Business Competition Best Practices: Win Loss Research
Keywords: competitive intelligence, win loss research, win-loss research, sales process improvement, sales
Frequently I am asked “how do you get information about the competition?” Most people are surprised when I tell them that getting useful competitive intelligence is actually the easiest part of managing successful business competition. One of the best methods to gain valuable competitive intelligence is so simple, straightforward, and productive that I have put it on my list of Business Competition Best Practices: Win Loss Research.
The benefits that win loss research routinely delivers include:
o Increasing your rate of successful wins in competitive sales situations
o Enhancing your product management and development initiatives
o Reducing the level of uncertainty involved in sales forecasting
o Strengthening top and bottom line results for your business
o Improving the efficiency of your sales cycle process
o Setting the stage for future business growth
Win loss research is a succinct, guided discussion with decision makers and who have been involved in your recent win and loss sales decisions. The goal is to learn what key distinctions they saw between you and your competitors, the importance of those distinctions and the value they assigned to each competitor. While the focus of this research is on gaining insight into how your competitors operate and how you fare in comparison, it is inevitable that you also gain valuable customer information in the process.
Win Loss Research drills down beyond standard pricing issues and gets into territories such as: decision process, sales team approach and professionalism, company reputation, product attributes, service issues, and handling of proposals. Although pricing information is involved, it should not be the centerpiece of the research unless it becomes apparent that it really was the key issue that drove the decision. The goal of Win Loss Research is to provide you with competitive insight you can act upon - actionable competitive intelligence - for sales process improvement and better results.
Typically this research is conducted either over the telephone or in a face-to-face interview. The latter is more common in places and cultures where that is the preferred communication modality. Getting the results that you want out of Win Loss Research is a combination of art and science; art being the skill of the researcher in eliciting the intelligence that you need; science being the development of a research guide that facilitates the discovery of actionable competitive intelligence.
As with almost anything worth doing, focusing on Critical Success Factors (CSFs) increases the likelihood that you will get what you need. For win loss research, focusing on the following CSFs will greatly increase your likelihood of obtaining productive competitor intelligence:
1) Selecting the optimal mix of win and loss opportunities to research is a reasonably complex task which must be done correctly to ensure that you are gaining insight from the target markets that matter most.
2) Development of a stimulating research survey that operates as a guide rather than a questionnaire is the backbone to outstanding results.
3) Using trained researchers who are skilled at eliciting useful information will usually provide more actionable intelligence.
Perhaps not surprising, the tone and quality of the initial research request can make or break your ability to get robust participation.
A common pitfall among companies that report doing win loss research is that they have their employees, typically the sales representatives, perform the research. You do need to have your sales people find out what happened. This should precede Win Loss Research which goes beyond the limited conversation from your sales reps’ debriefing. However, if the problem emanates from the quality of your sales person’s professionalism, it is not likely that you will learn this critical piece of information unless you use other resources for your research. It defies human behavior to think that the customer will feel comfortable being candid with a sales rep who has not met their expectations or that the sales rep will be candid in passing along information that may be construed as unfavorable to them.
An extraordinary thing about win loss research is that any size or category of company should be able to implement this as an ongoing business practice and see steady gains in their customer acquisition and sales. This form of research is not particularly costly or difficult to do, yet it does take a certain willingness to expose yourself to news that may make you uncomfortable at times.
One of the most frequent comments our researchers hear is a compliment to our clients for taking the time to learn and improve from their experience. Once you establish a practice of doing win loss research routinely and take action on the results, your company will realize the benefits of implementing this business competition best practice.
Celeste Bishop is President of Bishop Market Resources www.BishopMarketResources.com a marketing services agency that focuses on classic and web related competition. For more ideas check the Brain Food section at: www.bishopmarketresources.com
Previous Articles Highlighter:
Plus Size Dress Apparel And Special Clothing (1)
Always bring a friend or family member whose opinion you value when you go shopping for an outfit for a special occasion. Todd is staff writer for Anna Brooks.com, offering plus size dresses and evening gowns for women.
The Benefits Of Plus Size Clothing (2)
However, this is far from the truth. In fact, at times, this type of clothing is even more affordable than regular size clothing. The prices, of course, tend to vary from store to store but plus size clothing is, by no means, any more expensive than regular clothing.
Top 5 Tips To Effortless Conversation (3)
If you wish to streamline your communication, stay away from controversial topics of little value. Effortless conversation needs good practice. Through practice, you can make each conversation a pleasant experience.
