Tell me about DoubleCheck Research
What is retail WRO?
WRO, or Win Rate Optimization, is a term coined by DoubleCheck to describe the efforts solution providers undertake to increase their chance of winning business. Traditional WRO activities include sales training, client referral programs, and event-based pricing strategies. We have taken a different spin on WRO. We have built a model that leverages post-decision interviews to capture key feedback directly from the buyer. We pool the data, analyze it and generate actionable insights and recommendations. This enables a provider to react, respond, and improve in the right areas and on the fly as opposed to standing still and putting their business at risk. A recent study published by Anova Consulting Group sited that sales teams who have a formal debrief program see a 15% win rate advantage over those that do not.
Do many technology providers do this today?
The industry average is only around 20%. I expect this number to grow significantly over the next few years, especially in crowded segments. When you have a rather large number of providers fighting for the same piece of the pie, WRO efforts such as this provide a clear competitive advantage. Today most companies depend on their salesforce for feedback. The challenge is that only 19% of salespeople actually schedule a separate debrief call with the buyer and few are trained on how to conduct an effective post decision interview.
So what prompted you to go in this direction?
I saw an opportunity to bridge what I viewed as a significant communication gap. I’ve spent the last 15 years helping retail CIOs solve business and technology issues, often times resulting in a technology selection. During these selections I was regularly privy to the CIOs’ unfiltered view of each provider, their experience with sales teams, view of the perceived value proposition, and opinions on things such as pricing models and capabilities. It was always amazing to me that addressable objections such as a salesperson’s approach, a rumor about a provider’s viability, or a concern over resource availability might make or break a multi-million dollar deal. My vision is to foster a safe environment for providing useful feedback and to create more transparency between the buyer and seller.