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Why You Should Learn from Lost Sales

Why You Should Learn from Lost Sales

Losing a sale can be tough to process and hard to stomach. For those of us with sales experience, we understand the intense amounts of time, energy and commitment that goes into even trying to gain a sale. It also involves emotional investment and we can become emotionally invested in a potential deal.

This is why it can really hurt when a potential sale is suddenly taken away from us, or when a prospect chooses a competitor.

At Paragon Sales Solutions, not only have we experienced this, but we have worked with many sales professionals who have gone through similar rejections in the past. We want to share our advice with you.

If you have ever felt the disappointment of a lost sale, or the rejection of a sales relationship, know that you are not alone.

Read on and share this with a work colleague or someone who needs a bit of encouragement.

Maintaining a friendly relationship with a prospect after not making a sale can be beneficial. Even if they don’t buy from you, there is still a chance that they may return in the future or refer you to someone else. Keeping the relationship positive will ensure that these possibilities remain open.

Don’t be shy to ask your potential customers for feedback after losing a sale. It is often surprising how often a customer has told me about not getting the job, yet after requesting their feedback, I was able to identify and fix the issues and eventually win the job.

Sometimes prospects might go with someone else because of details you have missed or because your competitor seemed better on the surface.

Therefore, I always suggest salespeople use this question: “Thank you for informing me. For my future reference, can you please tell me what I could have done to win the sale? Did I miss or not deliver something in the proposal?” Usually, customers will provide their feedback. If they mention points that are not changeable, take the advice in mind and use it for your next prospect.

Converse with friends and colleagues in a friendly manner. Discussing your feelings and experiences with those close to you can be beneficial. Don’t keep your emotions internalised as this can cause further frustration. Building a support system with your trusted confidants is essential when dealing with the emotional challenges that come with sales. Let’s work together to help one another!

Attend to your prospect with a friendly attitude. Reach out and check up on them, maintain a relationship that remains open and welcoming. Be available for them whenever they may need you – who knows, one day their current supplier could become unavailable or their contract could come to an end. Should these circumstances arise, you want to be the first person they think of.

All of these elements can be supported with our sales training packages. If you, or anyone you know could benefit from our professional sales training packages, be sure to hit this link HERE.

Paragon Sales Solutions are a multi-award-winning sales and marketing agency, formed by expert sales trainer and author, Robert Spence.

We offer an array of services designed to help our clients see an increase in their bookings, enquiries, leads, and sales.

If you would like to learn more about how Paragon Sales Solutions can help you to grow your business, be sure to contact us today.

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