Many people I talk to think that win/loss research is focused on just providing feedback to salespeople about how they could have done a better job closing a sale. Definitely not!
There are so many benefits to conducting win/loss research. Let’s focus on Benefit #5: to fine-tune your marketing efforts/messages.
People who have recently evaluated your products or services have invaluable insights that can help drive a variety of marketing decisions that will improve visibility and increase the number of leads your salespeople get.
Some of these insights include:
- What triggered a search for a new vendor? This information can help you know what pain points you should be addressing in your marketing copy and advertisements.
- Where did they look for new vendors? Knowing whether there are certain conferences, publications, or blogs that your customers go to when looking for new vendors can help you focus your advertising and marketing budget to be sure you are in some of the most well-regarded places.
- How did you get on their radar? Another piece of information that can help you prioritize your marketing efforts and double down on the most effective mediums which tend to be speaking gig and 3rd party recommendations from experts in your field.
- What was it about your company that resonated with them? This can help discern what benefits, features, capabilities are your best differentiators…you only have about 5 seconds to communicate with a prospect, so focusing on the most impactful things is essential.
It’s important to share win/loss research data with the marketing folks at your company who can benefit from these insights…and let them provide input about some timely information they may be looking for input on to drive future marketing strategies.