So, now that you are conducting win/loss analysis, what is the next step? Use this handy checklist and you will be on your way to performing effective win/loss analysis.
We have all seen it written that product managers should get out of the office and visit customers, or, at the very least, telephone one customer a week. This is important not only for customer retention reasons, but also for competitive analysis and product performance reasons as well. With the state of the economy, and everything product managers have on their plates these days, that is a task easier said than done.
But what if product managers started participating in the back-end of a sales win or loss? If a win, the product manager would be helping to develop the new relationship, resulting in retention and obtaining valuable customer feedback or, in the event of a loss, finding out the reasons for the loss, be it a product issue, sales issue or support issue, possibly resulting in the prospect using the company as a backup vendor or placing the company on the 'short list' for future proposals.
Regardless, the product manager becomes the objective third party who helps the company and customers/prospects have better success in converting sales. Product Management can easily sell the Sales team on performing this task by stating the benefits of doing so:
So, now that you are conducting win/loss analysis, what is the next step? Use the following handy checklist and you will be on your way to performing effective win/loss analyses.
Win/Loss Analysis should be conducted regardless of whether business was won or lost. Consistently implementing this process will make your solutions and your company more valuable, and build more credibility in the eyes of your customers and prospects.
Sue Duris is President of M4 Communications, Inc. The Pittsburgh, PA-based firm helps high-tech companies implement product and marketing strategies to reach the right target segments. She may be reached at email@example.com.