Capturing competitive intelligence is difficult. Some companies capture loss information using a drop-down menu embedded within the opportunity record. Others purchase enablement software in the hope that an algorithm will pinpoint the problem. However, we continually find the best information comes straight from the prospect. You’ll be surprised at the quality of information you receive.
Did I mean a win-loss interview? No. Win interviews are fruitful for small tweaks or suggestions. However, new customers are reluctant to mention blemishes in their post-purchase honeymoon. They also tend to accentuate strengths. One customer we worked with exclusively conducted win interviews. The result was a self-confirming bias towards all their product’s best features. The equivalent of Volvo reporting safety as the number one desired feature of all car buyers. Losses will tell you much more about your position within the market and against the status quo.
Why? They skirt the polite rapport and force you to confront the truth. Does your product meet the entire market’s needs or just a segment? Did your sales rep execute as well as the others? What is the product’s perceived weakness relative to the competition? Did the rep create a compelling reason to purchase or just pitch features?
FOUR LOSS INTERVIEW MUSTS
Use these guidelines to ensure you maximise the value of these conversations:
1 Any Non-Win Shoul