Do you simply tally up your wins and losses, then look to see whether the trends are going in the right direction? If so, you’re like many other companies. Some will go a little further and ask the sales reps why the sale was lost. Most likely they’ll tell you it was the price or some other failing of your offering.
Those companies, however, that take a systematic approach to win/loss analyses gain a wealth of information. Ultimately, it enables them to improve their relationship with prospects and customers as well as the products, services or solutions that they sell.
Win/loss analysis is the systematic process of interviewing new clients and prospects who fell by the wayside to find out why they chose one path or the other. And that’s precisely the information you need to make steps toward ensuring the right prospects choose the path to becoming one of your customers.
So here’s what you can learn.
“The purpose of any business is to create and keep a customer”—Theodore Levitt
Customer centricity started in the 60s with direct marketing. Since then, the omnipresence of the Internet has increased opportunities for companies and customers to interact. Customers became more connected and empowered and their expectations rose. At the same time, they turned into the main force driving the success (and failure) of businesses.
For instance, it’s now easy for prospects to learn about your products from their peers. Online reviews, LinkedIn discussions and tweets are all at their fingertips.
As a result, organizations that have a laser-like focus on delivering exceptional customer experiences will be tomorrow’s winners. They will align their operations with market needs so they can build products and offer services customers love, deliver them with ease and provide seamless support. In doing so, they will build enduring relationships.