Customer Relationships
Six Things To Do When You Lose a Sale
By Dave Anderson
Mar 22, 2005, 17:43

Sometimes deals are lost when a customer says “no”. Other times it is when a customer backs out after the contract is already signed. While you cannot choose what happened to cause the lost sale, you can choose your response. And since the fate of your sales career will be determined greatly by the quality of these choices, it's vital you make the right ones. At this week's meeting go over the following six things to do when you lose a sale and begin turning apparent losses into great gains.

1. Save the sale! Don't give up too soon. Dig, dig and persist until you either make the deal or honestly determine the deal is dead.

Sales expert and author Ralph Roberts estimates that 75% of “lost deals” can be saved if the salesperson will stay positive, persistent and creative.



2. Find out why. The feedback you receive can help you improve and make the lost sale pay you back many times in the future.

Ask the customer: “I'm always trying to improve my skills, so please tell me why you decided to wait/buy from another, etc.—you won't hurt my feelings. You'll help me get better.” Then learn from the response.



3. Stay in touch with the customer. You may have lost a battle but you can still win the war.

Many times a customer regrets their decision to go elsewhere almost immediately after their purchase. Keep your foot in the door. Keep them on your mailing list and call and ask: “How are they treating you?” “Is everything ok?”



4. Thank them for their time. Send a thank-you card. This one act differentiates you from 99% of salespeople.

Not only will this set you up for future referrals and purchases from this client, it will make an even higher-impact impression if the person making the sale hasn't followed up.



5. Ask for a referral. If you follow the above steps, referrals will be even easier for you to gain from a sale you lost.

Don't be afraid to ask for referrals. Many times the reason a prospect bought elsewhere will not inhibit them from sending you their friends. By asking, you also keep the door open for a future relationship with the lost-sale customer.



6. Move on! If you view a lost sale as a learning opportunity you will be ready to move on and make the next sale---which is probably right around the corner.

Don't take the loss personally. It's part of the business. Believe in the laws of numbers and know that this lost sale just moved you closer to your next deal.



Always remember: While you cannot choose what happens to you, you are still responsible for choosing the right response to what happens to you. And the quality of your response will determine the quality of your career—and your life.

About The Author: Peak performance author, columnist, trainer, speaker and radio show host for sales, management and leadership, Dave Anderson walks the talk as a leader. He has led some of the most successful retail automotive dealership in the country—the most recent dealer group he led had over $300,000,000 in annual sales—and now gives 150 presentations, workshops and speeches annually on sales and leadership development around the globe.

Dave is author of over 50 training programs on sales, management and leadership including the books, Selling Above The Crowd: 365 Strategies For Sales Excellence and No Nonsense Leadership: Real World Strategies To Maximize Personal & Corporate Potential. Dave authors a monthly leadership column for Dealer magazine, publishes a monthly leadership newsletter and hosts the weekly radio talk show, Dave Anderson’s Learn To Lead Hour. His books, cassettes, videos, newsletter, column, web articles and live presentations pull no punches and provide real world strategies for peak performance in business and in life.

Dave is a member of the National Speaker’s Association and is a featured speaker at conventions worldwide.

Dave is president of the Dave Anderson’s Learn To Lead and LearnToLead.com, a cutting edge web site providing hundreds of free training resources to thousands of subscribers in over 30 countries.

Contact Information:
The Dave Anderson Corporation
P.O. Box 1119
Los Altos CA 94024
Phone: 800-519-8224
www.learntolead.com
dave@learntolead.com

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