Losing Is Never Fun

Losing is never fun. When you invest significant time and resources pursuing a deal and it falls through, it’s frustrating – and invariably causes some self-reflection.

Why weren’t we successful this time? What could we have done differently? Implementing a process to learn from your losses can yield great dividends – and is often the best way to lock in the next potential customer you approach.

There are plenty of reasons deals fall through. See if any of these sounds familiar:

· The price was too high

· The competition had a personal relationship with the buyer

· The product was missing a key feature

· The product isn’t a comprehensive solution

· The sales rep didn’t position our product correctly

· The lack of a reference customer in the industry

· The customer didn’t believe they have the problem you solve

· The competition simply outsold your firm

· The lack of an ROI toolkit

The list goes on but by taking the time to formally analyze your losses, you discover a wealth of valuable

information that can impact your overall vision and strategy. Here are 10 quidelines you can apply to your own

loss analysis:

1. Interview internally and externally

2. Choose an objective individual to conduct the interview

3. Don't wait to long

4. Understand the customer need

5. Get their prospective on your product

6. Get pricing feedback

7. Get competitive insights

8. Review their key decision criteria

9. Evaluate the sales process

10. Review the effectiveness of your marketing

If you build this in as a normal part of your sales process you not only will get valuable feedback, but you will

indicate to them that you are a company that is continually looking to improve your products and services. More

importantly, if you are engaged in a similar opportunity in the future, you will be armed to win.