Business Competition Best Practices: Win Loss Research
Topics: 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:
Building Online Income (1)
Remember that once you have mastered any of the better online strategies you can apply them to all of your online ventures. The bottom line is this: even if you have spent countless hours online and bought every course there is, nothing beats having someone who has been where you are, to give you advice on your online journey.
How To Increase Traffic To Your Internet Business (2)
Not only will you generate more traffic with fresh content, but you will also increase the number of return visitors you have. This is because you will have given them something they haven't heard before and they will want to come back to see what else you have for them.
Get In The Internet Marketing Services Mindset You Must Sell Your Web Site (3)
If you are talking about cats, dogs, posters, music, purchases, downloads, pages, freebies, or perhaps you are A good search engine is going to be able to give you many results in your marketing strategy and in reaching your marketing goals.
4 Explosive Steps To Build A Killer Squeeze Page (4)
You can of course think of more benefits, use less or use longer benefits. The sky is the limit, but I typically would go for as much as you can only think of.
Ad Agencies: Separating The Divas From The Pros (5)
Graphic Design is a business tool that exists to enhance communication of ideas, messages and thoughts. A professional design firm knows the importance of turning clients into partners in the process and show them how to see design as an investment for their long-term business goals.
Cold Calling: It's Chilly Out There (6)
Using this approach you can't help but to increase your sales, your profits and your customer loyalty. Pat Hassett draws on more than 30 years experience in sales, sales management and sales support in a number of industries.
PLR Articles - Promotional Gold Or Trailer Trash? (7)
You can get many more plr articles for a much lower price than having to pay someone to come up with something new. You will have all of the information you need.
95% Of Internet Businesses Fail - Why It's Not Your Fault (8)
In most opportunities you have to rely on yourself or your sponsor; who probably as new in the business as you are and needs as much assistance as you do.
How To Create Your Content In Half The Time (9)
Next up to help you save time is to schedule when you are going to create something. I set normally around 3 hours a week JUST for writing articles and only articles!
The Revealing Truth About Affiliate Marketing (10)
In this way you can present them with your "irrisitable offer" over and over again. You already know what type of visitor you got on your page based on the market you target...
5 Reasons Why An Affiliate Marketing Program Is A Cost Effective Marketing Tool. (11)
Affiliate marketing programs are a great way to increase your sales and promote your product online. Mark Williams knows because he has been a successful affiliate marketer for years.
Planning: An Internet Marketing Strategy Many Site Owners Overlook! (12)
A visitor to your site is just that, a visitor. To increase business you want to turn these clicking visitors into buyers. You have to have a strategy to keep their attention, to talk to them more than once, and for them to visit your site more than one time.
What's The Hype - Secret Affiliate Weapon Review? (13)
A lifetime membership is an amazing one time cost of only $9.97! I was amazed at the information he supplies. A few are listed below: 1. A member's only blog that he packs full of affiliate marketing tips and tricks.
Internet Marketing Tools To Drive Targeted Visitors To Your Site. (14)
We have the information and the methods proven to drive visitors to your site, convert them into buyers and increase your sales. Boost your sales and build your business online using the many tools available.
Cheap Internet Banner Advertising - Friend Or Foe? (15)
Everyone was bidding ridiculously high amounts of money for banner advertisements. Then came the dot com crash and banner advertisements lost its luster. Internet banner advertising has become a thing of the past, or has it?
Networking Works: Practical Advice & Tips For Achieving Networking Success (16)
Some of them are local and some are national in scope (for example BNI). They meet regularly and their members live by the rule that you must give in order to get.
Email Marketing: Still An Effective Internet Marketing Technique? (17)
It Starts with a Powerful Subject Line. If you can't get them to open it then your success rate will be zilch. The trust factor comes back into play here.
The 7 Best Internet Marketing Solutions Without Overspending (18)
1. Email marketing is a common internet marketing solution. This is a cost effective way of communicating and interacting to your consumers, driving them to visit your website to check out your products.
Create Your Internet Business Opportunity On A Shoe String Budget. (19)
This is not my most recommended marketing technique but the more you get your web site's name in front of people the more traffic you will receive. Make sure that your ads are placed in the right network of sites for your targeted audience.
Blogging: Is It Anyone Can Report? (20)
Search is the popularity of blogs that some have called for a code of conduct to govern bloggers. Legal issues have and will rise as defamation and libel issues will arise.
Newer Articles Highlighter:
Choosing Personal Videoconferencing Equipment Within Budget (1)
Will it be person to person, or will there be several people involved. Your needs will dictate what equipment you will require to meet your videoconferencing outcome, and also what kind of network software you need to support your equipment.
