article | January 29, 2011
Need a Revenue Uptick? Perform Win Loss Analysis 101
Yet understanding why you win OR lose is critical to revenue growth within any organization. It’s pretty easy to agree that what you did or didn’t do during the Sales Process that determines if you win or lose. And knowing data proves that companies that deploy a formal Sales Process, when compared to the mean, win 48% more deals, have sales cycles 37% shorter and generate 2x the revenue per head, should have you wanting to understand why did I win or lose that much more.
Quick Hit Revenue Uptick
So, how can we drive revenue uptick and do it with opportunities in the funnel today?
The Answer: Uncover real time data on your most recent wins and losses, study the data, find the trends and implement change. Best practices can be increased, areas of current gaps can be fixed and your result will drive far better win rate’s, improved sales cycle and more revenue.
First, best practice is to utilize a 3rd party to go out and uncover some CI (competitive intelligence) through competitive analysis of your sales force’s most recent wins and losses. A company can also accomplish this through its marketing organization or possibly a group responsible for competitive intelligence gathering, however investing in an individual or company who does it for a living will yield best results.
For a quick start, gather your organizations most recent 10 wins and 10 losses. Next, have a conversation or send a survey to the executive buyer (decision maker) who was primarily sold to through the Sales Process.
Ask some simple questions:
1) What problem drove you to need a new product/solution?
2) What was our product/solution value add? Or the competitor’s value add, in the case of a loss?
3) Were we aligned with you during your buying process?
4) How did you view our product/solution to be different or the same as the competitors?
5) If a win, what was the 1 key thing that made you choose us? A loss, what 1 key thing that made you chose our competitor?
These are just a few basic questions, but with less than 20% of all companies investing time/money into Win Loss Analysis, even basic is a start to driving a revenue uptick for your organization.
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