Lost Sales Teach Winning Lessons
Conduct Loss Analysis to Win Future Sales
When you lose a sale, you must analyze why without making excuses, according to Anthony Iannarino, President and Chief Sales Officer at SOLUTIONS Staffing in Columbus, Ohio.
Instead of focusing on why the loss was not your fault, Iannarino suggests that you examine the behaviors that led to the loss, and come up with a concrete plan to change those actions in the future.
“There is no reason to review your losses if you do not intend to change your sales behaviors to prevent losing future opportunities for the same reason you lost prior opportunities,” he writes. Iannarino suggests the following actions to improve loss analysis and increase post-loss learning:
- Create win-loss reviews that focus on wins and losses. Look for reasons that the deal was lost. Do not focus on how you how you might absolved.
- Choose and review five lost deals from a recent pipeline report. Determine why you lost them. Eliminate reasons that absolve you of the responsibility for losing. Figure out what would you do differently. List concrete actions that might have won the sale.
- Examine recent wins. Think about what led to you win these sales. How are these actions and behaviors different from deals that you have lost?
- Look at the circumstances that helped you to win (that had little to do with you). What can you do to enable those circumstances on future opportunities?
Analyzing wins and losses can build a powerful set of lessons and mold sales behaviors. The techniques above will help you to identify what works, so that you can do a lot more of it!