Summary / TL;DR: For the teams in the enterprise that are responsible for putting together the offer (think overall price, contract / offer structure, perceived value of offering, fit of offering to customer budget, payment terms, length of contractual commitment, and so on), we sometimes feel as though we are shooting the dark. Well run Win / Loss programs can illuminate what the right answers are.
Let’s talk about the benefits of a Win / Loss program for the legal and financial functions of the group in your organization that are responsible for putting together the terms, conditions, price points and price units of your offer.
A well-run Win / Loss program benefits the whole enterprise. And, when we say well-run, we mean a program that encapsulates
when we here at SteelPoint run our Win / Loss discovery and diagnosis process, we ask the customer to evaluate the vendor’s offerings on 4 key factors:
We ask them not only to assess if that factor contributed positively to the outcome – for example, if that sales engagement led favorably to the win, we also ask them to assess if the factor might have detracted from the final outcome. Take, for example, “your offer and price structure was very attractive to us despite the final loss”.
So, for what we call the Offer Construction function, here’s what we worry about:
We don’t have many resources to help us answer these questions. We may have access to single word Win / Loss reason codes from CRM reports or ad-hoc anecdotes from the sales force, or maybe even spotty intelligence from the analysts – but that’s it.
Win / Loss programs are a great source of getting insight into the answer to these questions, getting feedback and insight not just on your price point, but more importantly, the construction of your whole financial legal offer – by the very people who you intend to use it.
But here’s the thing – you have to have that conversation with a Lon customer, or indeed a Loss prospect, without the backdrop of a sales call. Because once a customer feels as though there’s some agenda – then their guard will go up, and you’ll never get a straight answer to the questions. SteelPoint research brings that level of independence. We have no dog in the hunt, as it were. Indeed, we often open our conversations with Win / Loss interviewees with the statement, “We don’t care what you say. We just care that you tell us the unvarnished truth.”
And with that context, you’ll be amazed at the level of candor and frankness that customers often display. So we’re the first step on that Win / Loss program. The discovery and diagnosis phase. And we do it all on demand.