Win Loss for Competitive Sales

Win Loss Analysis for Competitive Sales: When You Know More, You Win More

 

Why Win Loss Analysis for Competitive Sales?

Win loss analysis is a branch of market research focused on understanding why companies win or lose new business opportunities. By implementing a win loss program, you can obtain reliable, actionable, and unbiased feedback about how well your sales team performed in recent competitive opportunities. You can identify the best practices of your top performers, your competitive positioning within each opportunity, how well your solutions were received, and much more.

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Sales Presentations - Scripted or not?

Win Loss Best Practice Series: Scripted versus Tailored Sales Presentations

Is it better to have a scripted sales presentation or a tailored one? The guiding principle in any sales process should be listening to your buyer and tailoring your sales presentations to meet your buyer’s unique business needs.

Then again, having a template for your presentation is helpful because you don’t have time to reinvent the wheel every time you need to present to a new prospect. Just plug and play, copy and paste. Makes sense, right?

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Buyers sense of urgency - fire alarm

Do Your Buyers Have A Sense Of Urgency?

When trying to get to the end of sales cycles, sellers always seem to be in a hurry. In stark contrast, buyers frequently drag their feet before making decisions to spend money. Consider how often close dates slip for opportunities in the forecast. This discrepancy in decision time frames can cause sellers to close prematurely, offer discounts to accelerate decisions and pressure buyers. In extreme situations, deals can be lost. It often comes down to the seller’s or vendor’s agenda of needing to book orders at month, quarter or year-end.

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Woman on phone

Does Your Sales Team Need to Love Your Product to Sell It?

The short answer? Yes.

Sure, we can all hold our noses and do things we don’t like, but few of us are also good at masking the discomfort. It’s obvious. You can’t appear engaged in that conversation while also thinking through tonight’s dinner plans in your head.

Of course, the long answer is it takes more than love. A sales rep also has to be confident in what they are doing in order to have the good intent, sincerity, and knowledge needed to close a deal with today’s B2B buyer (who has already Googled you for three weeks before calling).

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Selling to B2B Buyers

Highlight Industry Expertise When Selling to B2B Buyers

When selling to discerning B2B buyers, most sales reps focus on product or service attributes, an appropriate strategy since most selection decisions typically hinge on solution fit.

However sales teams can also distinguish themselves in buyers’ minds by knowing what non-solution factors are important to their prospects, including which factors are most important from an overall company perspective.

At Primary Intelligence, we recently completed research that examines Read more

Revenue Retention

Why Revenue Retention—Not Just Customer Retention—Is Important in CX Success

A Vice President of Marketing I once worked with had a saying that he would frequently use throughout his day: “Not that.”

His “Not that” saying was his way of staying focused on the most important tasks at hand and not getting sidetracked by extraneous events. “Not that” often comes to my mind as I juggle both professional and personal obligations. What’s most important – “that.” What can wait until later – “not that.”

As companies try to maximize revenue and profitability, they often try to determine which customers are most critical and must be retained (“that”), and which customers may not be as critical (“not that”) due to any number of reasons—misalignment between customer needs and solution capabilities, sky high support costs, or incompatibilities with future strategic direction.

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Revenue Leakage

How Well Are You Tracking Revenue Leakage?

Revenue leakage is a term gaining increased attention as companies try to shore up all potential sources of income. Revenue leakage is defined as customers spending less money with their providers than anticipated over the course of the contract. For example, if a provider signs a $1 million contract but can only invoice for 50% of the contract value by the end of the term, they’ve experience revenue leakage of $500,000.

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Business Growth with B2B Buyer Loyalty

B2B Buyer Loyalty: Lights the Way to Business Growth [Infographic]

How certain are you that your organization will be asked to bid in future opportunities with a coveted account? How sure are you that customers will recommend your brand to colleagues and friends?

Primary Intelligence’s latest industry report found that 46% of all B2B buyers say they’ll consider evaluated vendors for future business opportunities with their organizations.

The report also revealed that just 40% of buyers gave high marks to vendors when asked their opinion about product quality. Even fewer buyers—just 39%—said they’d recommend the vendors they evaluated to other companies and friends.

One key takeaway: Stay in touch with buyers, even when a sales deal is lost.

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Customer Retention

Customer Retention: Lessons Learned from my Auto Mechanic

When my car needed to be repaired recently, I asked friends and neighbors for their recommendations. Their responses were uniform: John at Island Center Auto.

I wasn’t surprised. We had used John for car repairs in the past. It didn’t matter that we had different makes and models of cars. It didn’t matter that we didn’t know John’s last name (he’s known in the community simply as “John”).

It didn’t matter that John never answers his phone and prefers to communicate by fax. (Fax!) It didn’t matter that John doesn’t have email. Or a website. Or a cell phone.

All that was important was John’s reputation as the go-to guy for car repair.

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Measure Sales Success - KPIs

B2B Buyer Loyalty: Measuring and Tracking Success

When my kids were young, I was constantly monitoring their growth. After each well child checkup with the pediatrician, I’d compare their height, weight, and body mass index (BMI) to those of their peers in government growth charts. Were they growing too fast? Too slow? Just right?

Height, weight, and BMI are all good indicators of childhood health. But what about businesses? How can they ensure they’re progressing at a healthy rate as well?

