- Image via Wikipedia
Which arrow flies for ever? The arrow that has hit its mark. –Vladamir Nabokov, “A Russian Beauty
Hitting the mark feels great, but there is also much to be gained when we miss the target. In business we celebrate the wins and mourn the losses, and all too often we do not take the time to learn from either. Conducting a win-loss analysis can yield essential information that ensures that your arrow files forever.
Often companies will hire me to help uncover their brand distinctions and enhance their marketing. Inevitably I find that many assumptions have been made about their existing strengths. The answer to distinction often lies in why current customers have chosen them yet many small to medium sized businesses have not bothered to ask the question.
At the start of a new customer relationship, take time to discover the reasons you were selected. You may uncover overlooked selling points and when done routinely you will have a clear picture of your strengths. When you lose an account, a win-loss analysis can help you identify areas of weakness but can also set the tone for a continuing relationship. When you do not win, be the best #2 you can be as you may have another opportunity to win the account.
Questions to explore in your win-loss analysis:
Reasons for Purchase
- Business case /need
- Primary objectives
- What triggered the timing of the buy?
- Selection criteria and person(s) involved
Evaluation Process
- How were solution candidates selected?
- Who was considered? Who was shortlisted?
- What criteria were essential in the evaluation process?
- Who had the best solution?
- How and where did others fall short?
Decision and End Results:
- Who was selected and why?
- At what point in the process did they stop considering other providers?
- How will yo measure success?
This is by no means an exhaustive list but should provide some guidance. You can conduct a win-loss analysis in person, by phone or even using a survey tool. Implement a system to survey your wins and losses and you will receive a quiver full of actionable information.
Have you ever performed a win-loss analysis? Were you surprised by the results? Â If you do not routinely perform these, do you query lost customers to discover why you were not selected?
Hi Alina! Wow I love the way you put it “we would never agree to be blinfolded and have our hearing impared and then walk aimlessly on the street, we tend to sometimes do it when it comes to business.” This paints a powerful image for me that I will use to remind me to never handicap myself. Thank you so much for the comment and the great analogy! Oh and thanks, I’m glad you like the change in layout! More to come 🙂
Hi Andrew, thank you for the compliment and comment!I adore sports analogies and you present well a parallel from which we can all learn. Reviewing your performance whether a win or loss can help you to improve the technical aspects of your game. As always, Andrew your wisdom and insight has added value to this discussion. I appreciate you!
Hi Melissa! Good point about the testimonials! It is a great idea to create a system that allows your customers to give feedback. Part of the work I do with clients is involving customers in case studies and surveys that gives them a voice for the good and bad. The information not only provides ongoing feedback but can be used in your marketing.
Hi Karen! I love the idea of asking clients why they chose you, and I think a lot of insight could be gained from that. Like Wendi, I tend to gather such information conversationally rather than through an official channel. Another great way to find out how your clients feel about your work is to ask for testimonials — they’ll often include details that provide much insight.
Karen,
I’m with Brad and Alina – love the new layout and theme.
In professional football, coaches and players spend hours between the games watching replays to identify those aspects of the team’s performance which worked and those which need improvement. I don’t understand for the life of me why you wouldn’t apply a similar concept in sales (though you perhaps need not spend hours over it). Winning plays which result in ‘goals’ (sales) should be analysed as should unsuccessful plays where your opponents score ‘goals’ (the sale goes elsewhere).
And often it’s not hard. A large part of this post mortem can be achieved by simply listening and observing. If we shut up and listen, often times prospective customers will end up voicing some of their needs and key factors driving their decisions. If they don’t, ask them like Alina said – not everybody will want to speak openly, but some people love to give you their opinions.
Wow, Karen, great layout! I should get out of my RSS reader more often 🙂
We’ve heard information is power so many times it has become a cliche but we stil don’t beleive the actual statement 🙂 While we would never agree to be blinfolded and have our hearing impared and then walk aimlessly on the street, we tend to sometimes do it when it comes to business. We either take our idea of how things are for granted, or think bugging customers with questions would be a waste of time or find some other reasons not to ask them anything about their experience, good or bad.
It’s a shame, especially if we think that, as Wendi says, it can sometimes be conversatoinal and not very official. Just a short chat providing insight that’s crucial.
Wendi, glad to provide the prod. 🙂
Karen,
these are great ideas,all worth doing. I can’t say we are doing them so strategically. More conversationally and not as consistently as we could. Thanks for the prod.
Hi Brad, thank you! 🙂 I’m using the free themes to experiment with design and layout so that I really know what I want for my custom design in the fall. I’m glad you like it. I agree with you about the discomfort, but in my career my losses have often ended up as future clients so it does pay to ask what went wrong. I have also been equally surprised by the wins. My clients have helped me to understand that some of the things I don’t market or take for granted are exactly why they chose me. Have you ever had that experience?
Hi Karen, Your new blog design looks fantastic. Performing autopsies is essential in sales, yet sales people often avoid it – perhaps because they’re more comfortable attributing a lost sale to whatever preconceived ideas they have about the weaknesses of their offering. The fact is, though, sales are quite often lost for completely unexpected reasons. Without that information, you’ll have a hard time doing better next time.