How can businesses ensure they are maximising their sales conversion rates? Is there money being ‘left on the table’ through not selling on value, or not communicating the differentiating features of a product of service?
Of course there are innumerable factors that could contribute to sales success – whether it’s the diagnosis of the customer’s problem, the technical know-how of the sales representative or the role of channel partners during the process.
Win / loss research seeks to take the guesswork out of this process. Rather than relying on anecdotes or hearsay, a successful win-loss research programme provides a detailed action plan to help you to:
Return on investment is always an important consideration when looking to undertake research. Happily, win / loss is an area where ROI can be realised swiftly and tangibly. In many organisations, even an increase of 1-5% in conversion rates can have an appreciable impact on the bottom line.
Win / loss research involves contacting recent opportunities to discuss the sales experience: What went well, what could have been improved, how expectations were met (or otherwise) and how this stacked up against the competition.
This means speaking to lost opportunities as well as secured opportunities in order to get a representative picture of the experience. Win / loss studies can be deployed as one-off projects, but work most effectively as an on-going activity. In this way, learnings are continuously fed back into the business so that corrective action can be taken before problems arise in the quarterly figures.
I’m a Research Director with extensive international research experience. I previously led research programs from London and Düsseldorf before joining the New York team.