7 Tips For Higher Retail Holiday Sales Using Email and Social Media http://ow.ly/2Rt69f #sales #marketing
Many of us in competitive intelligence are our own worst enemy since we are steeped in competitive intelligence DNA and language, and don’t understand how the c-suite operates.
Treat getting in with the c-suite like battle: “If you know the enemy and you yourself you need not fear the results of a 100 battles.” Sun Tzu, 500BC
Mind your Ps and Qs
Over deliver, but don’t overwhelm. Start with how your insight ties into the business results the executive cares about. Use their language, which is the language of business and know enough about the executive to understand his/her quirks. Their Admin will know these. Scott would schedule 5 minutes with an executive before his talk to make sure he was touching on what the executive cared about. They will find 5 minutes for you: it’s in their best interest, right?
Scott also applies his 7Ps from his military training to knowing how executives operate:
- Planning and
Recognize the differences
Most executives live to work. They are under tremendous pressure and you don’t want to add to it.
Pick and maintain a voice, which is consistent and in alignment with the business goals
- Be Bold
- Be Brief
- Be Gone
- Be Authoritative
- Be Opinionated
- Be Balanced
- Be Flexible
- Be Careful (politics)
Scott suggests three practices when communicating with executives:
- BLUFF: Bottom Line Up Front results Fast
- KISS: Keep It Simple Stupid
- 4Qs: Quantify Qualify Quality Quickly – Fast and Forcefully make your presentation to executives
Show them the tip of the iceberg from your analysis. Use appropriate language, not CI, and tie your deliverable to business results that you know the executive is focused on. But be prepared with all the supporting data for questions.
Scott’s motto here:
- Get the analysis to the
- Right person at the
- Right time……to Support the
- Right decision
Be a Salesperson
Build a competitive intelligence brand in your company with a logo and a name to your group that everyone can easily identify with. While many in competitive intelligence have this stealth mode for what we do, we need to be more outgoing in order to be seen and heard. Scott had a catchy name for his CI group at Prudential, PruView.
If you aren’t good at selling, find champions who are. Ideally they should have some skin in the game, that is rely on you for good work. Ideally these champions should be senior, vocal, CI smart and committed.
I recall when I was at Bell Atlantic, now part of Verizon, I gained a VP of Sales as my champion. I didn’t realize he was testing me when he sent me on what I thought was a wild goose chase to lead a competitor response analysis in a highly political RFP that our sales folks had already answered. What would be the value of this, I thought as I drove to their site with very little notice.
The sales team thought if we didn’t win, AT&T would. There were two other competitors: Rolm (now part of Siemens) and Nortel. They didn’t think either of them had a good chance to win the business. I thought that Rolm had the best chance to win as this was a university, and Rolm was owned by IBM, who manufactured PCs at this time. They could sweeten the deal through discounted PCs, which were very expensive then. Rolm won the business for the reason I had suspected, and the Sales VP became my champion.
- Focus on what they need and keeping asking “so what” until you get to this.
- Also get them to think about, “What’s the cost of inaction?”
Happy Thanksgiving to all who celebrate it.
As many of you know, I am writing, Win, Lose or Draw, a book on how to set up a world class win loss program.
In this book I am sharing some best practices to capture customer intelligence through win loss interviews:
- The Steps to Take to Establish a Sustainable Win Loss Program
- How to Include Sales People in Your Win Loss Process
- Determining Which Customers and Prospects to Target
- The Value of Interviewing Wins AND Losses
- How Your Company Culture Will Impact the Execution of Win Loss
- What to Look for if You Outsource Win Loss Interviews and / or the Analysis
- What You Should Cover in a Win Loss Interview
- How to Conduct a Win Loss Interview to Maximize Sharing
- Tips on How to Structure Win Loss Analysis
What are your best practices in there two areas:
- Monetary Compensation to those you interview for a win or loss
- Recording Win Loss Interviews
#1 Do you compensate the customers and prospects you interview?
If you compensate, has this improved your success at getting people to agree to be interviewed?
