It is difficult to build upon your successes and avoid painful client and customer losses if you don’t have a firm handle on why they occur. Most companies compile an abundance of anecdotal information, but frequently don’t get to the heart of the issue. As a sales consulting firm, we are asked about this quite often.
The objective of the Win/Loss analysis is to increase your closing ratios and decrease customer attrition. You can do this by obtaining factual information from your prospects and customers on why they chose to do business with you or with your competitors. Done properly, the Win/Loss analysis will:
- Help you understand your prospects’ or clients’ perception of your company.
- Allow you to better leverage your strengths and avoid your weaknesses.
- Compile valuable competitive information.
- Provide a basis for sales force training, mentoring and coaching.
How Does Win/Loss Analysis Work?
CommonWealth Growth Strategies team members work closely with you to customize the approach, both with your clients and prospects who have awarded their business elsewhere. While the process varies, it generally will adhere to this process:
- We develop, with your help, a customized questionnaire/interview guide.
- We ask that you contact your prospect/client/customer and request their participation.
- We introduce ourselves to the prospect/client/customer in writing.
- We schedule a telephone interview.
- We conduct an interview, normally 20 to 30 minutes in duration.
- We prepare a comprehensive report, detailing the results.
The questions we will ask and the areas of primary focus depend on your industry, product or service, type of sales process, etc. In our role as sales consultant over the years, we have focused on the following:
- Who was involved in the decision?
- Who was the competition?
- Their assessment of your product/industry/service knowledge.
- Your reputation.
- Your selling team’s credibility.
- Your selling team effectiveness, ability to communicate.
- Company support resources.
- Attractiveness of systems.
- Salesperson effectiveness.
- Salesperson professionalism.
- Proposal/Quote effectiveness.
- Effectiveness in determining your needs/objectives/goals.
- Financial competitiveness.
- Effectiveness of presentation.
- Your company’s flexibility.
We can help you or point you in the right direction so that you can institute an effective program on your own.