Sales Reinvented

What was your customer’s perspective of the sales process? How did it align to their preferred buying journey? How does it compare to the competition? Why did they choose you? Or why didn’t they? 

These data points are critical to refine your sales process. And one of the only ways to get these answers is by doing a win-loss analysis. This information is vital to the business as a whole to consistently improve performance. Learn how Justin obtains this critical information in this episode of Sales Reinvented. 

• [0:50] What is win/loss analysis and why is it important?
• [1:33] The insights you can gain from a win-loss analysis
• [2:55] Common mistakes salespeople make with win-loss analyses
• [4:05] How to make sure the feedback you gather is unbiased 
• [6:03] Best practices for conducting win/loss interviews 
• [7:12] The role of technology in win/loss analysis
• [9:09] Top three win/loss analysis dos and don’ts
• [12:06] A win-loss analysis can quickly make an impact 

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A win/loss analysis is a conversation with prospects or customers where you identify why you won—or lost—a particular opportunity. The ultimate goal of the conversation is to gather information to help you win more deals in the long run. How do you gather unbiased information? How can you leverage technology? What mistakes should you avoid? Bill Storey covers it all in this episode of Sales Reinvented.

• [1:17] What is win/loss analysis and why is it important?
• [1:43] The insights you can gain from a win/loss analysis
• [3:55] Common mistakes salespeople make with win/loss analyses
• [5:17] How to make sure the feedback you gather is unbiased 
• [6:18] Best practices for conducting win/loss interviews 
• [8:15] The role of technology in win/loss analysis
• [10:12] Top three win/loss analysis dos and don’ts
• [12:07] Every win/loss analysis yields different results

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A win/loss analysis is simply having a conversation with your customers and prospects about their perception of your company versus the competition. You want to cover every part of the sales process. Did you address customer problems and goals with the proposed solution? Doing a win/loss analysis the right way will help you gain a competitive advantage. But what is the right way? Ellen Naylor—a pioneer in the field of competitive intelligence (CI) and Win/Loss analysis—shares her strategy in this episode of Sales Reinvented.

• [1:11] What is win/loss analysis and why is it important?
• [1:53] Common insights you can gain from a win/loss interview
• [2:50] Common mistakes salespeople make and how to avoid them
• [3:50] How to make sure the feedback you gather is unbiased 
• [5:10] Best practices for conducting win/loss analysis 
• [9:47] Should we be compensating the customer for their time?
• [10:36] The role of technology in win/loss analysis
• [12:26] Top three win/loss analysis dos and don’ts
• [15:25] Use a win/loss analysis to inform change

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Conducting a win/loss analysis is about spending time at the end of a sales cycle to extract some feedback from the customer you’ve interacted with. It can help you learn what went well and where you can improve. It’s immensely valuable. You have to make numerous assumptions in the sales cycle. 

This allows you to park the assumptions and get honest feedback from your customer and then take action based on that information. Conducting a win/loss analysis is one of the best ways to improve your sales. Learn more from Cian McLoughlin in this episode of Sales Reinvented!

• [1:01] What is win/loss analysis and why is it important? 
• [2:39] The common insights sales teams can gain
• [3:44] Mistakes to avoid when conducting a win/loss analysis
• [7:06] Create an environment where the customer can be honest
• [9:25] Best practices for conducting win/loss interviews 
• [11:04] What role does technology play in win/loss analysis? 
• [13:00] Cian’s top three win/loss analysis dos and don’ts
• [15:38] You can’t rely on assumptions without testing them

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Referrals are when existing customers, friends, colleagues, or associates share that there’s someone you need to know that would value a relationship with you (and you’d find value from the relationship with them). They’re the best type of lead that salespeople can get. But there’s a right way—and a wrong way—to start the referral conversation. Joey Coleman shares what you should do in this episode of Sales Reinvented!

• [1:10] What are referrals? How do they help in sales? 
• [1:45] Common mistakes for salespeople to avoid 
• [3:07] How to leverage social media and online tools
• [4:16] Advice for salespeople exploring referral-based sales
• [6:23] How to measure the success of a referral program 
• [11:16] How Joey approaches asking for referrals
• [14:31] A best practice most organizations miss
• [16:17] The role of technology in referral selling 
• [17:42] Top three referral selling dos and don’ts
• [21:43] When a referral conversation goes terribly wrong

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A referral is an opportunity to do business with someone in the market to buy your product or service. They’re expecting you to contact them to have a conversation. It’s different from a normal lead. A referral is someone ready to chat with you. But how do you get to that point? Ivan Misner has identified the “VCP” process to go from visibility and credibility to profitability. Learn what it is in this episode of Sales Reinvented!

