Selling is hard work. And more often than not – in fact, way more often than not – a sales opportunity doesn’t work out. Most sales conversations don’t result in a request for a capabilities presentation… a large percentage of your presentations don’t result in an RFP… and, based on my research, your chance to win a proposal you’ve submitted hovers in the 30-40% range.
So, what do you do when a sales opportunity doesn’t work out?
Here are five steps to take following each loss:
- First, don’t take it personally. Losing an opportunity can be a real blow to your ego and your confidence. But understand this… it’s not personal. The buyer did not reject you. They rejected the offer, the recommendations, the price, etc.… but not you. No one likes to lose, but don’t let that get you down… just move on to the next opportunity.
- With every lost opportunity, get into the habit of asking the buyer what happened… why didn’t you move on to the next step? Some won’t answer, some will give you a generic response… but a few will shoot straight with you. And it’s these buyers that can help you learn and get better for the future.
- Assess yourself. Take a good, hard look at what you did throughout the sales process. Did your conversations really help you understand the buyer’s situation, was your capability presentation engaging and compelling, did you nail it with the proposal? Be super critical. Where and how could you improve? Have your sales manager review your call transcripts and your proposal. Role-play sales conversations. Deliver your capabilities presentation to your sales manager and get their feedback. You always learn more when you fail than when you succeed, so use this loss to get better.
- Stay connected. Make sure your contact is in your CRM system, so they receive your firm’s monthly email newsletter. Connect with them on LinkedIn so they see your posts… and so you can engage with them when they Occasionally, share a relevant resource with them. No selling… just a “thought this might interest you” note sent along with it. And every once in a while, pick up the phone and give them a call. Ask about what’s new on their end… and maybe share something new from your firm. No hard selling… just staying on top-of-mind.
- Want to really make an impression? Send the buyer a handwritten ‘thank you’ note when you lose! Yeah, you heard me… when you lose. Think about the impact you’ll make with a message like, “William, thank you so much for the opportunity to earn your business. I’m sorry it didn’t work out and I look forward to trying again in the future. Continued success, Steve.” A handwritten note is rare these days… but a handwritten note after losing out on an opportunity never happens. That’ll grab someone’s attention. And likely get you invited back for another opportunity.
The Bottom Line
Losing out on the sales opportunity is no fun… and it will happen far more often than winning. But don’t hang your head. Use each loss as an opportunity to learn and get better and set yourself up for success down the road.
Good luck and good selling.