Ask Your Team For This: Closed/Won Analysis

Do you fully understand why your customers are choosing you? If you’re making decisions without diving into the specifics of your past wins, what are you optimizing towards? 

The analysis to improve your targeting: Closed/Won Analysis

Do you ever feel like you're missing out on valuable opportunities because you don’t fully understand why your customers are choosing you? If you’re making decisions without diving into the specifics of your past wins, you might be flying blind. Imagine uncovering hidden trends and high-converting personas that can guide your future strategies with precision. Enter: The Closed/Won Analysis.

A Closed/Won Analysis is a strategic review of your successful deals, dissecting the data to understand which markets and personas are converting better than expected. It provides valuable insights into the "why" behind your wins, helping to refine your targeting strategy and optimize your revenue operations.

Asking your team for a Closed/Won Analysis will enable you to:

Uncover New High-Converting Markets and Personas Your closed/won data is a treasure trove of information. By analyzing it, you can identify which market segments and personas are driving the most success. For instance, you might discover that mid-market companies in the tech sector or marketing directors in the healthcare industry are converting at higher rates than expected.

Drive Strategic Alignment and Clarity A detailed analysis of your closed/won deals will drive alignment on priorities and strategies. By understanding which personas and markets are converting, you can focus your resources on high-potential areas. This ensures that your team isn’t chasing low-conversion segments and is aligned on the overall strategy.

Uncover Data Capture Gaps The analysis will also reveal gaps in your current data capture processes. Are you missing crucial details that could inform future strategies? Identifying these gaps allows you to set up proper data capture mechanisms going forward, ensuring you don’t miss out on valuable insights.

Understanding the Moment of Purchase

Do you understand the exact moment or trigger that led someone to purchase your product? It's unlikely it was just because your marketing and sales teams were convincing—it’s because they had a problem you could solve. Identifying these triggers is key to replicating success.

Some common triggers include:

• Hiring for a Role: If a company is hiring for a role that your solution supports, it indicates they are investing in that area and likely looking to improve it. This is a prime opportunity to offer your solution.

• Past User Joining a New Company: When someone who already knows and loves your product joins a new company, they are more likely to advocate for bringing your solution on board again.

• Decision Maker Recently Promoted: A newly promoted decision-maker often has new budgets and the mandate to drive change. They are likely looking for solutions to support their new responsibilities.

• Regulatory Changes: New regulations or compliance requirements in an industry can create a pressing need for solutions that help meet these new standards.

• Competitor Moves: When a competitor launches a new product or service, it can pressure other companies to innovate and improve their own offerings to stay competitive.

• News of Funding: When a company secures new funding, it often looks to invest in solutions that can help accelerate growth and achieve its business goals.

Leveraging Closed/Won Analysis for Account Scoring

The best way to leverage a Closed/Won Analysis is to turn it into an account scoring model based on the different attributes relevant to conversion rates and sales cycles. By doing so, you can prioritize leads and accounts that are more likely to convert, ensuring that your sales efforts are focused on the highest potential opportunities.

Key Components of an Account Scoring Model:

• Attribute Identification: Determine which attributes (e.g., industry, company size, job title) are most correlated with high conversion rates and shorter sales cycles based on your closed/won data.
  
  
• Weight Assignment: Assign weights to these attributes based on their relevance to conversion. For example, if a particular job title consistently results in quicker sales cycles, it should have a higher weight.
  
  
• Score Calculation: Develop a formula to calculate scores for new leads and accounts based on these weighted attributes.
  
  
• Prioritization: Use these scores to prioritize your leads and accounts, focusing your sales efforts on those with the highest scores.

Key Components of a Closed/Won Analysis

A comprehensive Closed/Won Analysis should encompass several key elements. When you ask your team for this, ensure the analysis includes:

• Enrich Data for Meaningful Insights Before diving into the analysis, ensure your data is enriched and complete. Missing or inaccurate data can lead to misleading conclusions. Enrich your data by filling in the blanks—whether it’s firmographic details or job titles—to get a comprehensive view. This step is crucial for uncovering meaningful insights that can guide your strategy.

• Trend Identification: Analyze the data to identify trends in your closed/won deals. Look for patterns such as common industries, company sizes, and personas that frequently convert.
  
  
• Conversion Metrics: Measure conversion rates across different segments to determine which ones are the most successful. This helps in prioritizing high-potential areas.
  
  
• Sales Cycle Analysis: Examine the length of sales cycles for different segments to identify which ones close faster. This information can help in resource allocation and strategy planning.
  
  
• Trigger Events: Identify common trigger events that led to the purchase. Understanding these can help in replicating success and targeting similar opportunities.
  
  
• Performance Over Time: Track how conversion rates and sales cycles have evolved over time. This can highlight whether your strategies are improving or if adjustments are needed.
  
  
• Gaps and Opportunities: Identify gaps in your current data capture and potential opportunities that have been missed. This can inform future improvements in data collection and strategy refinement.

Revisiting Industries and Personas

Ensure you revisit and refine your industry and persona categories at least every 12 months. Market dynamics change, and what worked last year might not be relevant today. Regularly updating your categories ensures you’re not missing out on new opportunities or misclassifying valuable data.

What Format Should the Analysis Be in?

A Closed/Won Analysis should be visualized in a way that makes it easy to understand and follow. This can be structured as a report with visual aids like charts and graphs, or integrated into a dashboard tool like PowerBI or Looker. Strategic objectives should be at the top, cascading down into initiatives and tasks, each associated with timelines and ownership. This visualization ensures that everyone involved has a clear understanding of the analysis, ownership, due dates, and how their work contributes to the larger goals.

Copy below & ask your team for this👇 

Crafting Your Closed/Won Analysis: A Step-by-Step Guide

1.  Set Goals

• Determine Goals: Identify what you want to achieve with this analysis (e.g., increase conversion rates, increase new business pipeline volume, improving sales strategies, understanding customer profiles, identifying successful tactics).

A Closed/Won Analysis is more than just a review of your wins; it's a blueprint for discovering new opportunities and refining your targeting strategy. By clearly defining objectives, key results, and the steps required to achieve them, and by visualizing this analysis in an accessible format, you empower your team to execute with precision and purpose. As a revenue leader, asking your team to develop and adhere to a strategic Closed/Won Analysis is a critical step toward achieving your company’s ambitious goals.

Questions? Don't have a RevOps team to run a closed/won analysis for you? RevOps team too busy with the day to day? Let's chat!