The Audible-Ready Sales Podcast
The Audible-Ready Sales Podcast

Episode · 2 weeks ago

Win Loss Reviews


High-performing sales organizations don’t just know why deals are won and lost. These teams have a systematic way to leverage those insights to impact and improve future sales opportunities. In this episode, Force Management Facilitator and Senior Partner Tim Caito shares how to pull insight on lost deals into future sales activities to create more wins and less late-stage losses. He covers the common mistakes sales organizations make when compiling and sharing win loss data and a three-step approach you can use to better take advantage of those insights. 

Key Questions to ask on every deal:

  1. What are the business issues driving a compelling event related to this target opportunity?
  2. Who do these business issues impact the most?
  3. How will the customer make a decision?
  4. How does our solution align with the decision criteria?
  5. Who are we competing against?
  6. What are our strengths? Where are our gaps?
  7. What is our strategy moving forward?
  8. What are our most critical next steps?

Here are some additional resources on win-loss reviews

Check out this and other episodes of The Audible-Ready Podcast at Apple Podcasts, Spotify, or our website .

You got to deal with the gaps burlywhen they're a gap and that later, when they are a risk, you are listening to the audible, ready,podcast. The show that helps you and your teams sell more faster willfeature sales leader sharing their best insights on how to create a salesengine that helps you feel repeatable revenue growth presented by the teamand force management, a leader in PDBS affectant, let's get started, knowing why you won or lost a deal isone thing, but actually using data to drive systematic change in sales teamperformance is often a miss opportunity. Welcome to audible, ready sales podcast,I'm Rachel, Clap Miller, joined today by Tim, Cato Hi Tim, hello, Rachel. Howyou doing today, I'm good it's a great day to talk when lost reviews and whatto do about it. Him, who it's always a good day to talk about that yeah and,as we know, all of you listening out there not that high performing salesorganizations know how to take those win loss. Reviews that insight that yougain on why you lost and pull it into future sales performance. So Tim I'dlike to start with your perspective on maybe just some common mistakes. Withthese win loss reviews that companies make and some key components they cando to make sure they're successful, Yeah Rachel. Let me just back up onesecond and start by saying I am a big Fan of conducting win laws, reviews andbeing able to take advantage of the insights that they produce. So that'snumber one, but to really understand those mistakes he had got to understandsome common traits of them. You Know Win lost reviews, get done in a varietyof ways, some as simple as self reported fields in the opportunityrecord of a CR M tool. You know: Why did we win? Why did we lose at theother? End of the spectrum are far more...

...sophisticated forensic driven conductedby third party firms, it kind of approaches and everything in betweennow so Rachel. The common desired outcome for all of those approaches.Right is that they're all intended to be a reverse engineering process, looking backwards for insights, but Ithink many of those approaches also share a gap and to me that gap isgenerating leverage able insights, and I want to put the emphasis on that word-leverage, ble insights that are incorporated systematically andmethodically into forward looking product development forward, lookingmarketing solution, engineering support and yes, especially selling. So to me,it's seeking leverage able insights is what moves US away from simplydocumenting reasons why we lost sometimes very emotional reasons. Youknow you've seen these a lot of times, revisionist history, you know tojustify the outcome yea, it was our pricing, it was our technicallimitations. It was my crazy competitors. That's why we lost, or youknow it was my brilliant selling in the heroes of our team, that on the day andcauses to win, you know to us. If you want to use the data and insights todrive Max and on sales impact. From your win last reviews, it's got togenerate leverage, insights, insights that can be, you know, deployed intoforward looking pursuits, in other words, Rachel. Here's the thing right:What does the inside or the data get plugged into that operationalize? Thoseinsights at the point of sales execution? Let me give you a one realquick example. All right, let's say our winlas review, generated an insightthat our customers did not see the...

