What you should do about a lost sale? It isn’t something that is often talked about, but it’s something that you can definitely learn from. I propose that every funnel should have a closed lost phase. It is typically more fun to talk about a sales win. The conversation often moves to more about the roll-out and less about the specifics of the win. You will often find out more about the loss, than you do a win. I would ask specific questions to determine the cause or causes of the loss.  The loss may have occurred due to;

• Better solution fit
• Pricing
• Previous relationship or comfort with the competition

Sometimes the reason for a loss is based on a misconception. It may even be from something your competition is spreading as part of the process. Take the learning and use it to be better the next time. Sometimes prospects will not give you the straight answer about the reasons for a loss. I suggest trying to talk to other contacts at the account or a business partner.

You often invest days and sometimes months working on an opportunity. Spend an hour or two after to find out the reasons. That loss could lead to more future closed wins.

Now even though you lost a sale, it’s important to move on, and find out how you can get more sales.

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