Captivate With A Plus Size Prom Dress (4)
Well, have no fear. If you follow these simple tips, you will be bound to look absolutely beautiful on your prom night. Pick the Right Dress for Your Body Type One of the main keys to looking stunning on your prom night is finding a prom dress which is suitable for your body type.
Finding The Best Credit Card Online- Precautions (5)
Credit fraud is on the rise even more significantly every year. Even while the rate of fake purchases online with other industry is higher, nothing compares to the disappointment in identity theft and fraud on the net.
Choosing Plus Size Evening Gowns (6)
Knowing what features you want to emphasize and which ones you want to avoid can be a main key to finding the evening gown which is the most suitable for you.
Selling On EBay? It's A Question Of Timing! (7)
If so, have you ever wondered why some sellers seem to convert their auctions into sales more than others? Here's one reason why. . . Let me just start this article out by telling you what I am not: I'm not an internet marketing guru.
Free Affiliate Tips To Boost Your Commissions Overnight (8)
Of course you will want to market products that fit in with your target audience. You will also want to affiliate yourself with a reputable company that pays their affiliates on time.
Residual Income - Making It Work For You (9)
Martin Molsted is a successful writer and Internet Marketer running a handful profitable websites. For some great Work at Home Income Ideas and Opportunities visit www.Instant-Residual-Income.com. Also see his Residual Income Blog at www.instant-residual-income.blogspot.com.
Puppy Chewing, Is There A Way To Stop It (10)
Step 3 Step 3 comes into play after you have exhausted all of the previous remedies. If your puppy is unresponsive to the previous steps, than you will have to make a trip to the pet store and pick up some bitter apple.
Newer Articles Highlighter:
Can You Learn Affiliate Marketing With An Affiliate Marketing Course? (1)
This way you know that they are not just guessing. So this is the first thing to consider. Do you use a course by some unknown affiliate that may or may not know what they are talking about, or from someone who is already successful in the affiliate marketing field?
The Lease Agreement: Pay Now Or Pay Later (2)
And, at some point you may very well need to evict a tenant using a lawyer or doing it yourself. Your primary goal in eviction court is to gain possession of the property back from the tenant.
Toyota Hybrid System Control For Toyota Ohio (3)
Because the engine has no transmission and uses a combination of the direct driving power from the engine and the motor's driving power derived from electrical conversion, it can control the driving power by seamlessly responding to the driver's requirements, all the way from low to high speeds and from cruising with a low power requirement to full-throttle acceleration.
Toyota In Cleveland Ohio And The Hybrid System (4)
The development of powertrain technology is the basis for improving the environmental performance of vehicles, and this technology is being developed from three perspectives: 1) improving fuel efficiency in order to reduce CO2 emissions, 2) making exhaust emissions cleaner to help abate atmospheric pollution, and 3) pursuing energy diversification.
Plus Size Maternity Gowns (5)
All that you need to do is search for them, whether you decide to do this online or in real life. So how do you make sure that the plus size maternity wedding gown will look absolutely beautiful on you?
Plus Size Mother Of The Bride Dresses And Gowns (6)
So, where do you find these dresses? Well, there are a number of places that you can look. Some stores include Fashion Bug, Macy's, Kohl's, Jcpenney's, Lane Bryant, Sears, Wal-Mart, and K-Mart.
How To Care For Fruit Trees (7)
Solve your trees health problems at the root, so to speak. Go to where the problem originates from, and fix that. If it is too late and you are already starting to see unhealthy branches that look either diseased or damaged, you should always remove them.
Taking Control Of Your Finances: Building Residual Income (8)
Stocks and bonds are a source of residual income, as is a savings account that you earn interest on. Normal savings accounts don't usually have an interest rate worth mentioning as a source of residual income, but it certainly is a start!
How The HumVee Became The Hummer Of Today (9)
HumVee has indeed become the standard vehicle of the US Army. The HumVee also has its civilian counterpart called Hummer. This vehicle is manufactured by General Motors and has become one of the popular vehicles in the market today.
Shelves For Bathroom Accessories (10)
The shelves provide the most efficient methods of using up empty space. How should I use my shelves? You can use your shelves for many things like plants, towels, and washcloths Perhaps you want just to put a candle or maybe something nice on the shelf to offset your environment.
Permalink to Business Competition Best Practices: Win Loss Research