For many Clozd clients, win-loss interviews serve as their richest source of competitive insights. However, the primary purpose of a win-loss interviews is to understand why you won or lost the deal - which may have little (or nothing) to do with your competition. Your biggest competitor may not even be another vendor.
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.
Over time, and across thousands of win-loss interviews for clients in various industries, Clozd consultants have uncovered insightful trends relating to the impact pricing can have on vendor selection. It is a common decision factor, but not always in the way a sales rep might expect. This interview with Clozd founder Spencer Dent explores some of these pricing trends, which can be insightful for pricing and packaging teams, sales leadership, and sales enablement teams.
While most organizations intuitively understand the value of win-loss analysis, execution of an effective win-loss program can often seem daunting and difficult. Clozd frequently speaks with organizations that are unable to capitalize on buyer feedback due to several common roadblocks. Let’s explore these common win-loss roadblocks and learn the best strategies for avoiding or overcoming them.
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 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’s 13 must-haves to look for when selecting a win-loss partner.
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.
Explore some essential tips for becoming an effective product marketing manager, based on the principle of Essentialism from Greg McKeown's book, Essentialism: The Disciplined Pursuit of Less coupled with some of my experiences as a product marketer for a fast-growing technology company called Qualtrics.