Win-Loss Analysis | Eliciting Insights

A Powerful Tool for Healthcare Vendors

Have you done a win/loss analysis recently? At Eliciting Insights, most of our clients come to us for win/loss analysis when their opportunities are not closing at the rate they expect. While win/loss can answer why deals are not closing, win/loss can also give healthcare vendors a significant advantage in the market. Regular win/ loss analysis can help you refine your strategies, improve your offerings, understand your competition, and ultimately drive your business forward. Win/loss can be performed in house with great success, but there are compelling reasons to outsource it to a third-party research firm that knows healthcare.

The Value of Regular Win/Loss Analysis

Regular win/loss analysis can offer several benefits:

IDENTIFY STRENGTHS AND WEAKNESSES: There is a lot of noise around why a deal did not close, but by having an honest conversation with wins and losses, you will learn what your business is doing right to win deals and where you might be falling short.
GAIN CUSTOMER INSIGHTS: Get a deeper understanding of customer preferences, needs, and pain points. Perhaps your product needs some new dashboards, or your messaging is slightly off. Sometimes there are small fixes that can be game changing.
GATHER COMPETITIVE INTELLIGENCE: Learn how you stack up against competitors and what differentiates your offerings. You would be amazed by the powerful insights a buyer who recently compared you to your competitors can provide.
IMPROVE STRATEGIES: Use the insights to refine your marketing, sales, and product strategies. If your sales deck is flat or your demo looks dated, wouldn’t you want to know?
OPTIMIZE YOUR SALES PROCESS: Salespeople leave the organization. Sometimes prospects fall through the cracks. We have interviewed “losses” that were waiting on follow up from the vendor. We have also seen scenarios where prospects love the product and the sales team, but the legal process is overly onerous, so they find another vendor.
INCREASE WIN RATES: By addressing the identified issues and capitalizing on your strengths, you can increase your success rate in winning future deals.

Why Use a Third-Party Research Firm?

At Eliciting Insights, we have seen many in-house teams attempt win/loss, some with success. Often win/loss gets deprioritized within an organization after a few interviews are completed, and then the team runs out of time to devote to a deep analysis. Beyond getting win/loss completed, working with a partner to do win/loss offers several advantages:

IMPARTIALITY: Third-party firms are unbiased and can provide an objective analysis, free from internal politics or preconceived notions.
HIGHER INTERVIEW RATES: Wins and losses, especially losses, are more likely to conduct an interview with a third party.
CANDID RESPONSES: Respondents are more likely to be honest and open with an external party, leading to more accurate and insightful data.
EXPERTISE AND EXPERIENCE: Specialized firms bring a wealth of experience and expertise, having conducted numerous analyses across various types of healthcare.
CONSISTENCY AND FOCUS: In-house teams may get pulled into other projects, leading to inconsistencies or delays. A third-party firm is dedicated to the task, ensuring timely and thorough analysis.
BROADER PERSPECTIVE: External firms can provide a fresh perspective, identifying issues or opportunities that internal teams might overlook.
ACTIONABLE INSIGHTS AND RECOMMENDATIONS: Third-party firms often offer detailed reports with actionable insights, rather than just raw data.

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Benefits of Using Eliciting Insights for Win/Loss Analysis

When it comes to choosing a third-party firm for your win/loss analysis, Eliciting Insights stands out as a leader in the healthcare space. Here’s why:

Years of Experience:

Eliciting Insights has extensive experience in the healthcare industry, understanding its unique challenges and opportunities. We can drill into healthcare specific topics and provide you with the level of detail you need to optimize your sales process.