You've lost a major outside sales deal. How do you recover and bounce back stronger than before?

Reflection is imperative when loosing a big deal. This allows us to digest the positive and negatives on how we handled the deal from the beginning to the end. The ultimate goal is to learn from the loss and how best we move forward. Loosing a big deal always "stings like a bee" for a moment but we've got to pick ourselves up and move on after we reflect.

Para recuperarte de la pérdida de un acuerdo de ventas, analiza lo ocurrido para identificar errores, solicita feedback para ajustar tu enfoque y refuerza tus habilidades en áreas clave. Revisa y ajusta tu estrategia de ventas, mantén una buena relación con el cliente para futuras oportunidades, y motívate estableciendo nuevas metas. Finalmente, busca nuevas oportunidades con un enfoque renovado, usando la experiencia como un impulso para mejorar y fortalecer tu desempe?o.

Reflecting honestly is crucial. Evaluate your actions, the client’s needs, and any misalignments. This honest assessment helps identify areas for improvement, builds resilience, and enhances your ability to connect with future prospects.

When I was in outside sales a power plant asked us to quote some harnesses. The total quote was around $40,000. I went to my district manager and told him we needed to be competitive, they usually asked for quotes from 3-5 vendors. He ended up giving me the lowest I could go (20% margin). It wasn't enough and we lost the sale. There was nothing that I could have done differently, however, after we lost it I informed my district manager that if anything comes up in the future, we have to be willing to not make much on the one sale to gain more in the future. He agreed.

Seeking feedback from colleagues, mentors, or even the prospect can provide valuable insights. It helps identify blind spots, understand different perspectives, and refine your approach, ultimately strengthening your future sales efforts.

After losing a large sale, I went to the customer and thanked them for the opportunity to quote it for them. I asked them if there was anything that could have been done differently, and they said no, it all came down to pricing. We weren't the lowest. I told them that I understood and unfortunately, we couldn't be the lowest on everything, but I would appreciate the opportunity to provide them quotes in the future. They said that they would, and they always did. Most customers just appreciate a "Thank you for the opportunity". It shows you care about them and their needs and lets them know that you are always willing to be there for them.

Updating your strategy is essential after a lost deal. Use the insights gained from reflection and feedback to adjust your approach, target audience, and messaging. This proactive step ensures you’re better aligned with client needs and market trends moving forward.

With a large lost sale in the history books, the customer reached out to me again a few months later. This time it was for a large tool order (574 lines). I immediately contacted my district manager and told him that we needed to be lower on pricing to win the sale. He spoke with the RVP and they both agreed. They settled on 15% margin and we quoted it. Since the margin was so low that I wouldn't end up making much on the sale. I told them that was fine. It wasn't about this one sale, it was about showing the customer what we were capable of. That would allow us more opportunities in the future from them leading to more business. We won the tool bid resulting in an over $144,000 sale. After that, their spend increased considerably with us.

Strengthening relationships with prospects and clients can lead to future opportunities. Keep in touch through regular follow-ups, provide value with relevant content, and show genuine interest in their needs. Building trust can turn setbacks into future wins.

Losing a sale isn't the end of the relationship. Stay in touch on a routine schedule. You have to show the customer that you are there for them and that you're always willing to try again. No company, or sales rep is going to win every time. There will always be someone else out there with a lower price or faster lead time. Your service is what will set you apart from the competition. Something as simple as a thank you for letting me quote that for you and I would appreciate the opportunity to do so in the future goes a long way.

You win some you loss some. Keep the pipeline full and debrief on what happened in the deal you lost. Once you get handle on that adjust and keep going.

You have to brush it off and move on. You're not going to win every sale. Talk to the customer and get feedback on what could have been done better. Take note of what they tell you and implement steps to incorporate that into your next sale. Have the mindset of, I lost that one, but I'll win the next one! Staying positive has a huge impact on not only you, but those around you (co-workers and customers). They see when you're happy and positive and feed off of it. If you're down, they'll pick up on it.