...value of our solution by the way Rachel.That is always in the top ten reasons why we lose. I care a value, a water.You know my customers just didn't see the value in our solutions. Well, if wejust passed that information on to our sales team as a data point, it's verylikely, they could easily interpret that as suggesting they should do moredemos. They should focus more on showing our special or uniquefunctionality focus more on their product and all by the way, Rachel.Nobody fails to focus on their product. Nobody fails to mention their uniquecapabilities and, as a result, they likely keep getting the exact sameresults they had before. But to me, a leverage able insightwould be number one. We failed to influence the customers view of theirrequirements. TWOO did we help them, define the value of each requirementrelative to how it helps him achieve their outcomes, and three only thendemonstrate how our solution aligns to those requirements. To me, Rachel threeclear actionable steps that plug directly into our sales approach at thepoint of sales execution. Now I know that sounds simple, and at one level it really is simple,but to operationalize those simple ideas across the entire customer facingteam. Where acquires a bit of sophistication to us, I think you needto have three things in place right here. We go three buck number oneunconsistent structured selling, approach, yeah number, two, astructured valuation or assessment of approach and three a deal reviewprocess allows you to look at the components of what you're doing in asystematic way to step back and see.

What's going on, are we on the right,Craje or we're steering towards some of those things that might cause us tolose, so the insights from a win lost review need to be used looking forward,not backwards? That was a big all speech from me, but but you know thatkind of summarizes. What we see going on and maybe a little what we need todo right right. It was a good good speech and valuable information, andyou make a lot of great points about getting the emotion out of it. Steeringclear of revision is history, but also making sure that that the actions thatcome from these men loss reviews are actually benefiting. Your sellsorganization, like the demo point that you may so when you're conducting thesewin loss reviews it's really important that as a leader you're asking the right question. Sowhat questions am I asking as I look at the deals that helps me, get theinformation to do the things that you're talking about yeah. I thinkthose questions Rachel Fall in three big buckets right. The first bucketcustomer interest did we understand the real problem the customers was lookingto self, both the technical and the business problems. Second Bucket: Whatwas our position to compete? Did we understand the solution? Fit Ourposition relative to the customers, business, political, competitivelandscapes, and did we understand our position? A compete relative to theirdecision criteria and the third big bucket? Is Our sales approach? Did weinfluence the customers, view of their desired outcomes and the decisioncriteria that will help him achieve those outcomes? How do we align oursolution with the customers needs and those confirmed decision criteria yeahso that just to reiterate those three...

...areas for those of you? Listening witha pencil or pen customer interest? Looking at the problems and yourrelated value, your position to compete and sales approach of influencingdecision criteria related to this customer interest, so, whether it'sthose questions or, however, you're doing your loss reviews, the point isreally bucketing the answers into areas where that you can look at the trendswhich one of those areas is bleeding the worst so so and then o you need tomap the answers to those questions to an area where you can actually improvethe selling effectiveness up strain yeah that exactly you know, if you havethese things in place, that mentality in place those areas of exploration. Frankly, Rachel a win lost, review,shouldn't produce many surprises, and even if something new surfaces, you canimmediately provide guidance to your customer facing team on how to addressit within that structured sales approach right at the point of salesexecution, but by the way Rachel these questions we ask and we lost reviews.They are the exact same questions to your point. We should be asking upstream in our opportunity reviews you know, expose those potential problemsby asking the right questions early on you know. Ultimately, what this says isreverse engineer: The answers to those questions back into your process, whichis very different than just distributing a list of observations.Yeah they're. Also, this sort of deal review questions. Those are the thingsyou need to be asking early and Tim. We've come up with some key questionsthat we need to be asking on ever every deal, so let's go ahead and run throughthem here. I will also make sure, before Tim runs through them, that theyare in the show notes, so it'll be easy for youall to copy and face them andRachel. These are questions when I get...

