Many factors drive businesses to change. Whether caused by economic conditions, the emergence of new technology, legislative and regulatory changes, or shifts in demographics and tastes, companies must change to seize new opportunities and stay competitive. And, when the business strategy changes in response to these drivers, sales and marketing organizations must also change to align with the new strategy.
This final step in the win-loss review process is the equivalent of the all-important follow through: whether you’re swinging a baseball bat or golf club, you don’t stop the motion once you’ve made contact with the ball. To get the best results, you continue the motion to fulfill the arc to completion.
One of the most critical components of your win-loss review process is knowing what to ask. This is a golden opportunity to connect with clients or potential clients to find out how your company is doing, including the quality of your sales reps, products, marketing, pricing, and delivery. Don’t blow it.
Content Marketing and Insight Selling – Companies Need to Become a Source of Ideas and Insights for their Customers to Add Value
Buyer behavior has changed, fueled not only by the economy but also the ever-available and increasing sophistication of online marketing and social media. Our clients recognize this and agree that they need to do something about it or risk not being heard by their customers.
If you stopped your win-loss review process after the interview, you would have spent quality time with a client or potential client gathering feedback on your business. That shows the client that you value your performance and strive to improve, as well as building goodwill toward future opportunities.
Many companies manage by numbers, which are important, but far from comprehensive. What’s the story behind the data? If your sales team is winning more pitches than they lose, you might consider leaving “well enough alone.” Something’s going your way, so don’t tinker with success, right?
Wrong. Even if you have a winning success rate, you still need to know what’s working well so that you can capitalize on it. And if you’re losing, find out what needs to change in order to turn those stats around.
Growing sales and distribution capabilities into new markets is a major strategic undertaking for companies. Richardson has been working in Asia for nearly 15 years and have strong operations in the region. However, demand for our services from multinational clients working in China and large domestic Chinese companies outpaced our ability to deliver our sales training solutions from afar.
In most organizations, reviewing every won or lost opportunity is impossible. While there is so much information about each sales opportunity in your funnel readily available, there is a point of diminishing returns. As the process owner or executive sponsor, you need to determine what’s most important and how much is “too much.”