Written by Sean McPheat |
4 January, 2008
When you “lose” a deal or a sale what do you do?
Do you just dust yourself down and move onto the next one?
Or do you put that “lost deal” lead into a follow up system and then dust yourself down and move on?
Hopefully it will be the latter.
The fact that you lost a sale means that the prospect was interested in your services but for some reason or t’other chose another company to do business with.
Well, you should keep infront of this “lost prospect” every quarter via email or direct mail or through a telephone call just to keep an eye on the situation.
You never know what might happen.
Before we had the capability of being able to train sales people in over 8 different languages we lost a piece of business because of this fact. I was gutted as it was a worldwide programme worth in excess of £150,000 per year. Anyhow, I kept a regular dialogue with the Sales Director and the HR Director and kept them informed of our multi-lingual capability as it grew over the past 2 years and now that the contract is being renewed they called us in instead of the previous firm and we have won the next piece of business.
By keeping in regular contact with lost deals keeps you informed of their progress and of future needs.
I strongly urge you to have a “lost prospect strategy” in place to keep in regular contact with those people who slipped through the net. Out of every 100 lost deals I would bet that you could generate another 5-15 pieces of business by “being there” when the timing is right.