Lost deals are always a sad feat. Read on to learn how to resurrect you sales pipeline.
I’m going to take a moment to set the scene. One day, just like any other, you set aside some time to thoroughly review all of your recent lost deals. Page by page, you read every note and review every e-mail; but as you go on, you begin to feel a terrifying chill. You take a moment to center yourself and move on to another deal. Suddenly, your greatest fears are springing to life as you discover zombies are attacking your revenue. Yeah that’s right, all those lost deals are not truly dead!
As a sales manager, one of my recurring duties is to review lost deals. This exercise can be very revealing, especially when I identify a gap or discover that someone on the team has dropped the ball. On one hand, it’s great that I may be able to save some of these doomed opportunities. On the other, if I see the same mistakes come up time and time again, I may have a problem with people or process.
But which is it? Where does the problem truly lie? Person? Process? Prospect?
Sales Pipeline Resurrection Checklist:
- Is my system set up to collect all the information about a prospect that is useful during the sales process?
- Am I checking in with my salespeople frequently enough?
- Is our follow up schedule too aggressive or too passive?
- What additional resources does my team need to succeed?
- Did my salesperson ask the right questions?
- Did my salesperson follow up? If so, how frequently?
- Did my salesperson follow through with the information our prospect was looking for?
- Was there a call to action?
- Did my prospect have realistic expectations? Are they expecting something out of scope?
- Would my product or service benefit the prospect?
- Was our prospects budget vastly different from where we are priced?
- What was the prospects level of interest throughout the sales process?
Having a post-mortem on lost deals should be high on the priority list of every manager. Who knows, maybe your next sale will come from beyond the grave (cue dramatic piano). What are some of things you look for when reviewing a lost opportunity?