Most people would agree that we’re drowning in a sea of information. Email inboxes exploding. Drinking data from a fire hose. Sometimes it’s hard to tell what’s essential versus just interesting.
Perhaps the problem isn’t that we’re getting too much information but that we’re getting the wrong kind of information.
In the Primary Intelligence 2014 State of Win Loss survey, we found that, despite the onslaught of information, most people say they want—no, need—more information about why they’re winning and losing in competitive sales opportunities.
The Data Glut
Perhaps this isn’t surprising. Some competitive deals can run hundreds of thousands, or even millions, of dollars. Evaluations may span weeks, months, or years, depending on the size and complexity of the solution. Typically, the larger the purchase, the bigger the evaluation team.
What are the Implications of Insufficient Win Loss Intel?
So what are the implications of having too little Win Loss intelligence? State of Win Loss respondents who said they need more Win Loss information are seeing Win Loss Program Success ratings significantly lower than respondents who report sufficient Win Loss data within their organizations.
In particular, respondents with insufficient Win Loss information have a greater than 2-point lower rating (on an 11-point scale) in the category “Providing actionable competitive intelligence” compared with respondents who indicated they have enough Win Loss data.“Improving your understanding of your buyers” was also nearly 2 points lower for organizations lacking sufficient Win Loss data compared with those who have enough data.
What about Win Loss IQ?
Respondents who want more Win Loss information also struggle to understand buyers, the buying process, and competitive information, such as why their organizations are winning and losing opportunities. Importantly, they struggle to understand details about competitor weaknesses, which makes their own competitive positioning that much more challenging.
The largest deficiency in Win Loss acuity between managers who said they have insufficient Win Loss data and those who indicated they have enough Win Loss data is the category “I know why we lose in competitive sales opportunities,” representing a nearly 1-point advantage (on an 11-point scale) for respondents with sufficient Win Loss information.
If you don’t know why you lose, how can you take corrective action and win more deals?
And what if you “fix” something that’s not broken, while not correcting those items that truly do need to be fixed?
Targeted Win Loss programs that provide a steady stream of rich buyer intelligence can help to pinpoint why you’re winning and why you’re losing.
Want to learn more about the State of Win Loss?
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