In 2022, I conducted over 100 Win/Loss research interviews at Ideba for SaaS and service institutions and was encouraged to share results given high appreciation for bespoke insight presented to leadership, operations, and management. The following insights were consistent among a client base of high-profile and established tech-focused institutions (mid-size to large, all over 500 employees, and some over 10,000).
Why deals were won
- Majority of Wins were due to prospects’ prior experience and familiarity with institutions’ products or people (33%) … when executives leave one job, they carry their opinions of their past providers to the next; sales reps benefit when they keep those relationships strong and actively follow up when their contacts start working at a new company
- Second highest reason why deals are Won have to do with product capabilities (25%) … sales reps/marketing effectively tout differentiators like canned reporting capabilities, advanced analytics, and system flexibility
- Price is the FIFTH most cited reason why a deal was won (16%) … Perceived VALUE outweighs cost in decision-making more often than not. Prospects tell me companies’ commitments to support/SLAs, market reputation, and industry-specific experience are more important considerations
Why deals were lost
- Perceived lack of functionality is by far the top reason why deals were lost (61%), with most frequent gaps occurring around product complexity, missing innovation – e.g., dashboarding, analytics, AI – and compatibility/integration concerns
- Next three reasons were cited at about the same rate (23-29%). They are less established relationships vs. competitors, too expensive, and not enough available resources, skillsets or interest in owning system implementation, onboarding, and maintenance
- A few more reasons deals were lost (10%) include poor sales experience – e.g., lack of scoping, staff turnover, miscommunication – and not meeting security or governmental compliance requirements
How clients have increased sales conversion and overcome barriers to entry
- Established rigorous and disciplined processes sharing research insights internally, created dialogs with responsible parties, and established action plans that directly addressed prospect concerns – creating accountability and ownership of issues
- Built out case studies and other sales enablement material that highlighted wins and success stories, focused on perceived company strengths, prospects’ desired outcomes, and strengthened messaging re: value before adjusting (lowering) cost
- Ongoing refresh of competitive battlecards capturing specific reasons for sales wins and losses shared via 1:1 research interviews and accounting for any new advantages/disadvantages
Ideba loves partnering to understand prospect needs, market trends/dynamics impacting vendor selection, and then apply actionable insights to drive increased revenue and make a difference to your bottom line. Please reach out via email (firstname.lastname@example.org) or LinkedIn if you have any questions or would like to learn more.
Lee Sumner, Research Director