Nearly 60% of sales opportunities end in “No Decision” according to Sales Benchmark Index. Perhaps the figure is half as much in your company, but odds are that it is higher than the percentage of deals lost to your leading competitor.
“No Decision” means that the prospect has decided not to purchase at the time – even if they had a formal evaluation. They have chosen to live with the pain rather than change the status quo. They have not bought your solution, but they have not purchased your competitor’s either. “No Decision” is your biggest competitor.
Now, imagine what it would mean to your company if you could tip the scales slightly and win some of those deals. That’s why it is important to set up an ongoing win-loss analysis program. It is a systematic examination of past wins and losses to drive process improvement and deepen your understanding of your buyers’ needs.
In many companies, the win-loss analysis process is managed by the marketing or product teams. In those situations, there is a tendency to focus mostly on product and/or marketing considerations, not sales process improvement. That means the impact on revenue growth is muted at best.
Primary Intelligence takes a different approach. They focus on distilling the buyer feedback into specific actions that sales, product, and marketing managers can make to elevate close rates and buyer understanding across the sales, marketing, and product teams.
How can you quickly determine your close rate?
Primary Intelligence recently released TruSales, a free tool that integrates with Salesforce.com and helps companies understand what their actual win rates are, pulling the data right from the CRM. TruSales enables users to segment the data by average deal size and see performance across small, medium, and large opportunities on an absolute basis and percentage basis. That helps sales managers have a good understating of how the team is doing and where to focus.
With that as the baseline, the next step is to understand why the numbers are what they are.
Rather than relying on anecdotal evidence, Primary Intelligence records interviews with buyers in the TruVoice software platform, transcribed and analyzed both individually and in aggregate. In the SaaS tool you can easily reference interviews for further analysis and as a coaching tool. Qualitative and quantitative data from the interviews are displayed graphically in the TruVoice dashboard which makes it easy for sales managers to focus on the parts of their process where deals get stuck and get a clearer picture of where the individual reps need further training.
How well does this work?
The magnitude of the sales performance improvement varies depending on the specifics of the company, but whether you measure it on an absolute basis or a percentage basis, the result should be upwards of 10% increase in revenue across any segment you chose to target. For an investment far less than what it would take to add one single SDR, Primary Intelligence helps you pinpoint how to improve the performance of your existing sales team and drive your win rates higher.
Gartner on win-loss analysis applied correctly: “Gartner clients who take a more comprehensive approach have seen a 15% to 30% increase in revenue and up to 50% improvement in win rates.”
The case studies on Primary Intelligence’s website show that their clients have experienced similar levels of success to what Gartner reported.
If you are curious to learn more, Primary Intelligence will host a webinar on Tuesday, February 27. Click this link to register: How to Win More Revenue from your B2B Sales Pipeline