In today’s competitive landscape knowing why, exactly, you won or lost an adoption is *critical* information.
But win/loss interviews cannot, and should not, be considered as a one-time event. Companies that implement a win/loss market research process are able to gain crucial insights on a regular basis about customer behavior, competitive positioning, and product performance.
Below are 5 common reasons for dropping a product that are typically uncovered during win/loss interviews:
Price Concerns:
– Too costly compared to competitors or customer budget restraints
– Value for the Money: customer doesn’t feel the product offers sufficient value for the price
Product Features and Functionality:
– Missing features
– The product is too complicated or difficult to use
– Performance issues
Competitor Offerings:
– Better alternatives are out there (and these calls allow you to learn more about them)
– Competitors are more innovative or have cutting-edge products
– Brand Preference: Some customers prefer a competitor’s brand due to reputation or experience.
Customer Service and Support:
– Negative experiences with onboarding, customer service, or support teams
– Insufficient post-purchase support, particularly with technical issues
Sales Process/Experience:
– In these interviews you learn a *lot* about quality reps on your team and those who aren’t providing your customers with exceptional service throughout the sales process
– Insufficient or unclear information provided during the decision-making process
We’ll share the rest of the reasons customers drop their ed tech products in our next blog post.
If you have questions about implementing a successful Win/Loss program at your company, reach out and we’d be happy to help.