3 Reasons Why You Need to Conduct Win/Loss Analysis on a Regular Basis
Tonight, over 20 million crazy fans will watch a basketball game that pits Kansas vs. Kentucky. March Madness will come to an end, and the NCAA will crown a new champion. Saturday also marked the end of the 1st Quarter for 73% of corporate American businesses. If you missed Ryan’s post about “Conducting Your Q1 Sales Compensation Performance Assessment,” it’s a must-read. Tons of great advice on how to properly wrap up Q1.
I know for sure that each of the teams playing tonight has spent countless hours looking at their opponents’ performance, in games they won, as well as games they lost. Why? Because no matter how good you are, there are always ways to get better, and ways to continue boosting that winning percentage until you’re finally crowned a champion. Whether it’s sports or business, it’s all about wining consistently – nobody remembers the runner-up!
You might be saying, “That’s a waste of time and energy. We’ve made the number and we’ve got it figured out. Our performance speaks loud enough.” Congrats on making the number this Quarter – best of luck repeating this performance consistently without doing the proper analysis.
How Can I Keep Making my Number?
The answer will be right in front of you on your TV screen tonight. You need to consistently perform the proper performance analysis in order to make it to the title game. A Win/Loss/No Decision Analysis.
There are many misconceptions about what a Win/Loss/No Decision Analysis is, so let’s start there. More information about it may prove to you why it’s so necessary to improving your overall sales strategy.
What is a Win/Loss/No Decision Analysis?
- An Assessment through the eyes of your customer that provides transparency and explanations into the reasons why given sales opportunities are won, lost, or receive no decision.
What does a Win/Loss/No Decision do?
- A Win/Loss/No Decision Analysis reveals the strengths and weaknesses of your organization, providing actionable data to modify processes and improve win rates.
What does it mean to use a Win/Loss/No Decision Analysis?
- It means you have a consistent improvement process put into place, which will utilize the customer voice to increase win rates. (And who doesn’t love increasing win rates?)
So why should I invest in a Win/Loss/No Decision Analysis?
- Your sales team often makes the first impression, represents the company, and provides revenue to sustain development, operations, and growth. This is a key insight every sales leader must have.
- A finely tuned sales organization operating at maximum efficiency provides a powerful competitive advantage
- When trying to optimize go-to-market strategies, executives often ask, “What is the most productive use of my company resources (people, product, dollars)?” Proper Assessment’s can answer these questions.
- Sales intelligence is necessary to the proper function of the sales team and a Win-Loss Analysis provides the raw material for such strategic assessments (Good Data = Good Decisions).
What Can a Win/Loss/No Decision Analysis Do for Me?
What if you could eliminate wasted effort on things that don’t matter – things that do nothing to improve your win rates? What if you could get the entire executive team to agree on a single definition of sales success – and how you arrive there? Think about all the efficiencies that you could find, and the improvement that you would see in your sales force and overall sales strategy. A Win/Loss/No Decision Analysis can help to achieve all of these things. Click the image on the right to download the Win/Loss/No Decision Analysis Calculator to simply see the revenue impact to changes.
Over my next few posts we will explore the main criteria that contribute to a successful Win/Loss/No Decision Analysis, as well as how it can help aid your sales strategy and keep you making that number!
In the meantime, I recommend that you check out our next Webinar on Lead Generation Inside Key Accounts – keep working toward that 2012 goal! Just because you made your Q1 goal doesn’t mean you can take a break.
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