This six-part series explores how a win-loss analysis program can help you improve close rates, better serve your customers and keep a pulse on competitors. We look at how to build a win-loss program, institute best practices and leverage the results.
Selecting the ideal candidate to interview is another crucial component of building a strong win-loss program. To start targeting qualified leads, review your current target list and determine the ideal qualification criteria to apply in order to focus on those people who will provide the greatest value. It’s always better to have a set of interviewees who share characteristics than ones that do not.
While it’s common for program managers to work through lists from a CRM system, that’s a mistake. Not only does it leave win-loss research up to chance, but you’ll also risk missing important targets. What if a loss wasn’t closed out of the system? And where is the science behind their process?
Here are a few best practices to help you build the best recruitment list possible:
Having a relationship with the sales leadership team is crucial for selecting successful targets. They have the deepest knowledge of target accounts and can nominate recent wins and losses that are fresh in their minds. Actively involving sales leadership in the process of selecting targets also reinforces the sales team’s ownership of the program.
The more competitive the deals you target for win-loss analysis, the more insights you’ll receive. The same applies to late-stage deals, especially when it comes to losses. If your target went through a sales demo, for instance, and then attended your company’s conference and spoke with a customer reference, they’ve evaluated your company through several routes and can potentially provide rich feedback. The more they’ve experienced, the more they can share.
When it comes to targeting interviewees, don’t assume the most senior person within the buyer’s organization is your best fit. The right candidate will have led the effort on the buyer’s side and worked closely with your teams, making them the most capable person to comment on all facets of the evaluation and the ultimate decision. This ability is largely unrelated to seniority.
When it’s time to communicate your win-loss program, there are a few key metrics required to successfully create program awareness, interest and accountability, both internally and externally.