When you are selling, inevitably one of your filtered targeted leads won’t buy. Sometimes, someone will buy and then drop off. Other times, you will have a satisfied customer that keeps buying over and over again.
It’s important for the salesperson, and the organization to understand why. They need to measure the success/failure. They need to internalize the winners and keep in mind the losers to make them more successful in the future. The only way to understand each side of the coin is to ask. Do not guess.
What do you do? A Win/Loss Analysis.
This isn’t an in depth long deep process orientated operation. It only takes a few minutes. But it’s important.
In a Loss Analysis, understand why you didn’t get the customer or why the customer churned off. Ask them point blank why. This process is very tough on the sales person mentally and emotionally. It’s better to have someone else in the organization do it-even if you only have a few employees.
The process takes about 10-20 minutes, that’s it. Here are some questions you could ask.
- Would you please share specific concerns you used to make the decision?
- What were our failures?
- What can we do better?
On the Win Analysis, it’s a lot different. The firm is engaging in relationship management. If a customer is happy, you need to know why. Again, even though you won, this is best performed by someone other than the salesperson.
Here are some questions for a Win Analysis-ironically they look similar to a Loss Analysis. It’s just a different tone.
- Would you mind sharing with me why we earned your business?
- What did we do well?
- What were your specific criteria for the decision?
- What could we do better?
Simple, concise, crisp. The company gets unfiltered meaningful information. Integrate the feedback into the company.