You lost a sales opportunity, now what? It’s happened to all of us. Sure, it can be a hit to our 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.
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, 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.
3. Reevaluate 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 reevaluate how to handle them in the future. It is also good to establish clear signs that these issues have resurfaced.
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 not, then look to reconnect with 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 more than two 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 or maybe you dropped the ball somewhere; either way it’s important to take every win or loss and grow from it.