If you compensate, what do you think is a competitive rate per interview?
Which industries are you expected to compensate, such as doctors?
Where had you better not compensate, such as government employees?
#2 How do you feel about recording interviews?
If you record interviews, do you transcribe them?
What software do you use?
Do you use the transcripts for data mining?
I have mixed emotions and experience in both of these areas. I tend to get a pretty good interviewing rate without compensation, but I haven’t queried doctors. I always have a good value proposition, and have an organized process which is more apt to lead to YES for the interview.
Win loss is a good use of a customer’s or prospect’s time, since it gives them an opportunity to tell you what they do and don’t like about doing business with you and the competition—after the pressure of the decision to buy has been made. Yet I am realistic in that people’s schedules are so filled these days that I am competing for their time, so sweetening the deal with a monetary reward will encourage them to find the time.
I feel kind of like a spy when I record conversations. Call me old fashioned. I have such an established shorthand for note taking that I don’t miss much, and have no problem asking them to clarify or I repeat what I thought I heard them say to slow them down a bit. I don’t mind getting back with a question after the interview since I always have their email. I always provide interview summaries, which can be data mined. My clients are more apt to read the summaries since they are a quick read compared to transcripts.
While Win Loss is a relationship business, like all business processes, it continues to evolve. With the advent of big data, some companies include win loss transcripts in their big data to more scientifically uncover trends, for example.
If you’re uncomfortable sharing your best practices on social media or my blog, please email me at ellen at thebisource.com or send me a private message on LinkedIn or Twitter. Thanks so much. I am closing in on my rough draft for the book. It feels good to get this far.
Filed under: competition, conversation, Cooperative Intelligence, customer intelligence, Denver, Ellen Naylor, interview, sales people, win loss analysis | Tagged: competition, conversation, customer intelligence, interviews, loss analysis, win loss analysis, win loss interview | Leave a comment »
Here are some insightful articles related to competitive intelligence and customer intelligence.
Emotional Intelligence: Cult or Competitive Advantage This is a great rebuttal to Adam Grant’s recent article, “Emotional Intelligence is Overrated.” There is a lot more scientific proof that a high EQ is a teachable skill, and that people respond well to those who have empathy. Competitive intelligence is a people business, and those who can motivate people to share have a leg up. Having a high EQ and empathy motivates most people to share. As Dr. Kenneth M. Nowack concluded in his article on this subject, “It’s not how smart you really are that matters in terms of work and life success, but how you are smart.”
How to Build a Culture of Givers: 4 Tips Authored by Laura Montini, this article reports on Prof Adam Grant’s recommendations, the same one who somewhat slammed emotional intelligence above. You can see this perspective here, “What you want is a disagreeable giver–one who will tell it like it is without regard for your feelings, but only because he or she has the best intentions for your organization at heart.” As a proponent of emotional intelligence, I think it’s better if they do have some regard for your feelings.
In competitive intelligence, we expect our sources to share with us. I enjoy Prof Grant’s Reciprocity Ring as a crowdsourcing way to get people to ask and provide answers in an open forum within the company. Everyone in the ring is required to ask for something. “When the whole room is making requests, it’s not uncomfortable,” Grant said.
When everyone’s requests are out in the open, individuals in the group decide which ones they’re best equipped to handle based on their expertise. “And make no mistake. Everyone will give,” Grant says.
“The takers actually start giving because everybody’s contributions are visible and they worry that if they don’t volunteer to help anyone, they’re going to get caught. The end result? Employees will get on board with the idea of building a culture of givers. That’s because they’ll see that if they give more, everyone can get more of what they want.”
This is a visible and cooperative way to engage your fellow employees to ask for and give tips to strengthen your company’s competitive position. How do you engage your employees to share?
Employers Want Critical Thinkers, But Do They Know What It Means? This article spoke to me as a competitive intelligence professional since many in our profession spend too much time monitoring the competitive market and place too much weight on digital information. Critical thinking takes time and reflection, which corporations don’t give in the rush, rush, rush culture of most. Critical thinking is an essential skill for competitive intelligence professionals, and many of us are too reactive due to the influx of data that is streaming our way. What do you think?
