§ EXAMPLE
W2.
Win-Loss Worked Example
Anonymised UK mid-market CDD worked example.
§ DIRECT ANSWER
Win-Loss Worked Example: anonymised triangulation and what it changed at IC.
Eight lost-deal interviews surfaced three themes: pricing (5 of 8), feature gap (3 of 8), incumbent switching cost (4 of 8). Pricing theme was the surprise: management had positioned itself as “premium with willingness to pay”. The win-loss read “premium but losing on price”.
§ 1.1Synthesis to IC
Chapter III re-positioned the target as “mid-tier in willingness-to-pay”. The pricing-power claim in the IM was reframed; valuation multiple debate shifted accordingly.
§ 1.2Sample size
8 interviews on 27 lost deals (LTM) is 30% coverage. IC accepted.
VERIFIED 21 JUN 2026NEXT REVIEW 21 SEP 2026SRC: ICAEW CF; BVCA Industry Activity 2025-26