- Decide Who Will Conduct Your Interviews and Which Companies to Interview. …
- Develop Your Win/Loss Analysis Questions. …
- Schedule and Conduct Your Interviews. …
- Analyze Results & Present Your Findings. …
- Incorporate Findings Into Future Sales, Products, and Campaigns.
Win Loss Analysis explained in 2 minutes
Why is win-loss analysis important?
Win-loss analysis is crucial because it identifies your sales practices’ strengths and areas for improvement. Without a formalized process, it is challenging to comprehend why the same sales approach is successful in some situations but unsuccessful in others. Win-loss analyses provide information that can change how you satisfy customer needs and boost your business’s profitability. Here are some particular advantages that win-loss analysis provides to businesses:
What is win-loss analysis?
Companies use win-loss analysis, a structured and methodical process, to determine what factors lead to closing a sale or winning it as opposed to passing up the chance. Reviewing sales data, speaking with customers, and researching organizational procedures are all necessary Win-loss analyses help businesses understand clients thought processes and motivations. They disclose the factors that led customers to choose your product over those of a rival.
How to conduct a win-loss analysis
The steps for performing win-loss calculations and putting what you learn into practice are as follows:
1. Collect data
Gather the information first that you require for your win-loss analysis in order to make meaningful conclusions. Start by gathering data on each opportunity, whether it was successful or unsuccessful, and then broaden your internal research to include:
2. Calculate win/loss ratio and win rate
The win/loss ratio and win rate are the first two numbers to be calculated in your win-loss analysis. Each one enables you to comprehend how well your lead conversion strategies are working. Heres how to calculate each:
The win/loss ratio compares the total number of sales victories to losses for you. It only takes into account customer interactions that have ended with a clear result. Divide your number of opportunities won by your number of opportunities lost to determine your win/loss ratio.
What percentage of your overall sales activity results in a successful sale is indicated by your win rate. Its primary distinction from win/loss ratio is that it takes deals in progress into account. Divide the number of opportunities you’ve won by the total number of opportunities you’ve had, whether they were successful, unsuccessful, or still pending.
3. Define desired outcomes
There are numerous methods for conducting win-loss analyses that can be applied to various business divisions. For instance, you might focus on the connection between your marketing strategies and sales results in one win-loss analysis. Another time, you might concentrate on the output of your sales staff. Make sure you distinctly define the desired outcome of your win-loss analysis in order to get the most out of your time and financial investment. A clear goal directs how you interview clients, present your findings, and take action on them.
4. Schedule interviews
Win-loss interviews demand special preparation that you might not normally do. There is no guarantee that prospects and clients will accept your invitation because they choose to meet with you. To account for those who decline, invite roughly four times as many people as you intend to interview. Other factors to take into account when scheduling your interviews are as follows:
5. Establish your interviewers
It’s imperative that the interview questions you prepare be asked by a third party. Using your own staff runs the risk of them getting defensive in the face of criticism or presenting the results in a way that distorts the interviewee’s perspective. Many businesses decide to bring in an outside interviewer so that potential clients and customers can freely express their true opinions. To better ensure that your interviewees don’t change their responses to be polite, choose an interview setting that encourages open dialogue.
Whoever you select to conduct your interview with, be sure they are aware of the goals of your win-loss analysis so they can steer the conversation toward pertinent subjects.
6. Prepare questions
Create a list of inquiries that reflect the goals you previously stated. Don’t ask more than a dozen questions during interviews out of respect for the subjects’ time. Here are some questions you might ask:
7. Organize findings
Organize the results of your interviews to reflect the goals of your analysis. To analyze your data, you might find it useful to mix graphical, written, and numerical presentations. Your business might look at indicators such as:
Each of these data points enables you to identify the elements that are either helping or hurting your sales. You can use them to determine the most common customer complaints and capitalize on the qualities that your clients value.
8. Act on results
After you’ve analyzed your results, create an action plan that focuses on the issues you’ve found. Share your findings with the rest of your team so that everyone who needs to can help you improve your services, goods, marketing, and sales techniques. Frequent win-loss analyses have the advantage of allowing you to concentrate on a different area of concern each time and implement more targeted solutions as opposed to trying to address a variety of issues at once.
What is Win-Loss?
The win/loss or success ratio measures a trader’s proportion of profitable trades to unsuccessful trades. In other words, the win/loss ratio indicates the ratio of successful trades that result in profits to trades that result in losses for a trader.
What is a win-loss review?
A win-loss review is an interview that reveals why a sales opportunity was successful or unsuccessful. These interviews can be carried out by your business or a third-party service, and they are frequently conducted over the phone.