learned that when analyzing wins and losses in a complex B2B sales environment, surveys pose some unique challenges. Survey response rates and issues with data quality can prevent organizations from capturing the full story behind why they are winning and losing valuable business. If you are considering a survey-based approach to win-loss analysis, first consider these challenges.
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.