...engaged, you know with a sales team,that's asking us for some. You know some guides and helping him look atthat how they're pursuing that opportunity. These are the exactquestions that we ask and they're in a bit of a cascading warder, starting outwith the customers, big business issues who man it who they matter to what theyalign with, how we stack up against our company. So question number one: Whatare the business issues driving the compelling event related to this targetopportunity right? Why do these business issues matter and who do theyimpact the most? How will the customer make their decision? Does our solutionalign with those decision criteria? Who are we competing against? What arestrengths? What are our gaps compared to them? What's our strategy for moving forwardand one are our most critical next steps, how you could drill into eachone of those way more depth, but you can see how each question the answerskind of set up the next questions and if we have gaps in any of those thathighlight scenario for a media, ex sales, execution, yeah key questions toask and e every deal before you before you win or lose right. This is the TAMEprocess, Yasoo the sales leaders out there listening who are really hearing.You speak, speak the truth today. What are my remedies to get these questionsupstream in the soles process? Yeah? You know it kind of comes back that youknow a word, I'm not even sure if it's a word major R, a word Rachel, but his are idea here.The idea here is operationalize. You know these quesos need to be a part ofevery opportunity. Coaching activity, you just make them a normal part of howyou manage and execute your sales...

...process every single day, not just themanagers not just deal desk, but the entire customer facing team right atthe point of daily sales execution, and when I say that Rachel I mean all ofthe customer facing team, that's focused on a specific opportunity thatjust the sellers, maybe the solution engineers, maybe the account managers,maybe professional services, maybe consulting services, maybe Rachelsenior management. But everyone focused on those questions and and why? Becausethey should surface potential gaps and we think you got to deal with the gapsearly when they're a gap and not later when there are a risk. You know, here'sa bias that the best customers we work with half all gaps, eventually turn in to risk.You know when we don't see the gap early and as a tendency to become arisk that materializes right in front of our eyes and unfortunately, at themost critical moments late in the customers buying cycle. So you know toUS Rachel. The focus of a sales leader is, as you say, to start asking thesequestions early. You know approach the deals proactively when there's time,for course, correction as opposed to reactively. At the end, when thingsstart going bad or worse, these insights get revealed after a loss, soyou know that that's one big thing operationalize proactively. Ask thesequestions up front, but I give you another insight here for us always toremember Rachel. They call them win loss reviews for a reason. It's notjust to understand why we lost the target opportunity. We get some prettygood forward looking inside from from those reviews,...

...but we can get even more valuableinsight from understanding why we want right and it's the same questions thatwe could use in both situations but weaving these questions into our normalmanagement operating rhythm. We get those insights and analyze them fortrends, and that's where the real a leverage to us lies Rachel is just spot.Those trends across the you know all of your opportunities across your customerfacing team and and identify those high lover, Jack Activities that you canexecute consistently doing. More of those things that lead to success andavoid those detrimental things that lead to a loss. I mean well said Tim,I'm thinking about my own gaps right now I got to get ahead of it become risk right exactly. I did aWABENA qualification with Brian Walsh a little bit ago and he was saying ifwhatever your challenge is happens on one deal, you've got a deal problem,but when that starts to repeat itself, you've got a systemic issue that youhave to correct and the effects can really be devastating for your quarterfor your year. If you don't get ahead of it. Well I'll tell you Rachel. I'vereported to a lot of great CEOS right and when I tell them, I've identifiedwhy we lost they'll, give me a little pat on the back and say good for you,but they always have a followed question. What are we doing to changethat and that's what we're talking about right here, absolutely minimizethe losses and repeat the successes. Thank you so much tem for joining mefor the conversation or pleasure all right, and thank you to all of you forlistening to the audible, ready, sale, podcast and force management werefocused on transforming sales organizations into elite teams areproven methodologies. Deliver programs that build company alignment and fuelrepeatable revenue grow. Give your teams the ability to execute the grossstrategy at the point of sale. Our...

...strength is our experience. The proofis in our results. Let's get started visit us at force. Management Com.You've been listening to the audible, ready podcast to not miss an episodesubscribe to the show in your favorite podcast player until next time. I.

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