10 Great Questions Product Managers Should Ask Customers, shares some great questions that can also be used in win loss interviews. After all product managers need to know how and why customers use your products, and how they could work better for them. Customer intelligence is such a key piece of competitive intelligence. My 3 favorite questions that Jim Semick suggests are:
- How do you feel about the current solution or product? This one is good for understanding opportunities to differentiate your product from competitors or simply learning how they use the product or service presently.
- What is the most frustrating thing about the current solution or product? This is how to discover your customer’s pain. You can go deep on this one with some follow up probing.
- What do you wish you could do with this product or solution that you can’t do today? This is a great feed to product development, and sometimes opens up unintended uses for the product.
What are your favorite questions?
I have had the pleasure of interviewing two impressive Directors of Win Loss programs. Both work for large companies that have done win loss analysis for a long while. Both emphasized the importance of company culture in how they set up their win loss programs; how they conduct win loss interviews—both internally and with customers—and how they write up the win loss analysis.
Culture at a Telecommunications Company
At a large telecommunications firm, the win loss team and sales people work cooperatively. At the outset, the win loss team worked with the various sales organizations and other key stakeholders, such as pricing and product groups, to develop an exhaustive set of testable hypotheses regarding root causes of sales successes and failures. This process had the benefits of buy-in from Sales and other key stakeholders as well as a higher quality analysis.
This telecommunication firm holds a full blown 360 internal company debrief before conducting a win loss interview with the customer or prospect. The meeting is not recorded so people share freely. Lessons learned along the way are noted as well as why those at the meeting think they won or lost the deal.
After the internal company debrief, the win loss person accompanies the sales person to conduct the win loss interview. The win loss team does not want to interfere with the rapport that sales people have developed with the customer. Thus the sales person is a member of the win loss interviewing team.
The win loss process is not a Sales witch hunt. Rather it is more holistic:
- Why did we win or lose the bid?
- What are the gaps in the RFP (request for proposal)?
The aim is not to assess or critique the performance of Sales outside of factual relationship questions that can be tied to a win or a loss:
- Frequency of sales visits
- Executive alignment from the telecommunications company with the client company’s C-levels
This cooperation permeates the win loss report. The win loss team is empathetic and sensitive to company politics and face saving in their reports on losses. The recommendations you make at the conclusion of the win loss report can impact people’s jobs. In this vein, the win loss team interviews those who are criticized during a loss interview to get their side of the story before publishing the quarterly win loss report.
Culture at a Big Four Firm
Win Loss is particularly sensitive since consulting firms only provide services. Thus there is no product to assess like there is at the telecommunications firm, so it’s entirely subjective. It’s all about the people: their skills, expertise, presentation, communication and project management. Professional services work tends to be long term, and the projects major, so wins and losses have the potential to make or break a career.
The lead sales person is an Account Partner, which adds another level of politics to the win loss process. Thus the Win Loss Director realized he needed to be collaborative with Account Partners to gain access to their accounts. Being a Director rather than a Manager gives him credibility with his company’s Account Partners and their senior level clients.
Every win loss interview is a sales job in this culture, so the Win Loss Director reduces the politics around which clients to query. He will ask the Account Partner if he can conduct a win loss interview with his client, just after the Account Partner has pitched the sale. Since this request is put forth before knowing how the deal with close, win loss is seen as less punitive.
