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Win More Deals By Knowing How You Lost with Michael Hoffman
Manage episode 379579454 series 2948163
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A very understated exercise in sales is the win/loss analysis. Too many companies consider this activity as an afterthought, while also wondering why their close rates or churn rates aren’t as good as they should be.
Having focused conversations with lost opportunities may not come top of mind, but this activity has the power to uncover invaluable insights that not only improve close rates but also shape the outlook of an organization.
Today, Jake is joined by Michael Hoffman, cofounder and CEO of PastSight, to discuss why this simple activity can unlock massive business growth, and how you should go about it.
Timestamps:
(00:00) Intro
(00:43) Knowing Why You Lose Deals
(02:23) Why This Is Important
(06:11) Reaching Out To Lost Opportunities
(08:40) Losing Deals To No-Decision
(14:05) Integrating This Into Your Sales Process
(17:23) How This Helps With Customer Retention
(20:30) Getting The Feedback Directly
(21:52) Outro
Quotes:
“There are very few activities you can do as an organization that will move the needle faster than doing a win/loss analysis”.
“All the insights that you're missing from not understanding why you're losing are a gold mine. That percentage of the deals that you're losing is such a black box and such a massive opportunity for companies.”
“When a prospect tells you we lost to no-decision, we find that two-thirds of the time, that's not even true because people want to be nice.”
“Listening to Gong calls, you can make assumptions of why you didn't win. But if you actually get the feedback from the customer, they're the ones that will tell you the truth, if you can get there.”
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Join 800+ sales leaders in ‘SALES AI UNLEASHED’, a 9-part webinar series w/ Kevin Dorsey:
https://bit.ly/sales-ai-unleashed-series
Connect with Michael Hoffman:
Website: https://pastsight.com
Email: mike@pastsight.com
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https://skaled.com/modern-leader-sign-up/
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LinkedIn: https://linkedin.com/in/jakedunlap
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Twitter: https://twitter.com/jaketdunlap
Website: https://jakedunlap.com
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