The most innovative companies never overlook learning opportunities. Needless to say, studying your sales performance certainly falls under that category. Win-loss insights are one of those golden opportunities to learn, and unfortunately, are often overlooked. Making the most out of these insights can create a fork in the road that leads to more wins.
This article will take you through how you can leverage win-loss insights to improve your battlecards and boost your sales performance. We'll cover:
Win-loss insights are the lessons learned from your successful sales, your won deals, and from your lost deals. These insights help you understand what went great in your won deals and what was missing in the lost ones.
Win-loss analysis typically involves studying the sales process, the competitors you were against, the key objections raised by the customer, how they were addressed, and ultimately the factors that influenced the customer’s decision.
Battlecards are critical sales enablement tools that arm your sales reps with the strategies and tactics they need to succeed in their sales battles. They contain intelligence about competitors, market trends, product comparisons and more.
Win-loss insights are pivotal in making battlecards more potent. They offer real-life experiences and actionable learnings instead of theoretically hype material. They shed light on what's working, what's not, and how your offers fare against competitors in real-world scenarios.
Moreover, they help identify the gaps in your battlecards – the information that your sales reps wish they had during sales conversations but didn't. Regularly updating your battlecards with win-loss insights ensures that they continue to stay effective, relevant and impactful.
So, how exactly do you pull valuable insights from your wins and losses into your battlecards? Here are three key steps:
Conduct a Win-loss Analysis: Video conference with your sales reps after sales cycles to capture their thoughts and experiences. Ask about the competitive landscape, customer objections, their unique needs, and other factors that influenced the decision. It’s even better if you can get direct feedback from customers.
Identify Trends and Patterns: Once you've gathered several win-loss insights, start looking for trends. Are you consistently losing to a particular competitor? Are certain objections recurring? Look at your win-loss insights holistically to discern patterns that can guide revisions to your battlecards.
Update Your Battlecards: Armed with your win-loss insights, it's now time to update your battlecards. Include facts, experiences, and tactics that have proven successful. Address recurring objections and weaker areas.
Let’s look at a common type of battlecard, the Competitor Comparison Battlecard. This card contains a direct comparison of your product with that of the main competitors. After conducting a win-loss analysis, you discover these insights:
With this information at hand, you now know what to update in your battlecard:
Regardless of whether you are winning or losing, every deal offers a learning opportunity. Win-loss insights provide rich, actionable data that can drive strategic decisions and initiatives, especially enriching your battlecards. The result? Sales reps armed with sharper tactics and a deep understanding of their clients which is sure to increase win rates.
At Aomni, we help you unlock real-time account research and competitive insights, making it easier to gain win-loss insights, create effective battlecards, and stay competitive. Our platform ensures that your team is always equipped with the latest insights and up-to-date battlecards. Stay ready, stay steady, and win more with Aomni!