|
Jul. 23, 2008
Go Beyond Win/Loss Reports and Find Out Why Others Chose "None of the Above"
By Bob Apollo, Inflexion-Point
Vendors who have the discipline to complete win/loss reports usually uncover valuable insights. But concentrating only on wins and losses, and ignoring the growing number of deals that end in "no decision" is really missing a trick! Most of our clients - who tend to be B2B focused, and sell into complex sales environments - find win/loss reports useful. But most of these reports end up focusing on why the customer chose one vendor over another - and not why the prospect chose to buy anything. We've found that surveying prospects who ended up doing nothing can generate profound insights into why buying processes often stall or stop part-way through the cycle - and what vendors can do about it. By paying particular attention to the circumstances under which the buying process was initiated - and understanding the trigger event that set the process going in the first place - vendors can learn a great deal about how momentum is created and maintained in the buying process... ...And armed with better insights into what commonly causes prospects to abandon the exercise, vendors can put themselves in a much better position to develop sales tools and coach sales people to help sustain the buying momentum. Last, but not least, if you want accurate, unbiased feedback, please don't ask the sales person - or anyone with a direct vested interest to complete the win/loss/no decision report. We've proved time after time that conducting these reports from an independent perspective creates true insight rather than CYA behaviour.  MarketPlace Customer Service as a Differentiator: The Road to Excellence at Overstock.com Companies are beginning to realize they don’t have the option of ignoring the quality of their customer’s experiences. Overstock.com realized that customers want service that is excellent, regardless of which channel is used. But they had to overcome some serious obstacles on the road to excellence. Read their story. New Research Report: Customer Experience Maturity Monitor Discover the five levels of customer experience maturity, ranging from Limited Capability to Experiential Master. Find out where your company stands, and explore what it takes to move from the base level to the peak. Download free research report here. Selling the "New Consumer" with Smart Conversations, Not Blind Automation Learn how to engage your customers in a great cross-channel conversation that will set your company apart. CustomerThink founder/CEO Bob Thompson reveals his latest research on the multi-channel buying experience, and Lisa Abbott of Genesys explains how to solve cross-channel challenge. Four Strategies to Shift Your Support Center from Surviving to Thriving With an economic upturn on the horizon, it's time to focus on how to gain a sustainable competitive edge. In this webinar, contact center guru Bill Price reveals how to improve the customer experience, reduce operational costs and retain top technical talent. TCE (Total Customer Experience) Model Building e-Workshop for Financial Services Providers [August 27, 09:00-10:30 GMT] This program is designed to help Marketing, Sales and Service Executives of Financial Services Providers to build a TCE model to monitor, manage, and enhance the total customer experience across multiple channels and touch-points throughout the whole customer lifecycle. Global Customer Experience Management Certification Program [Sep. 30-Oct. 1, Paris] Learn cutting-edge CEM methods from a team of international gurus. This 2-day course applies CEM essentials, strategies and methodologies on Marketing, Sales and Services; provides a framework with relevant guiding principles and tools for designing the best experience to your customers. Featured Links
Get your event or resource listed in the MarketPlace, reaching 300,000 business leaders monthly.
|
Join CustomerThink Get free newsletters and free access to Premium content in our Research Library! Featured Research
|
Editor's Topics
Right Move
Develop a customer-centric business strategy that delivers results.Tool Time
Insight about technology market trends, innovators, and implementation best practices.100% Club
Achieve sales goals through process and performance management.Lead Gen
Manage marketing campaigns to generate targeted leads at the right cost.Left Brain
Create customer and business insight with analytical tools and techniques.Social Business
Use social media and customer co-creation strategies and technologies.Moment of Truth
Deliver memorable experiences that create competitive differentiation.Branded
Build a trusted brand and loyal customers with great customer service.
Other Reviews ask different questions--and Get Different Answers
Hi Bob: As you point out, many companies focus on Win/Loss reviews, and the "no decision" activities fall into the cracks--because for some companies, the sales opportunity is still considered open! In any case, the overarching question asked is "Why did we win (or lose)?"
But sometimes, asking this question misses important insight.
After Event Reviews examine different questions: What was the actual outcome? What was the planned (or expected) outcome? What contributed to the gap? What must we change? Who needs to know? How do we communicate the changes?
I have conducted several of these for clients, and have found that After Event Reviews take a fundamentally different approach to sales problem solving compared to traditional win/loss reviews. For example, I can win a sales opportunity for $1 million, but if I forecast it at $1.5 million, I have a gap--and I need to understand the causes. If that same opportunity is examined through the lens of a win/loss review, I might not uncover what contributed to the $500,000 revenue shortfall because I only looked at the opportunity as a win.
As you point out, in order to derive any value from these projects, companies need to have complete candor, not a rubber-stamped report designed to prove why Stephan is an incompetent salesperson. The flip-side of that candor is that senior managers must have enough self-esteem to own up to a problem--if it's discovered that it's one they created.
--AR
Combine Win-Loss Analysis With Other VOC
Additional value can be gained by integrating win-loss data with other sources of voice of the customer (VOC). So often VOC is seen narrowly as surveys or advisory boards or user groups. Frequently, it's used as input only for new product development or campaigns or bonuses. Often, the constructive criticism obtained through various VOC mechanisms, including win-loss analysis, is largely ignored or channeled narrowly to a department for consideration or action. What if visibility widened, corrective tools were readily available, and many functional areas within the enterprise were actively engaged in turning win-loss and other constructive feedback into plusses for the company? The companies doing this are reaping significant financial benefits.
- Lynn Hunsaker, www.ClearAction.biz, ClearAction mentors executives for customer profitability through advocacy and churn/hassle prevention.
Let Bygones Be Bygones
Firms should not only manage processes, but also evaluate processes. Analyzing what went wrong/right during the process elicits more knowledge than knowing why went wrong/right in the end.
Daryl Choy
Make Little Things Count
wisdomboom.blogspot.com
Post new comment