We all have deals we know we should have won, they had our name practically written on them, all we had to do was complete, yet in the end, the commission went to a rep from another company. First you need to do is dig in and understand why you won, much like you would when you win, or when the prospect takes no decision. While many do this, the findings are only as good as the answers to the questions posed allow. Meaning if you set out to review the wrong thing, you will reach the wrong conclusion, go back out and still lose the next similar deal.
The questions you pose in this review are important, but as or more important is who asks the questions. For example sending a rep back to ask why they lost the deal leads to a predictable yet useless response: PRICE. It is useless because it is usually not the case, but the most efficient way for someone to blow through the exercise. Think about it, they just made a decision they are not about to change or undo, as a result any time spent with talking reps who clearly missed the point to start with is hardly a good use of time, especially when for many, implementation and successfully delivering is often as or more risky than the purchase decision itself.
It is better to have a party not directly involved in the transaction be the one to go back in, say someone from sales ops, or better yet someone from marketing. The key is someone who can transcend “the deal”, and truly look at things from the buyer’s perspective. Going back in and asking all the product centric, “what we do, how we do it”, question, spiced with “my company” statements, will not only confirm to the buyer that they made the right decision, you will not learn anything that will help you win in the future. If you don’t think you can do this, there are companies that offer
Sending the rep in, only to hear it was price will just lead to the average rep coming back and telling you and anyone who will listen, including other reps: “I told you, we’re overpriced, that’s why we can’t close sales”. Not something that leads change and improvement moving forward.
If you are wondering what to ask about, here are two steps. First, get out of your head, your view of the world, and get into the buyer’s. Rather than thinking about what you or your company sells and more importantly why you think that, turn the telescope around and ask “what are companies trying to achieve, why, and how can they best get there; how can I contribute to that?” Sales and marketing people are often surprised how when looked at through that key hole, how badly off target they were with their questions and messaging. The other steps is know what to focus on. The simplest way to start this turnabout is to go to some of your best clients, current clients who have choice yet continue to do business with you, and ask them why they do, what they like and how that helps them achieve their objectives. You’ll find price is rarely in the top five things, and less so top three reasons. What you’ll hear about are things relating to your innovativeness in helping them achieve objectives, including R&D they benefit from, ability to understand and help their business, ease of total relationship, including issue resolution, ability to add value to their offering, and more.
Getting it right ensures more sales, more margins and winning team. This may take time and effort, but so does losing deals.