Why you need to analyze business wins - as well as losses

When my favorite college football and basketball teams win, I’m ecstatic and celebrate with friends. We high-five each other and talk about the great plays that sealed the victory.

Then we watch the coach afterwards in a news conference smile, give out a few platitudes to the athletes and thank fans for their support.

Not long ago my university’s football team was standing at 7-1 for the season and was about to play a school that was a three-touchdown underdog. Instead, we managed to eek out a two-point win at the last minute. Yikees!

Sure, people talked about the big let down after a humongous conquest the previous week over a bitter rival. Everyone said that after this narrow win the team needed to improve their focus for the upcoming game.

Yet, there wasn’t a deconstruction of what exactly went wrong, why, and how to fix it.

Here’s the rub; when our teams win we’re rightfully happy -- still, not many people dig very deep to figure out how it happened, even if it’s a close game.

It’s no different in business. Whether the win is big or small, we rarely sit down to discuss what went wrong and what went well. Do you?

The opposite side of that coin is a loss. We all hate to lose to our competitors. A discussion probably takes place on why the thrashing happened. But, only occasionally is the process deep enough and sufficiently honest to get to the heart of the issues at hand.

Improve your competitiveness and boost revenue by taking the time to conduct win/loss assessments.

Make getting better part of the fabric of your company. Just like your buyers, your business has very clear choices -- including doing nothing. Create a culture that always wants to know what is helping you win and what is preventing your company from winning. Never be afraid to ask the hard questions of yourself, your team, and your customers -- even the people who decided not to buy from you. It will help everyone understand what’s working and what’s not. Then take action on what you learn.

Don’t want until deals are lost. Sometimes we fool ourselves and rationalize why a potential buyer walked away: “We would have won this deal if we had offered incentive X or had feature Y in our product." Maybe, maybe not. Exactly how do you know -- before there’s a next time? On a regular basis set aside time to examine current marketing activity and sales opportunities. Talk about what’s moving forward and what seems to be stalling. Anticipate what can go wrong and why. Look at recent wins and losses for patterns. Overlay conversations you’ve had with new customers and, yes, people who said no thanks too. Understanding what’s fast tracking or hindering deal flow empowers you to make real-time adjustments to your sales and marketing processes.

You’re only as good as the feedback you gather. A win/loss assessment is only as good as the data and feedback you gather. To get the best information possible both quantifiable as well as emotionally charged qualitative questions must be asked of all stakeholders including customers. There are a dozen or so great questions such as, “Was your solution a fit from the beginning, why or why not?” or, “Who was involved in the decision and what was the key selection criteria used?” and, “What did the buyer view as your strengths and weaknesses, your competition’s strengths and weaknesses?” Yet, a long questionnaire is not enough. Develop a system of when to ask, how to ask, and who to ask.

A win/loss review is a powerful tool. No matter the size of your business or what industry you’re in. Determining what you did right, where you can improve, and what the competitors did right or wrong will improve revenue.

Attention to the details really does make a difference.

Set up a “let’s get better” culture and strategy. Those who fail to learn from their mistakes are doomed to repeat them. And, those who fail to understand what worked well are doomed to slow growth.

Like a coach of a sports team, do you talk about what your company must to do in tomorrow's game to get better? What you will fix? What you will change?

Ron Stein is President of FastPath Marketing (www.marketing-strategies-guide.com) and the author of the Rapid Impact Marketing & Selling Playbook. As a speaker, coach, and consultant he works with small business owners helping them to accelerate the path between their vision and the actions needed to reach, win, and keep customers. Ron is the creator of the FastPath to More Customers Now! 7-step marketing system based on more than twenty years as a successful business owner, corporate CEO, business development executive, and salesman. He is also a mentor at two nationally recognized business accelerators. Ron offers one-on-one and small group mentoring, conducts seminars, and consults. He can be reached at 727-398-1855 or Ron@FastPathMarketing.com.