Due to the company culture and the high stakes of most sales, the Win Loss Director assures the Account Partners, while letting them know he needs their help to be positioned for win loss interviews with their clients:
- I am an internal third party, but I’m outside of Sales. I need you Mr./Ms. Account Partner to gain entrée to your client
- Remember we work for the same firm so we have consistent client service standards
- The first person I will get back to is you, Mr./Ms. Account Partner. At a minimum, I will go to you first with sensitive information so you will not be blind-sided
- If I find damaging information, I will act with discretion, consideration, and a sense of partnership. We use what we uncover in win loss interviews as lessons learned
Recording Win loss Interviews
The culture around recording is different between the telecommunications company and this big four firm. At the big four firm, the Win Loss Director records every conversation, and asks for permission beforehand. This process gives internal clients assurance that the quoted client verbatim statements are accurate. This also gives the Win Loss Director the ability to pull out the conversation that led up to the verbatim. The report makes a great impact especially from direct client quotes which add credibility and authority to the win loss analysis. Since their conversation is being recorded, the client being interviewed feels important. They know that their feedback is appreciated and that they will not be misunderstood.
Filed under: collaboration, conversation, Cooperative Intelligence, customer intelligence, Denver, Ellen Naylor, interview, sales people, win loss analysis | Tagged: Competitive Intelligence, conversation, http://cooperativeintelligenceblog.com/2010/04/15/capture-win-loss-analysis-cooperatively/, loss analysis | Leave a comment »
I am having a blast writing my book on how to develop and implement a sustainable win loss program. I am 2/3 done with my rough draft: no writer’s cramp yet. Here are some tidbits for you to noodle on as you think about your win loss efforts.
Win Loss is a Cooperative Relationship Business: You need to treat people the way they like to be treated throughout the process.
It starts with soliciting feedback for the win loss questions from multiple people in relevant departments such as sales, marketing, product management, PR and executives. The next touch point is the internal interviews you conduct before reaching out to customers. Treat sales people with respect. They are the gateway to the customer.
Be sensitive especially around losses as it’s easy for account reps to lose face in this process. You want them to realize how much they can learn for future deals by interviewing their customers, and that their customer isn’t the only one you’re reaching out to interview. Sales managers usually get this, but they aren’t the one who just lost the deal and the commission check that went along with it. This is one reason you also include win interviews, to keep sales uplifted about the process. Of course you learn things from win interviews that you don’t from losses.
With the customer, you want to engage early and frequently throughout the sales process. Relationships can make or break deals, especially when there is little differentiation among competitor’s products or services. You need to be respectful and polite when conducting these interviews as you represent your company (or the hiring company if you’re a consultant). Sales works hard to develop customer relationships. You don’t want to upset these relationships. That’s why I like to get plenty of information on each account before I even reach out to schedule a business to business win loss interview.
Rather than conducting a witch hunt on sales people in win loss interviews, go for a more holistic approach such as:
- Why did we win or lose the business?
- What are the gaps in our proposal?
- What did we do well that they appreciate?
- Where can we make improvements?
- What did the competition do well that they appreciate?
- Where can the competition make improvements?
Remember that the recommendations you make at the conclusion of your win loss report can impact people’s jobs. Be sensitive to company politics and face saving in your loss reports. Don’t assume a trend or fully believe everything customers tell you. Find several examples of the same trend before reporting it as such. If there is a complaint against a certain person, crosscheck and give that person a chance to tell their side of the story. Sometimes the customer really didn’t get along with an account rep, and they can’t say anything good about him or her. You need to dig deep enough to get the full scoop as to what happened. You will get a more balanced perspective, make the accused employee feel better and feel better about what you’re writing in your win loss report. This is so important for a sustainable win loss analysis program.
In closing, one key to your program’s success is consistency. If you have the same person or couple of people conduct win loss interviews (both internally and to customers and prospects), you gain progressively more insight. In the first year, you will learn the issues. By the third year, the interviewer(s) has a solid relationship with sales teams, management and has an incredible grasp of the issues, which gives them the ability to know when and how to probe to gain maximum information from each win loss interview.
Filed under: competition, Cooperative Intelligence, Denver, Ellen Naylor, interview, sales people, win loss analysis | Tagged: Cooperative Relationship Business, customer relationships, http://cooperativeintelligenceblog.com/2010/04/15/capture-win-loss-analysis-cooperatively/, interviews, loss analysis, loss report | Comments Off