Every business will go through a point when they had a deal taken away right in front of them. When this happens what does your business do? The most important thing that you must take care of is understanding what went wrong and how you can improve your process and strategy.
The next part to understanding that part of the business process is where things can get difficult. This is why using an extremely valuable platform to perform win-loss analysis is the next step in the discovery of why you lost and how to fix it.
Discovering the Real Reason
The first step in the process is to have interviews conducted with the prospective client that went with another company or just went in a different direction. This is one of the toughest parts and why it is important to use industry experts to help with the process. Win-loss experts will help develop the relationship and put the entire analysis into motion. This is an invaluable part of the process that most people cannot do.
The second step in the process after an interview is scheduled is to have the correct questions to ask. This is important to get to the root of why your company lost, and to improve upon your sales process and client retention. During the interview, you must discover the why behind the prospect’s answers.
Thirdly is to examine the answers from the interview. Being able to know exactly what made the client go the other direction can still be confusing even with good answers. The key part to understanding the answers reflecting on what part of the process turned them away.
Put it Into Action
Once the discovery process is complete, the next thing to focus on is taking the information that was discovered and applying it to your internal process to develop a stronger strategy to help close more deals in the future.
One of the toughest parts of the process is not falling back into old habits and making repeat mistakes that could lead to more losses. This is where a company that specializes in win-loss reporting and analysis can be extremely valuable for your company. This can come as a win with the fact that they can break down the key main points and help turn your process in the right direction.
Final Step? Win Deals More Frequently
The ultimate goal after you have taken all the necessary steps is to start winning more and closing deals more frequently. This is what your company should strive for. Understanding your business, your prospects, and the needs of all parties involved.
Start winning more today.
