Take Your Lost Sales As a New Learning

Did you lose one of our most interested lead??? Are you disappointed of slipping out some of your most potential leads!!! Though it’s not easy for one to recognize, but losing a sale teaches the most crucial lessons to win. Microsoft Ex-CEO Bill Gates says “Your most dissatisfied customers are your greatest source of learning”.

Many a times there comes circumstances when you get to know at the last moment that the customer has given order to your competitor. How do you react? Some of the sales persons are found to react very abruptly and shout at customers. This as per the sales, is a filthy reaction. Your deal with customers is not the one time game, a positive and healthy reaction even after such a disguise and invite customer back to you later. Try to find out the pits and falls in the process you are following and analyze your lost and won deals simultaneously. Below are some of the steps that you can follow instead of the – 

I could, I would or I should have……

Guidelines to follow 

1. Fetch The Exact Requirements Of Customer

You may lose because you failed to fetch the exact requirements of your client. This also is one of the most common reasons among the sales people to lose a hot opportunity. You need to understand with all your endeavors what the client expects from the product he wants to purchase, if that features are not available, don’t astray him, politely say no. This will make a positive impact of yours and bring customers back to you in future.

2. When Customer Responds a Flat No

It’s a big set back. But try to maintain your calm and ask where he felt the short. It might be that customer is also not happy to tell you so. Who knows if you become a supplementary vendor at need of hour.

3. Make Proper Analysis Of Lost and Won Deals

Don’t just let it go by. It is important to identify where the flaws were. That might be because of inappropriate follow up, inefficient competitor study, incompatible prices, etc. Find out why you are losing and simultaneously why you are winning. This will help you make a proper strategy for the forthcoming deals.

Read our blog – Three ways How Cloud CRM Software can take your Sales to next level

4. Keep Interacting Even after Refusal

Don’t leave touching base with your customer after the lost. It shouldn’t be the end of the relationship. Ask your sales manager to have a meeting after the lost deal regarding the major. Keep sending greetings to any useful information. This also has been fruitful in many of sales deals and tried and tested method of regaining the old potential leads back in your pocket.

5. Consistently plan, prepare and reevaluate

When you lose a big deal, you will keep playing the pitch over and over again to see what went wrong. You will also think back over all the conversations and every possible failure point. This practice is a good thing, but you need to do much more. Take a minute to consider pre-planning and preparation for each sale, which might be successful or a failure, big or small. If you do not examine your success, you will never be able to understand your failures. Turn all the negative energy from the lost sales into motivation. The main thing is reevaluating your way of approach and also your level of planning. 

6. Don’t give up on lost sales

If you think your prospect is a good fit, but it wasn’t just at a right time, do not give up. Understanding your process and the way of your execution is a good takeaway for any pitch, though you win or lose. It is always worth reaching out to a lot of prospects after some of the time has passed. When time changes also the situation changes. Maybe prospects weren’t ready for the solutions which you offered. If you keep detailed information, it is easy very easy to develop a follow-up system. Whenever you lose a big sale, set a time to give them a check-up call. Base it on the terms of the contract which you pitch. 

7. Keep track of your process and how you execute

If you do not have actual data and do not have a developed process, then it will be very difficult to determine where it went wrong. This is the reason why your sales team needs to measure the metrics and build proper reports.  All these key performance indicators will give insights into what you can use as you evolve your businesses. Keep track of all your incidentals such as phone calls and emails. Be aware of all your processes. Take notes on your failures and success.

Read our blog – Tough Customers are Challenge

Here are a few effective sales skills to be implemented by the sales team…

Effective sales skills

• Set vision and mission based on the goals and objectives of the organisation.
• Be motivated and keep your working environment also motivated.
• Know who is your competition. Do not neglect even if you are doing better than the rest.
• Listen to your leads, customers and clients when they say because they observe your efforts.
• Understand why customers buy because no matter which sector of the industry you belong to, even the smallest of all is tied with emotions and relations.
• Be empathetic to the customer you are selling.
• Be thankful and sorry when required because these two elements are the ones which keeps you tied up until an extent.
• Respond at the right time to your customers because they also prefer to be valued.
• Ultimately, overcome the feeling of rejection and take it as a challenge to improve your approach the next time.

Read our blog – How to Increase your Sales Order

Every challenge or difficulty is a learning opportunity. Learn why your customers did not choose to accept your offer from them. The reasons may have nothing to do with you, but these reasons will help in understanding how you can improve in the next deal. 

You should accept the fact that, every lead cannot be a sale every time!! 

The best CRM software will help you improve your sales by making things easier and faster for your sales team as well as you. The present competitive world demands for much of a smart work rather than hard work! To get the best CRM software which is basically a cloud based CRM software, request for a free demo at https://www.salesbabu.com.