No one likes to lose a sale, but there is a wealth of learning that can come from the experience. Listen to this episode to discover how to create a learning experience from a lost sale.
No one likes to talk about the one that got away… the deal that was supposed to happen, but didn’t. Yet, there is a lot that you and your salespeople can learn from a lost sale. Remember the 1970’s show Quincy…about a coroner who solved mysteries? Well, the deal is dead and, as the sales manager, you need to find out what happened. Don’t buy the “the competitor was cheaper” or “the prospect was a jerk” stories. Set a course to uncover the truth.
The first step is to interview the sales person to understand, from the very beginning, what took place. This isn’t meant to be a sales rep brow-beating. It’s an inquest and the goal is to understand exactly what was done, when, and the results of each step.
After the interview, call the decision-maker, not to change their mind, but to thank them for considering your firm and understand what your company could have done differently.
After that discussion, debrief with your team about your findings so that everyone learns as a result. While the deal may have been lost, make some lemonade from those lemons. Help your company and salespeople becomes stronger from the experience.
See you next time on the Sales Management Minute.
Author: Lee B. Salz
Lee B. Salz is a leading sales management strategist specializing in helping companies build scalable, high-performance sales organizations through hiring the right salespeople, effectively onboarding them, and aligning their sales activities with business objectives through process, metrics and compensation. He is the Founder and CEO of Sales Architects, Business Expert Webinars and The Revenue Accelerator. Lee has authored several books including award-winning, best-seller “Hire Right, Higher Profits.” He is a results-driven sales management consultant and a passionate, dynamic speaker . Lee can be reached at lsalz@SalesArchitects.net or 763.416.4321.