Win-loss analysis is incredibly important for businesses across industries. It offers insights that help analyze how a prospect becomes a customer, why they dint opt for your services or make no decision at all, making your sales process much stronger and helping you close more deals. The insights obtained from a win loss analysis are crucial for success because if you don’t know exactly what’s working for your business and what isn’t, you’re essentially just acting on assumptions and not data.
According to a recent study, businesses that conduct win-loss analysis and act on insights have higher customer retention rates, lead conversion rates, and a higher revenue growth versus companies that don’t. However, very few companies are aware of this, and a mere twenty percent conduct win loss analysis to make crucial decisions basis these insights. In this article, our market research experts answer a few top-of-mind questions for businesses looking to conduct win-loss analysis to drive decision-making and sales performance.
Competition in global markets will proliferate in the new normal, requiring businesses to innovate and create better strategies to win more customers continually. We adopt a holistic approach to win loss analysis that can help you keep pace with market changes and drive sales using a targeted approach. Contact our market research experts to learn more about the benefits of conducting a win-loss analysis.
What is a win loss analysis?
Win-loss analysis is a research practice that focuses on analyzing the sales opportunities that businesses win or lose over a period of time, unveiling factors that prompted customers to buy certain products or understand why they dint.
A win loss evaluation generally focuses on gathering, measuring, and evaluating opportunities by conducting in-depth research, interviews either with lost prospects or new clients and focus group discussions. The objective is to gather useful information, decode data accurately, and utilize it to enhance decisions and drive continuous organization-wide improvements.
How can my business benefit by conducting win loss analysis?
A well-thought-out plan and structured win loss analysis approach is the best way for a business to analyze the reasons behind product success or failure. The approach to win loss analysis, which is almost general across industries, helps unearth several competitive market insights that have become a gold standard for decision making.
Here are a few reasons why you must conduct win loss analysis, as pointed out by market research experts:
- Offers detailed insights on customer perceptions and sits impact on your business
- Helps gain a better understanding of the sales processes that are less impactful
- Analyzes why a sales opportunity converted into a customer or why it dint
Recent market studies have shown that more than fifty percent of sales professionals lack an understanding of why they lost a deal, due to which they cannot gauge and understand factors driving sales. This lack of understanding is further worsened with limitations and inaccuracy issues associated with CRM implementation. In many cases, companies cannot possibly make sound decisions using these inaccurate data sets. This is where a win loss analysis comes into the picture, as it helps bridge the intelligence gap by offering accurate information to act upon.
Do you face challenges in analyzing the needs of prospects and driving sales for your business? If yes, win loss analysis can help you mitigate these business issues and cope with dwindling sales margins by offering accurate, competitive market insights.
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How will I gain a competitive edge with win-loss analysis?
With over 17 years of experience in the field of custom market research, our experts are well-equipped to show you how your customers and prospects perceive your strengths and weaknesses. Our approach to win loss analysis is comprehensive and covers detailed documentation and report generation that documents the reasons behind the sales opportunities you won and lost.
Our solutions also offer in-depth insights into the customer-perceived strengths and weaknesses of your competitors. Insights such as these act as key differentiators for your brand, which can be leveraged by sales, product development, and marketing teams to make crucial business decisions.
Who from my organization will play an active role in win loss analysis?
Every win-loss analysis program differs from industry to industry, which means the parties involved in the study will also vary. Experts at Infiniti Research recommend that you employ trained, experienced, and dedicated senior-level employees who would be an unbiased contact for day-to-day communication.
The program’s success will depend on support from the C-suite and the sales and product development teams. As such, optimum results can be derived only when the senior management backs the program and compellingly presenting the cost-benefit analysis. Moreover, every department involved in the win loss analysis project must be kept in the loop, and inputs must be shared across teams to obtain decisive results.
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How are the results of the assessment presented and shared with different teams?
A detailed report is shared with our clients on completing the project to help identify current trends among their customers and prospects. The reports are of two types individual performance reports and macro trend reports that offer information on business performance and market trends impacting the business, thereby providing a holistic view of your business and the market in which you operate.
Our approach to win loss analysis is based on thematic analysis and just a segmentation-based approach with a core focus on identifying the issues, trends, and blind spots impacting our client’s ability to close deals.
What are some of the win loss analysis best practices?
Irrespective of the industry in which you operate, analyzing your sales success rates play a major role in driving business value. While product features are usually the most important aspects in win-loss evaluation, it is essential to understand that customers consider reputation, support services, and future direction in the final decision, says Infiniti Research.
A few win loss analysis best practices include-
- Demonstrate your company’s expertise in the prospect’s industry
- Improve customer service and offer round the clock support
- Leverage areas of strength and correct weaknesses
Based on these answers, it’s evident that a fail-proof win loss analysis program must be built around a structured research methodology that gathers and analyzes data from various market sources and key decision-makers involved in the sales process. As such, win loss research acts as a valuable source of competitive intelligence and sheds light on a business’s internal aspects, including the sales cycles and related business processes. This, in turn, reveals the risks and opportunities associated with sales strategies, competitors’ strategies, and target market segments.
For more insights on win loss analysis and its business impact, request more information from our experts.