A number of recent trends are converging in the b2b sales world, which are going to make the next few quarters very ugly indeed. Let’s break them down a little, so we can understand the implications:
As Nick Mehta, CEO Gainsight the #1 company on Glassdoor, shared recently, there is a massive tidal wave of vendor consolidation going on right now.
This is where Win/Loss Analysis comes into its own…allowing you to unlock the reasons behind these emerging trends and more importantly, decide what to do about them. Ok, lets go back and look at those same 3 areas through the lens of customer Win/Loss Analysis.
Why are sales cycles getting longer? Here’s a few reasons we’ve observed in the recent win/loss data sets we’re seeing.
There’s an increased focus on the business case and expected return on investment needed to justify any new spend. Not only does it mean average sales cycles are getting longer, it also means the level of scrutiny on all spend is increasing, the number of stakeholders involved are growing exponentially (from finance, to IT, to legal, to procurement) and critically, the sign-off bar has been raised significantly.
Analysing recent wins and losses allows you to assess exactly where the invisible friction exists in your sales process, which parts of the ROI story stack up and where you’re missing the mark and close the gap accordingly
As the size and availability of customers' budgets decrease, there are a number of knock-on effects which sellers need to be hyper-aware of.
More projects will be competing for these same scarce budgets. Extracting additional value from current investments will be prioritised, impacting net new opportunities and incumbent swap-outs. The sign-off authority of your usual buyer may have decreased, forcing sellers to start interacting directly with the CFO, CIO or even CEO for the first time in their careers.
By assessing prior won and lost opportunities, you can begin to identify hot button items and specific trends, for the different buyer personas and ICP’s in your customer base. Taking the time to really drill into the themes can drive new marketing content, talk-tracks and points of genuine differentiation. Failing to drill into these themes, will almost certainly result in missed forecasts and deal slippage.
It makes perfect sense that in tough times, businesses will try to do more with less. We’re already seeing both anecdotal and actual evidence from b2b vendors of significant shortfalls in sales performance, entire sales teams missing target by more than 50% and reduced headcount and investment in sales enablement activities.
If these customer buying trends persist or accelerate, win/loss analysis won’t just become a nice to have, it will be the most critical data set in the entire sales kitbag. But here’s the funny thing, you’re cost of sale has already earned you the right to this feedback, you just need the right mechanism to capture and action it.
Keen to understand a little more about the trends we’re already seeing in the market, contact me to arrange a quick walk through of the Trinity win/loss platform or we can share a 3 minute recorded demo, if that’s easier…
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