So You Lost the Pitch. Now What?

Really?

All that time, all that energy.?

All those incredible ideas and strategies.

Wasted.

You just received that dreaded email - if they’re chicken - or a phone call, telling you that “although we loved what you presented, we’ve decided to go with another option that more closely aligned with what we’re looking for.”

Hate that.

Your team hates that.

Your CFO hates that.

Everyone you engage with over the next week or so, hates that.

But it is worth remembering that anyone who has ever won a pitch, has also, invariably, lost many more.?

So, after you go through the seven stages of grief, you need to dust yourself off and get back in the ring.

Here are some tips for taking positives away from a lost pitch:

1. ABP (Always Be Professional):

It’s astounding how many people do reverse-ghosting when they don’t win a pitch e.g., they don’t respond to bad news emails or even answer calls from the prospect.?

It’s a really dumb thing to do.

Despite your disappointment, it's vital to be as professional now as it was when you thought you stood a chance of winning.?

Thank the client for inviting you to pitch and tell them you’d love to work with them in the future.?

We won one of our biggest ever whale clients after losing the initial pitch for their work. Six weeks later, they gave us another brief, without a pitch, and we subsequently worked with them for several years (and invoiced them millions of dollars along the way).

Why not send everyone you engaged with during the pitch process a handwritten letter thanking them for their time.

When was the last time you received a handwritten business letter?

You’re not alone.

Leaving a positive impression after a loss, can leave the door wide open for future opportunities.

2. Learn from Client Feedback:

As tough as it can be when emotions are still raw, getting feedback from the client as to why you lost, is vital for future pitches.

Short of getting the gig, constructive and honest (which is not always the case, unfortunately) client feedback can give you at least some type of ROI for the time, effort, and resources you put into the pitch.

3. Analyse What Happened With Your Team:

The internal post-pitch analysis is an important, if sometimes painful way of getting a different result next time.

Encourage open and honest communication with your team to collectively identify areas for improvement across all aspects of the pitch process.?

If you can highlight a number of ways you can change and improve for future pitches, that’s at least something positive that you can take out of the exercise.

4. Your Future Client's Perspective:

You’re not the only one to invest in your pitch: your potential client did too.

They spent time getting to know you and your team and the possible value you could bring to their brand and business.

While you didn’t win this time, you’re now on the client’s radar for future opportunities.?

Whales regularly have new projects that they need external help with.?

Think of it from their point of view: you’re a known entity and often they’ve spent several hours with you over weeks or months during the pitch process.

After that process, the risk – for highly risk-averse corporates - in working with you in the future, is much less than selecting a brand-new option.

Want an alternative to endless, soul-destroying pitching?

When you have an ongoing business development program in place, helping you to consistently create relationships at scale, you’ll be the one clients speak to directly when they need help.

We can help you to set this program up for your business. Let us know if you want to know more.

That’s all for now.

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