Business Competition Best Practices: Win Loss Research
By: Celeste Bishop
Frequently I am asked "how do you get information about the competition?" Most people are surprised when I tell them that getting useful competitive intelligence is actually the easiest part of managing successful business competition. One of the best methods to gain valuable competitive intelligence is so simple, straightforward, and productive that I have put it on my list of Business Competition Best Practices: Win Loss Research.
The benefits that Win Loss Research routinely delivers include:
- Increasing your rate of successful wins in competitive sales situations
- Enhancing your product management and development initiatives
- Reducing the level of uncertainty involved in sales forecasting
- Strengthening top and bottom line results for your business
- Improving the efficiency of your sales cycle process
- Setting the stage for future business growth
Win Loss Research drills down beyond standard pricing issues and gets into territories such as: decision process, sales team approach and professionalism, company reputation, product attributes, service issues, and handling of proposals. Although pricing information is involved, it should not be the centerpiece of the research unless it becomes apparent that it really was the key issue that drove the decision. The goal of Win Loss Research is to provide you with competitive insight you can act upon - actionable competitive intelligence - for sales process improvement and better results.
Typically this research is conducted either over the telephone or in a face-to-face interview. The latter is more common in places and cultures where that is the preferred communication modality. Getting the results that you want out of Win Loss Research is a combination of art and science; art being the skill of the researcher in eliciting the intelligence that you need; science being the development of a research guide that facilitates the discovery of actionable competitive intelligence.
As with almost anything worth doing, focusing on Critical Success Factors (CSFs) increases the likelihood that you will get what you need. For Win Loss Research, focusing on the following CSFs will greatly increase your likelihood of obtaining productive competitor intelligence:
1) Use professional competitive researchers who are skilled in drawing out actionable competitive intelligence. They will also be perceived as unbiased, thereby ensuring candor.
2) Selecting the optimal mix of win and loss opportunities to research is a reasonably complex task which must be done correctly to ensure that you are gaining insight from the target markets that matter most.
3) Development of a stimulating research survey that operates as a guide rather than a questionnaire is the backbone to outstanding results.
Surprisingly, the tone and quality of the initial research request can make or break your ability to get robust participation.
A common pitfall among companies that report doing Win Loss Research is that they have their employees, typically the sales representatives, perform the research. You do need to have your sales people find out what happened. This should precede Win Loss Research which goes beyond the limited conversation from your sales reps' debriefing. Also, it defies human behavior to think that the customer will feel comfortable being candid with a sales rep who has not met their expectations or that the sales rep will be candid in passing along information that may be construed as unfavorable to them.
An extraordinary thing about Win Loss Research is that any size or category of company should be able to implement this as an ongoing business practice and see steady gains in their customer acquisition and sales. This form of research is not particularly costly or difficult to do, yet it does take a certain willingness to expose yourself to news that may make you uncomfortable at times.
One of the most frequent comments our researchers hear is a compliment to our clients for taking the time to learn and improve from their experience. Once you establish a practice of doing Win Loss Research routinely and take action on the results, your company will realize the benefits of implementing this business competition best practice. Author Bio
Celeste Bishop is President of Bishop Market Resources a Competitive Services Agency that provides a breadth of traditional and online competitive intelligence services, including business research and sales process improvement research. For more learning resources check Brain Food at: www.bishopmarketresources.com/competitive-intelligence-brain.html
Article Source: http://www.ArticleGeek.com - Free Website Content
More Resources
Unable to open RSS Feed $XMLfilename with error HTTP ERROR: 404, exiting
Custom Search
More Management Information:
- Group 1
- Group 2
- Group 3
- Group 4
- Group 5
- Group 6
- Group 7
- Group 8
- Group 9
- Group 10
- Group 11
- Group 12
- Group 13
- Group 14
- Group 15
- Group 16
- Group 17
- Group 18
- Group 19
- Group 20
- Group 21
- Group 22
- Group 23
- Group 24
- Group 25
- Group 26
- Group 27
- Group 28
- Group 29
- Group 30
- Group 31
- Group 32
- Group 33
- Group 34
- Group 35
- Group 36
- Group 37
- Group 38
- Group 39
- Group 40
- Group 41
- Group 42
- Group 43
- Group 44
- Group 45
- Group 46
- Group 47
- Group 48
- Group 49
- Group 50
- Group 51
- Group 52
- Group 53
- Group 54
- Group 55
- Group 56
- Group 57
- Group 58
- Group 59
- Group 60
- Group 61
- Group 62
- Group 63
- Group 64
- Group 65
- Group 66
- Group 67
- Group 68
- Group 69
- Group 70
- Group 71
- Group 72
- Group 73
- Group 74
- Group 75
- Group 76
- Group 77
- Group 78
- Group 79
- Group 80
- Group 81
- Group 82
- Group 83
- Group 84
- Group 85
- Group 86
- Group 87
- Group 88
- Group 89
- Group 90
Related Articles
Top 7 Methods to Empower Employees
How many times have you asked someone to do something like "draw up a plan for such and such project"? Your employee completes the plan, but then you say, "That is not what I wanted" or "That is not how you do it". And so the employee thinks: you didn't tell me exactly how you wanted it done.
