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Because when the field is optional and free text, half the deals say nothing and the other half say "price". Neither can be counted, so the review falls back on whichever loss people remember.
A win/loss reason is a structured value chosen from a list you define, required before a deal can be marked won or lost, with optional free text beside it.
The list is yours to define and can differ per pipeline. The value is required at close, the free text is not, and both are kept on the deal so a reason can be revisited when more is known.
Forty-one losses in a quarter grouped as: 18 no decision, 11 lost to an incumbent, 7 price, 5 missing capability. That is a different quarter from the one the team described, where price was the whole story.
It records the reason given, which is not always the reason that operated. Structured loss data narrows the question; it does not close it.
Pipeline reports group by it, cohort analysis reads it against when deals started, and Growth uses lost-to-competitor values when it builds comparison content.
Yes. Renewal churn reasons and new-business loss reasons rarely overlap.
Yes, with the change recorded, which matters when a lost deal returns three months later.
Yes, alongside the structured value. It is read in reviews; it is not what the reporting counts.
Fourteen days, every module, no card. Or half an hour with someone who will run it on your own records and tell you where it does not help.