After a customer conversation, you receive fantastic feedback and lock in the next meeting. Hurray!
But what exactly happened? What went well? Also, what could you have done better to induce a decision right away?
These questions have been haunting agents and their managers forever. Why?
Because of the lack of win-loss analysis.
As per the Anova Consulting Group- “At present, Win Loss Analysis remains a specialized area of market research, and fewer than 30% of all companies have implemented it formally.”
Even though managers and leaders understand the significance of win-loss analysis, they refuse to pay attention due to a lack of data visibility and an inability to process customer data.
Astonishingly, the ones who choose to use the repeatable best practices from the win-loss analysis can turn sales and support agents into high-quality scorers. Who, in turn, can transform CX, boost the organization’s CSAT score by 27%, and improve sales conversions by at least 21%.
So, today’s discussion will revolve around a simple yet advanced method by Convin that analyzes factors that positively and negatively impact a customer conversation.
You’ll learn about;
- What companies are missing without win-loss analysis?
- How does Convin analyze call behavior and assist agents?
- How does Convin’s win-loss analysis work?
But before we dive right into the solution, let’s understand what call center managers miss out on due to a lack of win-loss analysis.
Want to see win-loss analysis in action? Here you go!
In the absence of win-loss reviews, what are companies missing?
Convin has handled several contact center clients across several industries and different geographies.
As a result of our meetings, we identified the missing pieces due to the absence of win-loss reviews.
Here are a few enlisted issues:
- Designing a call script without a structured benchmark.
- Inability to discover the missing and hidden components of the call script.
- Lack of market insights to update the call script.
- Incorrect call flow at different buying stages.
- Difficulty in extracting unknown factors positively or negatively impacting customer conversations.
- Difficulty in allotting the right weightage to the right call quality component in the scoring sheet.
- Unable to predict competitors and their demand in the market.
- Poor identification of products and services that outperformed or dismissed by customers.
- Poor deduction on call activity(e.g., handle time, response time, time of the day, etc.) that benefits agents.
Any post-call win-loss analysis makes the consequent meetings proactive, resulting in an improved flow of customers and revenue.
And the smartest way to encourage proactivity is by replicating the best practices that led to securing existing customers and avoiding actions that can sabotage a winning opportunity.
Scaling teams must benefit from the auto-generated best practices extracted from win-loss analysis. Managers and leaders can clearly understand why a client chose you, selected the competition, decided to part ways, or suspended the deal altogether.
So, let’s talk about the advanced win-loss analysis technique Convin has been able to develop for customers.
How does Convin analyze call behavior and assist agents?
Convin’s automation engine operates on multiple areas of agent-customer discussions. The conversation behavior analysis is performed on various customer-preferred channels like calls, chats, and emails to conclude repeatable, high-impact customer interaction behavior.
Broadly, Convin designed two key ways in which customer intelligence can be deduced to comprehend customer expectations and successful agent behavior.
- Win probability correlation: With the help of agent behavior and CRM data, Convin automatically categorizes customer conversations under won or lost deals. The solution can extract patterns from 1000s of such calls and understand which behavior drives a win-and-loss situation.
- Customer Intelligence: Customer Intelligence assists managers in making better business decisions from rich customer insights. To provide these insights, the solution covers three aspects:
1. Insights by Convin - Analyze conversations based on seven unique factors: Reasons, Questions, Objections, Geography, Product, Sentiment, and Competition.
2. Custom Tracking - Get insights by monitoring the occurrence of different words across channels and accounts.
Results first, payment later.
How does Convin’s win-loss analysis work?
Convin performs a thorough conversation behavior analysis across all channels and presents a variety of conversation reasons that have resulted in a won or lost deal in the past.
Let’s present you with two scenarios to understand this better:
Case 1: A conversation reason resulting in won deals.
Closely observe when agents discuss flexible payment options 47 times across 70 calls; out of 8 accounts, only 1 deal is lost, and 7 deals are closed. The interpretation that one can gather here is that customers want to learn about flexible payment options before making a decision.
Case 2: A conversation reason resulting in lost deals
If you keenly observe, a discussion regarding refund policy shows a negative trend. The discussion on refund was performed 47 times across 70 calls in 8 accounts. The deals insight shows that 6 deals were lost and only 2 won when the discussion on refund was initiated.
But the tracking doesn’t stop here; identify which agents discussed refund and what exactly was communicated to the customers on the call by drilling down further.
In the recent FIFA world cup 2022, we witnessed endless technical analysis of the matches. And old game tapes constantly played and paused to analyze the preparatory phase.
Not just external parties, coaches and managers too invest in win-loss analysis post every game. Do you know why?
Simple. Replicate what works and eliminate what doesn’t.
Do you think a customer call is any less than a football match?
Well, customer demands are constantly changing and evolving. As a customer-serving company, you must stay one step ahead by analyzing customer behavior using AI-based platforms and reviewing winning and losing deal trends.
Still confused? Want to see win-loss analysis in action? Yes, show me now!