While collecting more data over time helps to fill in blank spaces and turn unresolved questions into answers, firms can and should take action on key learnings they uncover in their Little Data research projects, especially when the feedback is consistent and provides detailed guidance on next steps. Always waiting for more and better data will only frustrate buyers and allow competitors to take advantage of indecision and inaction.
Author Archive for: Primary Intelligence
About Primary Intelligence
Primary Intelligence delivers outcomes for B2B marketing, sales, and product leaders, guiding clients on ways to win more deals and retain more revenue through Win Loss Analysis and Customer Experience Analysis. Primary Intelligence speaks directly to buyers and sellers to uncover insights, root causes, and the path to improvement. Expert consultants initiate transformation in Fortune 500 companies, including 6 of the Fortune 20.
Primary Intelligence enables hundreds of clients across more than 30 industries to hear the voice of their buyers. It’s all possible thanks to our TruVoice software, proven methodologies, and exceptional people.
Entries by Primary Intelligence
Sales losses are hard. And they’re especially hard when the engagement has been long, difficult, and complex. Sales teams often feel as though they’ve given their best proposal, their best price, their best value proposition. But sometimes, that just isn’t enough to seal the deal.
Understanding competitors is challenging, even in the most stable of industries. When trying to understand competitive dynamics in fluid markets, the task becomes even more difficult, especially if your firm has allocated only limited funds for competitive intelligence capture, analysis, reporting, and dissemination.
Combining qualitative and quantitative data as a long-term strategy for your B2B company
Our Sales Confidence measures confidence in each cornerstone, teaching you which levers you need to pull to improve how your sales team interacts with buyers.
In Primary Intelligence’s recently published 2016 State of Customer Experience research findings, we found some interesting data points to suggest that B2B firms are increasingly serious about collecting, analyzing, and responding to feedback from their customers. In this blog, we share three of the more interesting findings from our latest annual research on the Customer Experience (CX) market.
At some point while you are gaining the confidence of the buyer, it may turn out that business requirements demand a more sophisticated solution than you first presented. Perhaps there is another module or two required, or complex professional customization services.
In my experience, phone interviews often do the trick, especially when I include a web survey prior for quantitative questions. Phone interviews provide the balancing act between depth of insights and effort required.
Win Loss Analysis explains why buyers choose the winning vendor in competitive sales opportunities, and why they don’t choose the losing vendors. Typically, product considerations are the most important factor in buyers’ final selection decisions. However, other factors also come into play, such as sales rep performance, company reputation, service and support, and pricing.
Every post sales opportunity interview we conduct probes whether the sales team understood the buyer’s business needs. Typically, the need is framed by the buyer, but this can be dangerously limiting.
Out of the eight company-related criteria measured in Primary Intelligence Win Loss programs, we found that the most important company attribute is experience in a buyer’s industry. Having deep expertise is overwhelmingly the most important company-related reason buyers use to determine if they should or shouldn’t do business with a vendor.
The increased intersection between revenue growth and Customer Experience is one reason Chief Financial Officers and their staffs are increasingly interested in CX metrics and outcomes.
Understanding your revenue retention track record in different areas of your business and doing comparison analysis will allow you to better understand how many customers you retained not just the amount of revenue retained.
Knowing what issues customers are experiencing with your solution, your support team, and your organization overall is the first step in addressing revenue leakage. And to find out, many firms implement Customer Experience programs, which provide a mechanism for customers to provide their feedback on a regular basis.
Engaged customers generate 1.7 times more revenue than passive customers, highlighting a direct link between customer retention and profitability.
Customer Experience Analysis should deliver a very clear outcome: more revenue. This happens when you help customers realize specific benefits from your solution. The more products and services your customers use, the more likely you are to become embedded into their organization.
Choosing the right Key Performance Indicators is important because doing so allows managers to gather the right kinds of feedback, helping to ensure their businesses are healthy and successful. KPIs must reflect the company’s goals—typically over the long term—and must be key to the organization’s success.
The company thought they had this sales deal in the bag, but the reason that the customer decided not to go with one of their offerings was due to a poor customer experience.
The pipeline is the heartbeat of an organization, but it’s the lifeblood of a sales rep. It’s the fuel for hitting quota and making money.
Despite both active and passive resistance from some sales teams, most organizations are using Win Loss data to assist their sales representatives.