Protect Yourself When Shopping Online: What You Need To Know (2)
Use a credit card, instead of a debit card. When you make a purchase with a credit card, you are protected under the Fair Credit Billing Act, which means that you have the right to dispute charges and even withhold payment for charges that were made without your authorization.
Sell Your Stuff: A Free Online Guide To Selling On EBay (3)
When packaging delicate items, be sure to pad each one carefully using Styrofoam popcorn or bubble wrap, and plug any exposed areas using crumpled up newspaper. Glassware should be placed in boxes at least four inches apart and away from the sides, top and bottom to ensure safe delivery.
Advantages Of Videoconferencing (4)
Some of the hidden costs that can be avoided as well are insurance premiums to cover the traveling employee, the cost of hiring a temporary replacement or the overtime to cover the workload of the employee, as well as the money that it costs to call together a meeting for the debriefing.As you can see, the time that is lost in travel is useable in video conferencing.
The Ins And Outs Of Videoconferencing (5)
Help is an email or phone call away. For several years now, Jason has been reviewing hundreds of online products and services. Many consider his reviews to be very insightful and reliable.
Establish Your Own Online Community To Increase Website Traffic (6)
This is a great way to get people to keep coming back to your site. Not only will people who post begin to rely on your site for information but they will likely also develop relationships with other posters and use your board as a place to communicate with them.
Background And History Of Videoconferencing (7)
Streaming means media that is consumed read, heard, viewed while it is being delivered, read live, and today the price of videoconferencing depends on the need. The average individual can now videoconference the whole world over for as little as 12.00 USD a month and the price of a phone while industry giants like Yahoo and MSN have made the service free.
Chatting Your Way To Increased Website Traffic (8)
If you are an avid chatter, then also consider adding your website link to your chatting profile. As you chat, others in the room will be looking at your profile, without you even knowing they are doing so.
Debate On Message Boards And See Traffic On Your Own Website Get Moving (9)
In fact, there is probably not a better avenue when trying to increase website traffic as well. Website managers often sit and ponder upon the perfect way to increase website traffic.
Do Pay Per Click Advertising Campaigns Really Work? (10)
To make the best pay per click ad campaign, you have to bid on key word phrases that work best for you, write the most effective ads, and have a strong, quality page when they click on your ad.
Creating A Successful Videoconferencing Situation - A Few Hints And Suggestions (11)
Wait until you are addressed or until there is a break in the conversation. If you must leave, let others know. Do not just disconnect. Indicate you must leave either verbally or by typing a message.
Increase Website Traffic With Links To Your Website (12)
Creating a mailing list for Internet newsletters is a great way to keep in touch with your web site visitors and to offer special promotions or send weekly or monthly news and updates.
Creative Uses For Videoconferencing (13)
It can help to improve their interest in the particular field. If you go back to the NASA example for a moment, talking with the scientist who engineered the Mars ROVER may help to spark a childs imagination where a simple science video could not.
The Many Features Of Videoconferencing (14)
Desktop video conferencing can be an invaluable tool. There are several videoconferencing software programs that support videoconferencing over the Internet and provide the basic features. For several years now, Jason has been reviewing hundreds of online products and services.
Jump On The Bigger Bandwidth Bandwagon For Videoconferencing (15)
You can also use the Internet as your basis. When you get ready to set up your videoconferencing system, you want a minimum bandwidth of 300K to 400K bits per second.
Attending Too Many Seminars? Information Overload Can Impede Your Success (16)
It's a guaranteed fact that if you don't take action you'll fail. If you do take action and things don't work out as planned, learn from your actions, and move on.
The Downside To Videoconferencing (17)
Until recently, the average user did not have access to broadband. A little understanding how the technology works is the best way to illustrate the downside of videoconferencing. The majority of videoconferences take place over an ISDN or IP-based network in a point-to-point call between two machines or a multipoint call between three or more video endpoints.
Meta Tag - You Are It! How To Use Meta Tags Effectively (18)
Some search engines will use this Meta tag to describe your site to searchers, but if your tag is just garbage to catch the search engine eye, chances are good that users may not be inclined to click on a poor description.
How Exchanging Links With Other Sites Improves Your Own (19)
To ensure a quality World Wide Web continues, you must provide links that your customers might be interested in. Linking to other sites helps tell the customers which products you use and trust.
Belong To The Exchange Club For Website Links (20)
This will help you to look more serious and professional than a low quality generic looking web site. Also, be sure your website content looks professional and is free of any spelling or grammatical errors.
Permalink to Business Competition Best Practices: Win Loss Research