While there are multiple benefits of win loss analysis, winning back lost business from a competitor can be a sales rep’s sweet spot. So the sales deal got away from you. What now?
Winning Back Lost Business
Here are three successful strategies to recoup lost sales deals:
Identify: Find the low-hanging fruit first.
When searching for lost deals to pursue, evaluate the strength of the loss. Was it a landslide victory or a buzzer shot win for competition? Assign an outcome strength to each deal. We use “strong,” “moderate,” and “weak.” Look for the weak losses first. Those are the deals where you lost by a narrow margin.
Evaluate and adjust: Find the buyer’s perspective.
How do you get the buyer’s perspective? By asking them directly. We place a heavy emphasis on understanding—we tell our customers how important it is to understand their buyers, how sales reps need to understand pain points, how account reps need to understand a customer’s end goals. It’s often implied that understanding is just something we do intuitively. And while sometimes understanding is intuitive, sometimes it’s not.
Connect: Solve the buyer’s needs (not yours).
We’ve all been “sold to” before. Sixty-seven phone calls asking if someone is ready to buy isn’t going to motivate anyone. Neither is that 68th call. People pay attention to things that provide them value from your interactions. Why not try something different? Now that you’ve identified the buyer’s specific pain points and adjusted based on their feedback, give them information relating to those pain points.
What would a multi-million dollar win back do for your company’s top line revenue? Let us know in the comments section below.