I often talk to organizations who are considering implementing win/loss research about the “halo effect” of such research.
Definition: The halo effect is a type of cognitive bias in which our overall impression of a person influences how we feel and think about his or her character.
The way this applies to organizations is that when we see a company do something that ‘feels’ good to us, it impacts the way that we perceive that company’s products, services, and overall brand in a positive way.
My experience has been that when I talk to my clients’ customers or lost prospects during a win/loss interview, I often hear comments like:
“Wow! This is a great idea…I feel even better about my decision to work with X company, seeing that they are constantly learning from their experiences.”
“This has been a really interesting process/discussion…it makes me even more likely to consider X company the next time I’m looking for this type of service.”
The fact that an organization is investing time and money to bring in an objective 3rd party to gather honest feedback and insights is quite impressive to customers and lost prospects alike. When was the last time that you had an in-depth conversation with someone from a vendor organization other than during a sales conversation?
We always assure people who are invited to participate in a win/loss interview that “this is not a sales conversation” and we keep our promise. We aren’t there to convince a lost prospect to reconsider…we are there to help our clients learn from the experience. Pure and simple.
How revolutionary to think of win/loss research as part of your brand building efforts!