Have you ever felt that your product or service was an absolute perfect fit for a prospective customer then found out later that you lost the business?
If you're like most sellers, you've probably been in that situation more than once. (I have!) Losing a big sale is downright painful. You may also have an overpowering urge to blame the decision makers for making a "stupid" choice or for their failure to see why they should change now.
I'd like to suggest an alternative: turn your losses into learning opportunities. Use post-mortem debriefings to figure out how you might have contributed to the lost sale. That's what top sellers do. They assume total accountability for the lost business and then try to figure out how to ensure it never happens again.
The key to learning from your losses is to ask yourself tough questions. Then, be brutally honest with your answers. If you let your ego get in the way, you're doomed to repeat the same mistake again. Rack your brain to get beyond the obvious answers.
Use the questions below to jump start your thinking and give you insights into how you might improve.
General Overview Questions
Start by analyzing the whole sales process. Make sure you notice what you did well too, because that's also imperative to your long-term success.
• When did you start to sense something was amiss?
• In your discussions, what did your customer like? Want to achieve? Eliminate?
• Where did you encounter resistance, objections and stumbling blocks?
• What actions could you have taken to prevent these obstacles?
Losses to "No Decision"
If your prospective customer decided to stay with the status quo, it's because they didn't see enough value in making a change. Ask yourself:
• What could you have done to help your prospect better understand the ramifications of staying with the status quo?
• How could you learn more about your prospect's problems, business issues, goals and objectives?
• Did your prospect have enough proof sources to assure him of the business outcome?
• How could you have helped you prospect better understand the value of changing now?
Losses to a Competitor
If you lost to a competitor when you think you should have won, for some reason your message didn't work. Ask yourself:
• What was your prospect's primary decision criteria? Based on this, how did you stack up against your competitors?
• What could you have done to maximize your strengths, minimized your weaknesses and better differentiated your offering?
• Did you miss any vital piece of information that caused you to lose the sale?
• What strategy did your competitor use to convince the prospect to choose his company over yours?
Self-analysis is a starting point. If you're brave, ask your customer for direct feedback. You may be amazed at what you learn. If other people from your company were involved, debrief the situation with them. Brainstorm with your colleagues, friends and peers. Try to figure out what you could have done that would have let to a different outcome - one where you were the winner.
What do you do if you're totally stumped? Sometimes that happens because you literally lack the knowledge and expertise to figure it out. Other times it's a challenge to step into another person's shoes and see the situation from their perspective.
When that occurs, it's imperative to seek outside advice. Talk to an experienced sales professional. Read books or listen to CDs that focus on the sales challenges you're facing. Search online for resources to improve your sales savvy and skills.
But don't give up! The answer is out there. You just don't know it yet. Plus whatever you learn is a chance for you to get better. That's the true value of this exercise.
How to Stop Losing Sales - To learn more about this author, visit Jill Konrath's Website.
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Jill Konrath
(Visit Jill's Website)
Jill Konrath, author of "Selling to Big
Companies" helps salespeople crack into
corporate accounts and win big contracts.
She is a frequent speaker at national
sales meetings and industry events.
Her own client list is proof positive that
Jill knows exactly what she's talking
about. She's worked with such well-known
corporate giants as 3M, General Mills,
Carlson Companies, Medtronic,
UnitedHealthcare, Hilton and many others.
Jill also writes a leading on-line
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20,000 sellers from around the world. Most
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Power, Entrepreneur, The New York Times,
Sales & Marketing Excellence – and the
list goes on!
For more information:
- Visit her website at: http;//www.
sellingtobigcompanies.com
- Check out her blog at: sellingtobigcompanies.blogs.com
- eMail her at jill@sellingtobigcompanies.com
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