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It’s a question we’re regularly asked by clients: “What is the value in win interviews?”
Companies often come to use win-loss analysis in search of the reasons why they’re losing deals. The assumption they make is that the answers will naturally be found in loss interviews.
Although loss interviews do provide great insight, we always advise clients not to discount the lessons learned in their wins.
Here are four main reasons why.
👇Psst don’t forget about the losses though. Download our free Churn Analysis Template here👇
It’s amazing to us how much a buyer will share about the company they did not select with the company that they did select.
The list can stretch from product gaps, to market perception issues, to sales deficiencies — even insight into the competitor’s competitive selling techniques.
While vendors likely already know why they were selected, insights like these help to reinforce the ‘why’ and enable them to keep winning.
So, there you are, celebrating a win. Praising the sales team for their excellent objection handling, praising leadership for capturing detailed notes on why the deal tipped your way. But hold on a minute.
Wins don’t always mean that the sales process was stellar. In win interviews, we always ask the question, “What advice do you have for the sales team to help them with future opportunities?”
It’s rare when the buyer doesn’t share some golden nugget to help a salesperson improve. Occasionally, you’ll come across a buyer who bought from a vendor in spite of an awful sales process.
As you imagine, those interviews are quite eye-opening and allow a sales manager to quickly address issues that may affect future business.
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So, you won a deal! That must mean your offering is perfect, right? Oh, if only that were true.
Most win interviews we conduct delve into the reasons for the selection, but also seek to identify product gaps.
By asking, “If you were the head of product development, where would you invest in the offering?” you can quickly identify what that buyer believes to be the greatest deficiencies and greatest opportunities.
While you’re at it, why not include it in all your win-loss interview questions.
Did a site visit seal the deal? That reference call you worked too hard to set up, how’d it go? What was the turning point for your buyer? What was that “one key thing” that led your new client to select you? Do more of that!
There you have it! Focusing on the different aspects of your sales success stories can uncover just as many important opportunities as the details in your losses.
These insights can and should inform all of the competitive intelligence you’re gathering and deploying
After all, it’s called a win-loss program, not just a loss program, for a reason, isn’t it? Happy hunting!
Klue spoke with experts who have been a part of hundreds of competitive deal cycles to recount the most memorable ones of their careers.
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