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| Seven Ways to Improve Your Post-Decision Debriefs
By Richard Schroder
There's nothing quite like the feeling of closing a sale. Whether it's a large sale or a small one, salespeople celebrate first and then try to understand why they won so they can replicate their success. There is much more to be learned from losing, however, yet most salespeople do not know how to gather accurate and meaningful information from prospects to learn from their losses.
Salespeople often ask prospects why they lost a deal, but they typically don't get a straight answer. In fact, according to proprietary sales research data, prospects tell salespeople the complete truth about why they lost less than half the time. In fact, research has shown that salespeople learn the complete and accurate truth about 40% of the time. In other words, in 60% of new business situations, salespeople do not have a complete and accurate understanding of why they lost.
There are many reasons why prospects are not candid during debriefs including:
- Prospects do not want to hurt the salesperson's feelings
- Prospects fear confrontation and/or criticism from sales reps
- Prospects often have issues with the sales rep or sales process that can impact their candor
There are also many ways in which salespeople inhibit the feedback process.
- Salespeople are often caught off guard by a bad news call and may be unprepared for conducting a debrief
- Salespeople usually do not know the right post sale questions to ask (and how to ask them)
Below are seven ways for you to improve your post-sales etiquette and get more candid feedback from prospects post-decision:
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Salesopedia Q&A with Rich Schroder
By Richard Schroder
1) What was the background to writing this book From a Good Sales Call to Great Sales Call?
My company has been performing institutional Win / Loss Analysis programs for large companies for over 13 years. Typically we are hired by a head of sales to conduct independent in-depth phone interviews with prospects after buying decisions have been made on behalf of an entire sales team. However, only 18 percent of companies currently have a formal Win / Loss program in place for their sales teams, with an independent third party conducting in-depth interviews with prospects. This means there are over 20 million salespeople who have no access to an independent post-decision review on their behalf. This book was written to fill that gap and bring our institutional coaching, expertise and knowledge to the everyday salesperson or small business owner. It shows individual salespeople how to better conduct post-decision debriefs on their own so they can improve their sales effectiveness and win more business.
2) What is the difference between a good sales call and a great one?
Our research shows that there are five key themes that prospects typically express when speaking about a winning sales effort vs. a loss:
1) Consultative: The salesperson did research, asked the right questions, listened and then was consultative in their pitch and focused on the prospects' unique needs.
2) Differentiation: The salesperson was distinctive / stood out in some way by clearly articulating how they were different from the competition.
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Win/Loss Analysis: A Proven Program for Winning More Business
By Richard Schroder
The first question a sales rep always asks a prospect after losing in a new business situation is (quite understandably), "Why did I lose?" Unfortunately, the likelihood they'll get a straight answer back is slim at best.
In fact, according to research, prospects share the complete truth only 38 percent of the time in these situations. This means on average, in 62 percent of new business situations, salespeople do not have a complete and accurate understanding of why they lost.
Having this information is obviously critical, which means there is a significant opportunity for many companies to improve their close rates by better understanding prospect perceptions.
One proven way to achieve this is to implement what is popularly known as a win/loss analysis program, whereby an independent third party interviews prospects after buying decisions have been made. It is only through this type of process that sales teams can learn the true, candid reasons why they win and lose.
Although more and more companies have implemented formal win/loss programs over the last decade, at present, less than 20 percent have done so. Therefore, the majority of companies are missing a critical opportunity to improve their sales performance, better understand their competitive landscape, and enhance their products and services.
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Seven Reasons Sales Managers Should Consider Implementing a Win Loss Program
By Richard Schroder
One proven way to improve a sales team's close rate is to implement what is popularly known as a Win Loss Analysis program, whereby an independent third party interviews prospects after buying decisions have been made. It is only through this type of process that sales teams can learn the true, candid reasons why they win and lose.
Although more and more sales managers have implemented formal Win Loss programs over the last decade, at present, less than 20% have done so. Therefore, the majority of companies are missing a critical opportunity to improve their sales teams' performance, better understand their competitive landscape, and enhance their products and services.
Below are 7 reasons why every sales manager should consider implementing a formal, independent Win Loss program for their sales team:
1. Sales people often ask prospects why they lost a deal, but they don't typically get a straight answer.
According to proprietary sales research data, prospects only share the complete truth 40% of the time. This means that on average, in 60% of new business situations, sales people and sales teams do not have a complete and accurate understanding of why they lost.
Click here to continue...
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This Week's Author
Richard Schroder
Richard Schroder founded Anova Consulting Group in 2005 and oversees relationship management, new business development and marketing. He is involved in designing and managing all client projects and is acutely focused on ensuring that Anova provides the strategic insights its clients need to make continuous improvement in the areas of product development, marketing, sales and client service.
Richard is a recognized thought leader in the business to business sales and client satisfaction sector and he is a sought-after speaker who has published many highly-regarded articles in professional journals. He also is the author of a book called "From a Good Sales Call to a Great Sales Call" about Win/Loss Analysis. The book is published under the McGraw-Hill label and is available internationally.
Prior to founding Anova Consulting Group, Richard served as managing director at Chatham Partners, a market research and consulting firm. In that capacity, he was responsible for business development as well as client relationship management. He previously held positions at State Street Corporation and H.C. Wainwright.
Richard is a graduate of Boston College, where he received a BS in Finance, with honors. He also earned an MBA with honors from the Babson Graduate School of Business.
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