Welcome back! Just joining in? In Part 1, I discussed the first 3 steps Iasta took in 2013 to improve our win-loss process and shared Iasta’s experience of each step. Today, I’ll share the final 3 steps and our journey each step of the way.
Step # 4: Communicating the Process
The Win-Loss team put together a presentation complete with process flow charts, sample interview questions, and high-level goals and went on tour. We met with all internal departments to publicize what we would be doing and why.
We received a ton of positive feedback along with a multitude of ideas and suggestions for collecting information. We were very careful to explain that conducting win-loss interview is not about criticizing our sales process – it’s about finding areas that are and are not resonating with clients and prospects. We inquired about their responses to the following:
- High-level messaging and positioning
- Corporate website
- Marketing and other promotional materials
- RFx responses
- Software demonstration
- Training and support packages
- Relationships with Iasta contacts
We were really pleased at how eager people were to find out what our customers really think about Iasta!
Step #5: Implementation
I won’t say we didn’t hit any barriers to implementation or that every client or contact agreed to talk to us, but in general, the implementation went smoothly.
One stumbling block we encountered was of the number of internal team members with strong opinions on why we won or lost a deal and, while we were interested in their opinions, we found that we really had to stick to our guns and re-iterate that the mission of win-loss was to gather data directly from the market.
In the process of conducting interviews we found some areas where we could improve the flow of questions to make the conversation more fluid and enable the interviewer to be more responsive to the subjects introduced by those being interviewed.
Now, with four quarters of the process under our belt, we are really hitting our win-loss stride. We’ve averaged a 50% participation rate! The data I’ve gathered puts average participation rates in the 20%-30% range so we’re happy with how things are going so far.
Step #6: Results
Naturally, the results are the most exciting part. We showed off our data visually with charts and graphs. In the first two quarters the data felt a little slim to us because there wasn’t any history to build trend lines or compare results with previous quarters.
Initially, the increased visibility to that level of client and prospect feedback satisfied internal team members. When we got ramped up and moved into the 3rd and 4th quarters, we were able to show trends with actionable information which showed the real value of win-loss to Iasta team members.
What insight / trends did we uncover from our win-loss data?
- The combinations of products that were sold changed over the year to reflect new trends in purchasing.
- We saw a new company emerge as a significant competitor.
- Consolidation of the primary reasons companies choose Iasta.
- Concrete statistics on how our performance varies by specific geographic regions and industries.
What about you?
That’s our win-loss story. Share information about your successes and struggles with conducting or implementing win-loss analysis at your organization by commenting below or tweeting @iasta.