Four Keys to a Successful Win/Loss Analysis Program
Whether you’re doing win/loss analysis in-house or using a third-party consultancy like IcebergIQ, what are best practices for a successful program?
Here are some tips for running an effective program, shared by IcebergIQ CEO Natasha Narayan on the Dance Battle podcast hosted by Alex McDonnell.
Clarify the research focus. Write down your burning questions and initial hypotheses. Examples of questions might be: Are any of our losses avoidable, and if so, how can we adjust our sales approach? What features are most important to prospects? How does our pricing stack up against the competition? Document these questions in a detailed research brief, a living document that you can update over the life of the study.
Recruit the right interview subjects. Try to talk to decision-makers who were directly involved in the evaluation. It’s best to focus on recent wins and losses – no more than three months old is ideal so details of the decision are still fresh in interviewee’s memories. However, this can be stretched to six months for longer, more complex sales cycles in markets that do not change quickly. To encourage people to participate, consider offering an incentive like a gift card.
Identify emerging themes. After the first few interviews, certain themes may emerge. Perhaps you are hearing that your CSMs aren’t listening closely enough to customers, or that a perfectly executed sales process was followed by a rocky handoff to your implementation team. As you listen to your customers, keep track of what they say and look for meaningful, overarching patterns.
Frame the research findings as actionable insights and share them across the organization. Building buy-in from relevant business leaders is vital, so communicate about your win/loss project early and often. If possible, include the CEO. Emphasize to everyone that the goal of a win/loss project is to learn, find areas for improvement, and support all teams toward better results.
Remember, win/loss is a process. A regular program will provide ongoing real-time feedback, keeping a finger on the pulse of your prospects and customers. As you surface issues and resolve them, new themes will emerge. That’s why many companies choose to conduct 10-15 win/loss interviews every quarter to keep up with their evolving marketplace. If you’d like to learn more, reach out to us at info@icebergiq.com.