Spotting trends using Outcome Reasons by Category
It’s easy to get pulled into the details when analyzing the reasons why you win and lose. However, it can be incredibly valuable to step back and put those specifics into perspective. If you focus too much on a single tree, you might not notice that the rest of the forest is suffering. Our new Outcome Reasons by Category helps you identify strengths and weaknesses at the “forest” level before small problems turn into substantial losses.
What are Outcome Reasons by Category?
In each win loss program, we collect data from your buyers and sort it into “bigger buckets” or decision drivers. These decision drivers include solution, sales team, company, pricing & value, marketing, and any custom criteria you might have. Our Outcome Reasons by Category charts show how well you’re doing in each of these categories at a glance.
The Reasons for Winning by Category chart shows you the percentage of times a criterion from within each driver had a direct impact on your wins. Likewise, the Reasons for Losing by Category chart shows the percentage of times a criterion from within each driver had a direct impact on your losses.
This gives you a high-level overview of which areas of your business help you win the most and which areas contribute to your losses the most. This lets you know exactly where to focus your attention to maintain and improve your win rate. You can also use it to catch and rectify problem areas before they start having a major impact on your revenue. Do this by applying a filter, such as decision date, and by monitoring the percentages over time.
What insights can I gain with Outcome Reasons by Category?
To give an example, if your pricing & value is frequently a reason for losing but not for winning, take note: That’s a very clear indicator it’s time to dive into your data. You can use insight statements to find out exactly what your customers see as a weakness in your pricing & value. Is your pricing simply above market rate and needs to be re-evaluated? Or, is your sales team not effectively demonstrating the value your more expensive solution provides?
By filtering your reasons over time, you may find you used to win for your sales performance, but the percentage has dropped in recent months. This is an indicator you might have some training opportunities to address immediately. Catching and rectifying this early could be the difference in making or breaking your next deal. Don’t wait until after you’ve already started losing revenue to find out why!