How to Build the Ultimate Win/Loss Program Technology Stack
(This article is written for those organizations that wish to move from Stage 1 to Stage 2 of the Win/Loss Program Maturity Model. See "Win/Loss Program Maturity Model: How to Map the Maturity of Your Win/Loss Program and Drive Actionable Results").
Your win/loss analysis technology stack is a powerful part of your toolkit. If you don't already have the appropriate software in-house, then there are many reasonably priced tools available that can help capture and organize your win/loss data, and it's worth researching to find a good fit. In this article, we outline some of the best current tools and hot to make the most of them.
Building Your Win/Loss Analysis Online Survey
Toolkits like Qualtrics, SurveyMonkey, and SurveyGizmo can be used to generate and effective pre-interview online survey to capture important information from a buyer, which can be used in preparation for the actual win/loss interview. See "How to Create An Awesome Win/Loss Analysis Program Interview Guide." Certain plans enable you to build advanced logic and piping into the surveys to support different buyer scenarios and multi-product surveys. Questions appear or are hidden based on the buyer's response to early trigger questions such as, "Which product did you evaluate?" These tools also help to organize and centralize data, allowing your team to more swiftly leverage findings in aggregate to identify trends over time. Finally, we recommend including your interview questions within a hidden field not visible to the respondent. This allows you to input content from your win/loss interview ensuring that the buyers online survey response and interview comments are combined and housed in one location.
Recording Your Win/Loss Analysis Interview
Reliably recording interviews is vital to win/loss research. Tools such as Fuze, GoToMeeting, and Chorus, can help. It is critical that you have confidence in you recording tool, since you will want your interviewer to focus 100% on the discussion and not be distracted by feverishly scribbling incomplete notes. Given that you have little control over your interviewee's audio or video connection, a good tool will support clarity as much as possible. This is even more important when conduction interviews on a global level. Make sure to trial these tools first, however. Also, with cloud-based solutions, it is important to know how recording and storage restrictions will impact your win/loss program.
Transcribing Your Win/Loss Analysis Interviews
To ensure that your interview recordings are properly and accurately converted to text, DoubleCheck recommendations transcript services. Our favorite is Rev.com who uses actual humans to transcribe interview recordings. This approach is especially important when dealing with accents, which Rev.com handles with ease. In addition, at $1 per minute and a 24 hour turnaround time, it's quite a bargain. Other tools such as Chorus.ai, Salesloft (Note Ninja), and even GoToMeeting have effective machine generated transcript capabilities. With that said, you'll need to spend extra time reviewing for accuracy. Whichever service or tool you use, transcription is an important step and allows you to quickly edit, organize, and centralize your content to that you're ready to start your analysis.
Editing Your Raw Win/Loss Analysis Transcript
DoubleCheck recommends close editing of your transcribed documents. A skilled editor will clean up the content so that it is easy to digest, check for factual accuracy wherever possible, and even organize the material, using your interview guide as a template, so that the data can be easily uploaded into the interview Q&A section of your online survey tool.
The difference between and edited and unedited document is striking, especially if your editors add easy-to-consume, lead-in phrases at the beginning of paragraphs for skimming and categorization such as, "Key Product Gap—, Sales Execution Mishap—, Reputation/Brand Issue—." This can be especially helpful when it comes to spotting patterns and trends.
Win/loss programs offer a powerful opportunity to increase your win rates, but without a strong technology stack, leveraging the data can be challenging. With the right tools, however, you can build a smooth and actionable process that can systematically increase your wins. In the next article, we will help you ensure that you chase the right targets for your win/loss interviews.
Are you launching a Win/Loss Analysis program? Check out the first two articles/videos, in this Win/Loss Program Launch series, here:
- How to Launch a Successful Win/Loss Program: Tip 1—First Gain Stakeholder Buy-In
- How to Launch a Successful Win/Loss Program: Tip 2—Building Your Win/Loss Program Interview Guide
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