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Bookstore, birds-eye view

Don’t Sell Blind: The Importance of Understanding Buyer Needs

Virtually all companies claim to be “customer-centric” but set many of their sellers up for failure with the prodigious amount of product training they provide. Sellers’ “comfort zones” become talking about offerings rather than exploring business issues. While tolerated at low levels within organizations, it often shortens sales calls made on executives or abruptly ends them. Executives have neither the time nor the desire to be “educated” about offerings by salespeople.

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Buyer Loyalty: Trust Me

Trust Me! Why Building Trust Gains Buyer Loyalty

When sales professionals sell products and services to prospective buyers, buyers want to know that the sales team understands their business needs at a deep and fundamental level. The more closely the sales team can demonstrate a connection between the buyer’s needs and how the solution will address those needs, the more likely the buyer is to choose that particular solution and trust the sales team over the long term.

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Develop buyer personas

Teasing the Hairball Out of Your Head

I recently attended a Customer Experience Professionals Association (CXPA) workshop where Tamara Adlin shared her expertise in building buyer personas. If you’ve never met Tamara, she’s a straight-talking, take-no-prisoners kind of gal. As each member of the group introduced themselves and gave a brief overview of their experience with building personas, Tamara became increasingly excited and finally pronounced, “I can’t stand it any more. I need to start talking!Read more

Grand Central Station

Uncover Buyer Roles to Improve Your Win Rate

A seller’s role in B2B purchase decisions is akin to navigating the haunted house at your local theme park. You shuffle along in what feels like a smoky darkness during most of the process, with only a vague outline of who is involved in the evaluation. Surprise competitors enter the fray like those cob-webbed skeletons ready to pounce as you turn blind corners. And worst of all, you have only small indicators of when it will end; that sliver of light you saw up ahead felt promising until you were pushed unexpectedly left into the scary clown room.

As a marketing leader, it’s your responsibility to make sense of the mad house, charting a clearer path to success for your sales team whenever possible. Sometimes it’s a simple fix, like tweaking wording or cleaning up your pitch deck.

Other times, it’s about thinking bigger.

I’d recommend starting at the beginning. Before you decide how to navigate the buyer’s journey to a win, understand who is involved in the decision.

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Reeling in Customers: Win Loss Analysis

9 Sales Blunders Preventing You From Reeling the Buyer In

Business Intelligence on Getting and Retaining Customers

Chances are, roughly half of your sales force isn’t meeting its quota.

The most common management response is to blame the leads — you need more leads, better leads, more qualified leads. But that response would likely be wrong. According to research by Primary Intelligence, you already spend 140 times more on advertising and other lead generation activities than on understanding how buyers make decisions.

Does that really make sense?

Ask your under-performing sales representatives why they think they are winning and losing opportunities. If they say they lose because of price, contract terms, or buyers’ pre-existing relationships with competitors — and that they win because of their strong relationships and outstanding support — you can be sure that they don’t really know why they win and lose.

In my discussions with tens of thousands of buyers over the years, less than 6 percent cited price as the primary non-selection reason. And fewer than 4 percent cited a relationship as the primary reason they did choose a supplier.

Staffing Industry Analysts teamed with Primary Intelligence to interview staffing buyers on their selection practices. Through our discussions, we learned of many ways in which staffing firms are losing on opportunities. Here, we share what staffing buyers told us.

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How Win Loss Analysis Keeps Your Organization in Shape

Anyone who’s over 30 knows how hard it is to maintain a healthy weight. Gone are the days when you could eat whatever you wanted—indulge in a second helping of your favorite meatloaf or have an extra piece of pie.

And unless you’re willing to methodically count calories (not me) it’s usually hard to know how much is too much. Besides, what if you had an especially active day and can afford that extra piece of pie?

Sure, you might weigh yourself every morning. Or notice that you don’t feel quite so “skinny” in your skinny jeans. But having instant feedback wasn’t available. Until recently.

My husband gave me a Fitbit for Mother’s Day this year. Even though I was active before my Fitbit arrived, this little device helped me ramp up my activity even more.

Why?

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How to Keep Your Customer Passive In Three Easy Steps

In customer experience analysis, it’s common to break customers into three groups based on their Net Promoter Score (NPS) rating: Promoters, Detractors, and Passives. Promoters actively recommend your product, while Detractors speak out against it. Passives sit quietly in the middle, daring you to move them to another group.

In this guide, I’ll show you have to ensure Passive customers never progress to Promoters. Keep the status quo!

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Small Gestures: The Secret to Lasting Customer Relationships

Years ago, Bill received a Christmas card from an executive at a company where he was a customer. Inside the card was a hand-written note, thanking him for his business. Because the company was a large, public company, and Bill knew his company was very small compared to its other customers, this personal token of appreciation made a real impression on him.

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Why Knowing Your Buyer is the Key to Successful Sales Presentations

A long, long time ago, I remember learning a critical communication skill; I’m sure we’ve all learned it at some point at least once. For me, the first time I learned this skill was in the sixth grade – it was when us youngsters very first learned how to write a persuasive essay.

The topic of this skill was covered again several times throughout my educational years in many different writing classes. That topic was to always understand who you are speaking to, either in an essay, in a formal publication, or in a sales presentation.

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