“No thanks, but I’m not interested…”
That syllable of despair “No” hits you hard.
You have spent weeks, sometimes months trying to warm up with a lead and build a relationship; you have invested time, effort and a raft of resources to home in on a good deal, and when the closing moment comes, the deal falls through unexpectedly.
A whirlwind of emotions surges through your mind. You tug your hair in frustration, yell at the monitor, and bang your fist on the desk to vent your anger and disappointment.
A lost deal can dent your confidence, make you question your ability and drown you in a hopeless quagmire. Your weekly sales targets may suddenly seem unattainable owing to the negative vibes that prick you every second.
Well, in a sales game, losing is an ingrained part of it. You may lose a deal even before you have made significant progress in the lead or a deal can slip away even after you have thrown all your ace cards at it. It’s the nature of sales and one has to accept it.
Good thing is, losing a sales deal will open the door for introspection and learning. It can turn out to be an opportunity to analyze your behaviour, highlight the mistake you have made and learn from it, only to whet your sales efficiency.
So, pick up yourself and prepare for your next move. You can also follow these productive ways to deal with a lost deal.
- Don’t burn the bridge: A ‘No’ means you lost the deal, not the prospect, isn’t it? The relationship hasn’t faltered, and you can connect with them to kindle a deeper connection with them. Stop sulking about the lost deal for the moment and showcase your best, charismatic self when you ring them again or contact them via mail. A phone call works better in this case. Try to get a piece of their mind about why the deal didn’t push through and try to value their feedback. Remember you want to do business with them in future.
- Self-assess your communication process: Self-assessing the entire sales process, right from when you made the first contact till the last conversation when the deal was lost, can unearth a lot of answers why the deal fell through. Check the steps one by one, go through the information exchanged earlier and listen to the conversations too. Was your choice of words, cadence and delivery, right and effective? Or you shouldn’t have used that word or passed on that information about the deal. Whatever, it maybe, those concerns need to be addressed for the betterment of you.
- Review your sales readiness: Are your sales tactics fool-proof or are there any chinks in the armor? Get into a thorough investigation of your sales manual and take note of any pain-points that you encountered along the way. Are you satisfied with the way you presented yourself and the product before the prospect? Did they miss the buying cues? Well, these questions need to be addressed and the infirmities need to be weeded out.
- Stop thinking about the lost deal: Crying over spilt milk is a perfect recipe for downfall of a salesperson. Losing deals is a part of sales, so is winning. Dwelling over the misfortune is equal to rubbing salt into the wounds. The best way forward is to forget, learn and move on. Every fallen deal can be a great learning curve and give you a peace of mind.
With that said, it’s important to keep your spirits intact even when adversaries rain on you. Keep your poise and refrain from any ill-mannered acts with your client or fellow employee in the event of a failed sales deal. That is the hallmark of a classic salesperson. Dust off your shoulders and walk into the next opportunity.