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 SAVVY
SELLING - AUGUST
10, 2007
How
to Rebound After Losing a Sale
by Michelle Nichols
EXECUTIVE
OVERVIEW
Develop and execute a follow-up
plan to evaluate why you didn't
get the order. You'll polish
your skills and ultimately close
more business
Have you ever worked incredibly
hard to win an order, only to
have the customer choose someone
else? Join the club. Of course,
a "no" today doesn't
have to be a "no"
forever. It's how you respond
to losing an order that determines
your future sales success with
that client.
A friend of mine who does business
around the world told me recently
that he's always amazed when
he sees salespeople lose their
tempers or otherwise act unprofessionally
after losing an order. They
don't consider that their childish
response practically guarantees
that they won't be invited to
bid on the client's next big
project. This turns a single
no into a career no. Ouch! And
salespeople who throw lost-sale
tantrums also affect the salespeople
who eventually replace them.
Sore losers give their entire
company a bad reputation.
There's an old saying in sales:
"When you lose a sale,
don't lose the lesson, too."
Develop a process you follow
every time you lose a sale.
Feel free to customize the following
suggestions for your situation.
1. While you're still
selling…
During the sales process, ask
your prospective clients how
often they go out to bid. For
example, let's say you sell
human resources services and
your client is talking to you
in September for a year's contract
with a Jan. 1 start date. If
you don't win the sale, make
a note in your calendar to contact
her next August. This will put
you at the top of her mind and
perhaps at the head of the pack
of next year's vendors.
2. Right after you
get the Big No…
Try to be pleasant when the
customer is telling you the
unpleasant news. Unless they
get perverse pleasure in telling
you no, they are probably as
uncomfortable telling you the
bad news as you are hearing
it. A few more ideas to follow:
•You might offer to be
a backup vendor. Who knows?
Their first choice might not
be able to fulfill the order
and you may get a rush order
later on.
•Ask them where you fell
short. If the reason they didn't
select you is something you
are able to change or overcome,
frame your response as an if-then
proposition. For example: "If
I understand you correctly,
the reason you didn't pick us
as a vendor is because of Reason
X. If I could solve Reason X,
then would you award the sale
to me?"
•Consider not responding
immediately. It might look like
your first offer was not firm.
By waiting to respond, from
a few minutes to a day or two,
you can use your "if-then"
statement. If they say yes,
then add, "Good, because
I got my X department to take
another look at your situation
and we made change Y so now
we can meet your need. So do
we get the business?" Know
that using an if-then strategy
may flush out other objections.
You may want to ask another
if-then question if you think
the client is genuine—or
cut your losses and move on.
3. Within the first
week after a Big No…
Ask your boss or a peer you
trust to call or meet with the
customer to try to get her honest
feedback on why you failed.
You might want to alert your
client to expect a management
follow-up call and stress that
you are not trying to change
her mind. Have the caller say
something like, "We never
like to lose a sale but when
we do, we try to learn where
we stumbled so we can offer
better service in the future."
Develop a standard list of a
few broad questions, so they
cover all the areas of the sale.
Compare your answers against
your client's. There may be
something that ruined the deal
that you weren't even aware
of. After comparing, gather
your team to brainstorm for
new ways to leverage your strengths
and repair or compensate for
your weaknesses. Performing
these routine evaluations will
make you and your team stronger.
4. Keep all your wins
and losses in perspective.
Remember, a sales rejection
is not a personal rejection
unless you had a personality
clash. If that is the case,
you probably weren't seriously
in the running anyway.
A note to sales managers: It
is important that you encourage
honest talk after a sale, even
though everyone already knows
the result. And it is imperative
that participants know that
what gets shared in these discussions
doesn't get used against them.
I know a guy who lost the sale
to be the keynote speaker for
a big event five years in a
row. Every time he got the Big
No, he sent a nice card to the
meeting planner just before
the scheduled event, wishing
her good luck. By the sixth
year, she hired him to give
the keynote speech. The quality
and consistency of his follow-up
process ultimately won the sale
for him.
Remember, a lost sale today
is not a customer lost forever.
If you develop and execute a
lost-sale follow-up plan, you'll
ultimately close more business.
Happy selling!
Michelle Nichols is a professional
sales speaker and consultant
based in Reno, Nevada. She is
also the Savvy
Selling podcast host for
BusinessWeek. She welcomes your
questions and comments. You
can visit her web site at www.savvyselling.com
or contact her at michelle.nichols@savvyselling.com.
Her toll-free number is (877)
352-9684 and direct line is
(775) 303-8201.
Copyright
2007. All rights reserved.
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