Bounce Back from A Lost Sales Opportunity

People and paperwork at a desk to illustrate bouncing back from losing a sales opportunity
May 10th, 2024 0 Comments

You lost a sales opportunity, now what? It’s happened to all of us. Sure, it can be a hit to your ego – not to mention all the time, energy, and money you may have spent trying to seal the deal! But if you find yourself on the wrong end of a potential deal, here’s how to pick yourself up and move on.

There are a few things you can do and learn after a lost sales opportunity that will make your sales strategy and business stronger in the long run. Here are four:

Four Ways to Bounce Back after Losing a Sales Opportunity

1. Ask for Permission to Stay in Contact

One reason this is beneficial is, it doesn’t paint you as a sore loser. Most sales people may say you should just cut your losses and move on, and there are times when that’s the best way forward. Experience will tell. But there’s always opportunity.

You worked hard to get to the decision maker and keeping that access is important. Additionally, it shows them that you view your relationship as ongoing. Maybe things didn’t work out this time, but there’s always a second chance!

2. Give Thanks

Drop a personal note, email, or handwritten card to let your prospect know you appreciate their time. This simple gesture can be powerful for your organization’s image and may lead your prospect to rethink things the next time around. Decent firms are not forgotten outright!

3. Re-evaluate Red Flags

When a sales opportunity is missed, it’s imperative that you go back through and analyze the situation. Sure, there are always exceptions, but in general there were probably some missed red flags.

Think back to any warning signs you may have initially ignored and re-evaluate how to handle them in the future. It is also good to establish clear signs that these issues have resurfaced.

See the chart below for some signs a lead is possibly dead.

4. Reconnect with Lost Prospects

Give your contact a few weeks, 4-5 is the sweet spot, then follow-up with them.

Sometimes deals fall through and even though the prospect declined the first time around, things can change. Touch base and see if the client really doesn’t need your services.

If they don’t, then look to reconnect with other past prospects to see if anything has changed and there’s a possibility you could provide services now.

Learn from Any Sales Opportunity

Every salesperson has their own approach, but our many decades in the industry has given us some great insight into different methods to grow from a missed sales opportunity.

Losing a sale really stinks, but there’s a lot to learn from each opportunity.

Some of the most important lessons we like to focus on when it comes to missed opportunities include:

  • The importance of focusing on your winning prospects
  • The need to revisit your buyer persona
  • Analyzing marketing strategies
  • The need to reevaluate your process while keeping track of what works and what doesn’t

All of these aspects are important and can be helpful in the long run.

A great salesperson learns from every opportunity. To see more characteristics of a great sales talent, check out this blog post!

Nobody likes to lose out on a deal, and maybe it was all your prospect’s doing or maybe you dropped the ball somewhere; either way it’s important to take every win or loss and grow from it.

360 Consulting Can Help You Grow Your Sales

At 360 Consulting, our passion is sales. Your sales, in fact. We want you to succeed.

If you’re interested in learning more about how to develop as a sales leader, how to grow your sales team’s abilities, and how to increase your done deals this year, let’s talk! Powered by Sales Xceleration, we’ll rev up your sales engine so you forge ahead. Schedule a free consultation with the 360 team today.

 

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Summary
Article Name
Bounce Back from A Lost Sales Opportunity
Description
Losing a sales opportunity happens to the best of us. See our best tips to take the right steps to grow from your lost sale!
Improving Sales, Sales Training
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