How Do We Grow Sales Pipeline? 3 Ways a Win-Loss Analysis Program Can Help
A 2018 study from InsideSales.com showed that the top three challenges sales leaders face revolve around building high quality pipeline, forecasting and prospecting. About 63.48% of polled sales leaders say they are having a hard time building their pipeline opportunities. The million-dollar question is “how can we grow?”
In the sports industry, a coach looks for ways to lead his or her team to more wins by watching post-game footage to reflect on WHY they won or lost.
During the post-game observation, a sports coach learns key plays from the competition and reviews how their team performed. They spot areas to improve on moving forward. This level of post-game analysis is what drives future direction.
In the B2B sales world, analyzing your post-games is where a Win-Loss Analysis Program comes into play.
What is a Win-Loss Analysis Program?
A Win-Loss Analysis program is a forensic market research exercise that deconstructs a company’s methods of marketing their brand and selling their products or services. It is conducted by evaluating their entire process and assessing their wins and losses by reviewing and verifying their target market’s decision making processes. This will help identify areas of opportunity and gather intelligence, thus, resulting in meeting the demands, achieving satisfaction and increasing profitability.
3 Ways a Win-Loss Analysis Program Can Help Drive Growth
There are 3 core ways a Win-Loss Analysis program help sales leaders drive more wins.
1. Knowing where to improve your sales process
Speaking directly to customer’s post win or loss helps analyze which parts of your sales process is effective, and which areas might need improvements. Knowing more about your buyers through a win-loss analysis interview will help you understand the challenges buyers are experiencing and what’s considered important in their decision-making process.
2. Training your sales teams on business outcome selling
Clients buy your product or service because it solves a problem. However, you need real customer data in order to train your sales team on how to effectively market the “outcome.” This must be carefully done by assessing the customer’s problem and providing a long-term solution that accomplishes a specific goal.
A Win-Loss Analysis program helps your sales team comprehend the most common customer issues that need an immediate solution. This will serve as their guidance to help them know the right questions to ask and uncover opportunities.
3. Aligning sales and marketing
According to MarketingProfs, about 38% growth is expected once you have aligned your sales and marketing leads. Unfortunately, there are instances that these two teams do not collaborate well. The sales team typically thinks that the marketing team does not execute the right methods to acquire high-quality leads, while the marketing team thinks that the sales team does not handle the leads well.
A win-loss program helps align sales and marketing by uncovering real world customer problems, business goals, and how buyers research solutions. By focusing on the customer, both teams can benefit.
Once done, this becomes the foundation to developing effective sales content such as blogs, webinars or whitepapers, and the design of marketing campaigns. Content and demand generation strategies are created from real fact-based insights resulting from a customer win-loss interview.
Internal Questions to Ask
Look inside your organization and ask yourself:
A. Do we have an active customer listening and feedback component to continuously improve our go-to-market?
B. Is our go-to-market strategy subjective “What you internally think customers might need” or is it a fact-based objective GTM?
If your answer to question A and or B sounds like:
B. Most of our go-to-market strategy is based off internal thinking
Then a win-loss analysis program can help.