When making strategic decisions, B2B execs often ask—and rightly so: what does the data say? ARR. Win ratios. Churn rates.
Numbers are critical. But don't forget about other types of data. Data that can describe qualities and characteristics. Data collected through methods such as observation and interviews. I'm talking about qualitative data.
I've noticed that some execs aren't valuing qualitative data these days. They need to make quick decisions with readily available data; so I get it. But, they're missing out on getting ahead of the curve. In research, qualitative data is often used to discover new insights and presents opportunities for further investigation down the road. Qualitative research may lead to quantitative research and metrics you didn't even know to look at in your business. You need to know something exists before you know how to measure it, or even to know to measure it.
Let’s talk about the value of qualitative research with your prospects. It’s information straight from the horse's mouth. Interviews are conducted; interviews are coded and themes emerge; themes are grouped to form clusters of meaning, which lead to actionable insights and strategic recommendations.
Qualitative research is a supremely better way to gain deep insight into the experiences of your buyers, to understand their reality as nearly as possible. Qualitative win/loss interviews provide an in-depth understanding of how buyers perceive your products, services, and overall market and—in consequence—how they act and make their decisions. This kind of research seeks to understand the how and why of the outcomes of your sales cycles. And ultimately your prospect buying behavior.
So what's the best way to conduct qualitative interviews?
We use a phenomenological approach—it’s a powerful approach for inquiry and a word that I have to pronounce very slowly out loud or I get discombobulated. :) Stay with me here for a second. Phenomenology is a qualitative research approach that focuses on the commonality of the experience within a particular group (your prospects). It focuses on:
What has the prospects’ experience been during the sales/buying cycle?
What influenced their decision-making in this process?
You want to nail down your basic questions for the interview (see the B2B Win/Loss Playbook here). But, what about the method of questioning in this approach? As the interviewer, you want to:
Contextualize—by starting with how they got introduced to your product/services
Listen actively—of course! This includes listening reflectively, such as acknowledging any negative feedback received.
Critical self-questioning—you have to kinda "bracket" your knowledge and attitudes about your business going into the interview, which is why 3rd parties typically handle this part of your business!
Ask neutral questions—“tell me about”…”describe how”…”what was your experience like”…
Clarify—“so if feature X had been on the roadmap, would that have impacted your decision?”
So the next time one of your execs asks "what does the data say?", get them the quant and the qualitative research.
Here’s How to Run a Win/Loss Analysis. Or feel free to reach out to me @ natasha@oxrevs.com!