Implementation the Catalyst of Change for Management to Reach that Next Level of Success
From the personal and professional experiences of other colleagues and myself, one of the more critical success factors for management is implementation. Through my observations, I have discovered that people and organization spend a great deal of resources including time, dollars and the cumulative total of the energy generated from these efforts to create business or strategic plans.
Make Change Easy - Get Involved!
There are wild variances in how much involvement organisations are brave enough to offer their people in change. From those organisations where they just 'tell' (sometimes by text message even!), to the most enlightened extreme, where they enable wholesale contribution to the change process.
The Seven Cs: Partnership Danger Signs - Communication Breakdown
An ongoing series of articles exploring the seven critical areas that can indicate a partnership is in trouble.COMMUNICATION BREAKDOWNThe "Seven Cs" are the danger signs that indicate your business partnership, or any partnership for that matter, is in trouble.
Managing People - Why Is It So Difficult?
Managing, supervising, being a team leader is the hardestjob in the world and I'll tell you why.Imagine what it's like to drive a car.
Reducing the High Cost of Absenteeism
Employers pay a high price for absenteeism, often more than they may realize, in terms of both financial and production losses and employee morale. Managers may view the tasks of finding a substitute employee as a short-term inconvenience; however, absenteeism frequently has more serious long-term effects.
On The Job Training is Something You Can't Afford to Skip
Trained employees are more productive employees; there's no doubt about that. Whether you're your only employee or whether you've got a growing staff, put OJT (on the job training) at the top of your To-Do list.
Knowledge Management - Lessons Learned and How To Identify Them
Many organisations use the term "lessons learned" to describe the way in which they avoid repeating mistakes, or ensure that they build on past successes, yet a lesson can only be applied if it has been successfully identified, and captured first. Even in "learning organisations" who profess to be good at knowledge management and knowledge sharing, the process for identifying lessons learned can lacks rigour or depth.
Bye-Bye Boring Meetings! Make Yours Remarkable!
It's the middle of the night. You've woken up with a brilliant idea on how to improve the way your business product is delivered to your customers.
Focus on Outcomes to Keep Your Business On-Course
Did you know that an airplane in flight is off course nearly 98% of the time? No flight is completed in a straight line from Point A to Point B. Gravity, side winds, updrafts, and downdrafts are continually moving the plane off course.
Parenting Your Employees to Better Performance
Have you ever worked for someone who was such a micro-manager that it drove you crazy? And have you ever worked for someone who was so hands-off that you felt like a lone warrior on the battlefield? These are examples of you working for leaders who did not adapt their style based on the employee's needs. I would venture to guess that you were not entirely motivated to put out your very best effort every time when you were feeling such frustrations.
Provisioning/User Management System Upgrades: Part II - Building Awareness And Building Approval
Somewhere in the world is a person who wants to see their provisioning/user management systems get a sorely needed upgrade. But they seem to be getting nowhere.
How to Manage Your People Well: Tips for Managers of Training
As a training manager, there are two important aspects to managing your people well: hiring, supervising, and motivating (managing with your people) and building up corporate support for your department (managing for your people). Unfortunately, training is not well understood by some executives, and its benefits can be hard to assess.
Hiring Tip -- Picking The Best Candidates
I often hear leaders from all types of organizations ask questions about hiring the right person. Their questions usually sound like these:? What if their resume looks great but they have a bad attitude?? What if they put on a good act and then don't work hard?? How can I tell how they will perform after I hire them?A great way to answer these questions starts with a well-defined interview process.
Recruitment - Pick People Who Think
Old style management doesn't encourage personal mindcontrol, employees aren't encouraged to think. That wascertainly the case when I started work back in the bad olddays however it's still prevalent in many businesses today.
Got A Meeting Planned? Ask This Question
Meetings - they are a fact of our business lives. And while the number of meetings and the amount of time you spend in them may vary based on your job title, it is hard to argue that they are a significant part of business life today.
Nine Steps to Help You Develop Your Potential
Go into any bookstore and you will find a big selection of self-help and personal improvement products. Most everyone (and I'll bet everyone reading this) wants to improve.
Solve Problems Permanently - Ask WHY
As Albert Einstein said:-"The significant problems we face today, cannot be solved at the same level of thinking we were at when we created them."Problems don't go away unless you get to the cause - the source of them.
When Being A Facilitator DOESNT Help
I talked with a group of internal consultants last week - they felt they had to wear too many hats in their work. They had to be consultants, facilitators, coaches and trainers - sometimes in the same one-hour session.
Multiple Channels, Multiple Times
I've just been reading about the frustrations of a Human Resources manager. He's tired of having to answer the same questions about benefits over and over again.