KPIs for Win-Loss Analysis and Voice of the Customer Programs
When running Win-Loss Analysis or a voice of the customer program, you must be able to show the value and impact of your program to executives and key stakeholders. By measuring the results of your win-loss program in various areas, you’ll be able to see the direct impact, optimize your processes, and increase the value of the buyer intelligence you collect from live and online win-loss interviews.
Here are some key performance indicators (KPIs) you should measure when running a win-loss analysis program:
Win-Loss KPIs that measure volume:
To have confidence in your win-loss data, it is key to collect and analyze high volumes of buyer and customer feedback. By collecting high volumes of quality feedback from each opportunity in your CRM, you’ll see significant trends in your data – overall, by segment, and by rep. Read more about how TruVoice can automate feedback collection here.
As you set goals around the volume of feedback you’d like to collect, here are KPIs to consider:
# of Feedback Requests
TruVoice automates buyer feedback requests via online interview whenever a deal is closed, so in a full program with TruVoice, your feedback requests should be equal to or greater than the number of opportunities in your CRM. If you are requesting feedback from multiple people in the buying committee, your feedback requests will match the number of appropriate contacts in the buying committees of your deals. You can measure the number of feedback requests on the contact or opportunity level. You’ll also want to decide how many live phone interviews you’d like to conduct a month and which deals will warrant a live phone interview.
Percentage of Deals Analyzed
You’ll want to know what percentage of your deal universe is being analyzed. The more deals you analyze, the stronger your data will become. While TruVoice can request feedback for all your deals, you’ll want to measure the percentage of deals that complete the feedback requests. To do this, measure the number of deals closed in your CRM versus the number of deals with associated feedback.
Response Rates: Online Interviews
Online interviews give your buyers and customers the opportunity to give feedback through a dynamic, voice-enabled survey. You’ll want to monitor the response rates of your online interviews separately from live phone interviews as these types of requests typically have a lower response rate (30% average response rate). Measure the response rates of your online interviews by comparing the total number of online interview requests sent to the number of online interviews completed.
Response Rate: Live Phone Interviews
Live phone interviews provide rich qualitative and quantitative feedback and typically have a higher response rate than online interviews (80% average response rate). Measure the response rates of your live phone interviews by comparing the total number of live phone interview requests sent to the number of live phone interviews completed.
Win-Loss KPIs that measure socialization:
As your buyer-based insights start to populate in TruVoice, you’ll want to ensure that this data can be shared and socialized with other key stakeholders in your organization. Set goals and KPIs to help measure the socialization of these data points.
Number of Insights Shared
Set a goal to share “winsights” on a regular basis with your team. Depending on the structure of your organization, your insights, buyer profiles, and buyer quotes can be shared daily/weekly/monthly/etc to keep win-loss top of mind and provide strategic insight to your teams.
Number of Strategic Meetings Held
Set aside time to meet with key stakeholders on a regular cadence to discuss your win-loss insights and inspire action and alignment within your organization.
Win-Loss KPIs that measure application:
Win-loss analysis and voice of the customer programs are meant to drive results and increase revenue. It’s important to measure performance over time as your go-to-market teams apply these win-loss insights to their processes.
Overall Win Rate
Measure your overall win rate to understand how your organization improves overall over time.
Segmented Win Rate
Break your win rate down by segment to measure performance on certain teams, in certain regions, or across certain products.
Rep-level Win Rate
Because TruVoice can give you rep-level buyer feedback, reps can leverage their own buyer feedback to understand how they can personally impact win rates. Measure each rep’s individual win rate.
Competitive Win Rate
Break your win rate down by competitor to see how the competitive intelligence uncovered in TruVoice impacts these win rates.
Other KPIs to consider:
- Renewal Win Rate
- Revenue Growth
As you measure these KPIs throughout your win-loss analysis program, you’ll be able to see the impact your buyer intelligence has on win rates.
For more on how you can tap into the voice of your buyers and customers, schedule a time with our team.
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