Lost sales deals happen. And they can happen during any phase of the sales process. You could lose the deal before you even have it, or you could lose it…
Lost sales deals happen. And they can happen during any phase of the sales process. You could lose the deal before you even have it, or you could lose it after you have invested significant time into the project. It’s just the nature of the sales game, and you have to accept it.
This doesn’t mean lost sales deals are not difficult to deal with. They can have a big impact on your confidence, not to mention your sales numbers and ability to meet your quota. Therefore, it’s important to have a strategy to deal with these types of situations.
Here are 5 ways handle lost sales deals:
After investing all your time and energy into a sales deal, it can feel like a punch in the gut when you lose out. While you may be tempted to respond emotionally to the rejection, you are better off taking a step back and taking a break before you plan your next move.
Losing is part of sales. In fact, you lose more than you win. A lot more. Coming to this realization can help you take things less personally when a customer or prospect chooses another company.
If a prospect is a good opportunity now, there is a high likelihood they will be a good opportunity in the future. Even a lost customer is a future prospect you can put in your sales funnel. Do your best to maintain the relationship and even grow it over time.
Even though you lost out on this deal, it doesn’t mean that you have lost out on business from this client for good. There will be opportunities in the future for you to capitalize. You just have to be patient.
Every situation you encounter is a learning opportunity. Ask the customer why they chose not to accept your offer. You may be surprised to find out that it’s usually nothing to do with you. There are countless factors in play when brokering a deal.
Knowing why the deal fell apart will provide you with understanding and give you peace of mind. It also gives you something to learn from so you can improve your process or approach on your next deal.
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Claire has 4+ years of experience in sales and recruitment. As a Director of Client Services, her main objective is to connect great people to great companies by building strong relationships with both top clients and candidates in the sales industry. She specializes in sales roles of all seniority levels for both enterprise and start-up clients North American wide. When Claire isn't networking with top talent, she enjoys being outdoors, traveling and spending time with friends & family.