You've lost a major sales deal to a competitor. How will you come back stronger?

In all of life I have found when you lose at anything you reflect on everything with a microscope compared to when you win, you usually move on the next project and feeling proud. Yes I agree you have to dissect all of the things mentioned and change what you can to increase your chances of winning the next project. Some things you can’t fix like price or part of the solution you don’t offer and you and you can’t beat yourself up over these items. Listening to what your customer really needs to fix their dilemma and providing a solution to that problem is the best way to attack any approach. Sales is listening and understanding what your customer is requesting, to many sale people focus more on selling and not listening. Two ears one mouth!

Conduct a Loss Analysis: Identify the reasons behind the loss. Was it due to pricing, product features, customer relationships, or something else? Gather feedback from the prospective client if possible. Understanding their perspective can provide valuable insights. Benchmark Against Competitors: Compare your product or service with the competitor's offering. Identify strengths and weaknesses in both. Understand the competitor's sales strategy and tactics that led to their success.

To come back stronger after losing a major sales deal to a competitor, conduct a thorough analysis of the reasons for the loss. Identify areas for improvement in your sales approach, product offering, pricing strategy, or customer engagement. Learn from the experience, adapt your tactics, and refine your value proposition to better meet customer needs. Focus on building stronger relationships, differentiating your offerings, and showcasing your unique strengths to win back lost opportunities and secure future deals.

Conduct a Thorough Loss Review It's important to analyze what went wrong by asking key questions: How would the customer articulate the value of their choice? Dig deeper to understand the customer's perspective on the competitors' value proposition compared to yours. Who was the most influential voice? Identify key decision makers and influencers that may have swayed the outcome. Beyond price, what were the deciding factors? Uncover other criteria like product fit, relationships, or future adaptability that impacted the decision. This exercise helps identify areas for improvement in your value proposition, relationships, and sales process.

Losing out on deals is like life itself; you win some, you lose some, but you keep on going. Requires not too deep a reflection.

I love that this article talks to unique selling proposition And nobody cares about unique... What we need to talk about is Compelling... 10 clients could talk about 10 different compelling reasons they will buy... Does your sales process gather information effectively? At end of session, do you know how they feel about key factors owning your product / service Do you know why they feel the way they do? Have you established a buying criteria you know you can deliver on better than your competitors Before you begin product demo or presentation? Do you have flexibility in your sales process/presentation so you can adjust based on client preferences? Do you have a sales process Was it followed

Understand Where You Fell Short Common shortcomings: Lack of Adaptability: Not tailoring the solution to the customer's unique needs Lack of Relationship Building: Failing to develop trust and commitment Excessive Cost: The perceived costs outweighed the perceived benefits Reflect on which of these areas may have been the primary reason for losing this deal. By grasping their tactics and strengths, you can adjust your own value proposition

The sales environment has changed and as sales professionals we need to adapt to meet the needs of every single opportunity. For me, relationships and investing in those relationships are what set us a part from our competitors. However, it is no longer enough to invest time and energy into a single champion, believing that with their influence and your special relationship it’s a done deal. When a committed deal is unexpectantly lost it is most likely due to the competitor having a better understanding and stronger relationships with all the interested stakeholders! The nature of sales is complex and decisions are now made by many individuals who need to put a tick ? in the box to proceed with a PO in your favour

Adapt Your Sales Approach Different sales methodologies emphasize techniques to address common shortcomings: Solution Selling: Deeply understand the buyer's needs to craft tailored solutions SPIN Selling: Build value by focusing on the buyer's situation, problems, implications, and needs Challenger Sale: Teach the buyer valuable new insights to navigate their decision Evaluate which sales methodology principles could strengthen your approach for future deals.