• [1:24] What are referrals? How do they help? 
• [2:00] Mistakes salespeople make when asking for referrals
• [3:42] How can salespeople leverage social media?
• [4:56] The VCP process: Visibility, credibility, and profitability
• [6:18] What metrics to track with your referral program
• [7:30] How to ask for referrals without being pushy
• [10:08] What role does technology play in referral selling
• [11:10] Top 3 referral selling dos and don’ts
• [13:25] Don’t assume your referrals are great

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Most people think of referrals as going to customers and saying, “Now that you love me, who else might love me? Who might want to buy our stuff?” If you’re trying to find new prospects to sell to, this is great. But Steve believes there’s a better way. It starts with knowing your market, knowing who you’re trying to target, and finding people who can help you get to them. Steve shares how he makes this strategy come to life in this episode of Sales Reinvented!

• [1:07] What are referrals? How do they work in sales
• [2:19] Common mistake sand how to avoid them
• [4:09] Can you leverage social media to generate referrals?
• [5:53] Steve’s advice for those just getting started with referrals
• [8:32] How to measure the success of a referral program
• [9:53] How to ask for a referral without being pushy
• [10:14] Best practices for asking for client referrals
• [11:26] The role of technology in referral selling
• [12:17] Steve’s top 3 referral selling dos and don’ts
• [14:31] Create a referral chain to build your business

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Stacey Brown Randall agrees with the majority definition of a referral: It is a potential client being referred to you. To qualify as a referral, there has to be a personal connection to the referral source. Secondly, the prospect needs to know they have a problem and are interested in solving it (thus willing to be connected with you). 

But getting referrals is where Stacey’s strategy differs from the norm. Stacey believes that you should never ask for referrals. So how do you get them? Listen to this episode of Sales Reinvented to find out! 

• [1:00] What are referrals? How do they work in sales?
• [2:09] Common mistakes salespeople make and how to avoid them
• [4:40] How to leverage social media to generate referrals
• [6:35] The #1 thing you need to do is look at referral sources
• [8:27] How to measure the success of a referral program
• [10:05] How to cultivate existing relationships to get referrals
• [12:56] Best practices for generating referrals
• [14:41] The role of technology in referral selling
• [15:39] Stacey’s top 3 referral selling dos and don’ts
• [18:44] Focus on building relationships and you’ll never need to ask

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How do referrals work in the context of selling? When should you ask for referrals during the sales process? According to Joanne Black, when you close a deal, ask for a referral. They’ve signed on the dotted line and they believe in you. And when you ask, get intel. Learn as much as you can about the people they’ll refer to you. What else should you do? Find out in this episode of Sales Reinvented!

• [1:28] What are referrals? How do they work in sales?
• [2:27] Common mistakes and how to avoid them
• [3:29] Why people—not social media—generate referrals
• [5:47] Advice for someone exploring referral-based sales
• [6:55] How to measure the success of a referral program
• [8:06] The right way to ask for introductions 
• [10:31] The role of technology in referral selling
• [11:20] Top 3 referral selling dos and don’ts
• [13:22] Leverage the relationships you have with clients

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Lori Richardson built her entire business around referrals. She believes that referrals are magical. You can work with one person and get multiple sales opportunities from that person. It’s so much easier to develop a relationship this way versus focusing on one-off sales. Lori shares the strategies she’s learned over the years in this episode of Sales Reinvented!

• [0:55] What are referrals? How do they work? 
• [1:44] Common mistakes salespeople make asking for referrals
• [4:15] How to leverage social media to generate referrals
• [5:56] Using referral-based selling as a sales strategy
• [7:41] How to measure the success of a referral program 
• [9:44] How to ask for referrals without being pushy
• [11:34] Best practices for requesting referrals
• [13:00] Why you need to have three lists
• [15:04] Lori’s top 3 referral selling dos and don’ts
• [17:04] Why relationships matter in sales

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