So you lost a deal. Now what?

Good morning,

And congratulations on reaching your last Wednesday of Q1. Today we’re discussing what else you should be doing once it’s clear you’ve lost a deal besides punching the air. Let’s dive in. 

There’s beauty in believing you played a significant role in the loss of a deal. I’m perpetually optimistic, especially after a failed sale/interaction. Here’s how you, the optimistic seller, can better engage with losses:

Accept your role in the lost deal. Don't blame the economy, your management, your book of business, or your lack of resources. You’re the architect of your results. This isn’t out of touch sales hardo logic either; it’s the mindset difference between you changing behavior after a failure and you repeating the same fruitless actions.

Embrace your role in the lost deal. Fully taking accountability for the negative situation you're in is liberating. You possess the power to change your circumstances. Once your past actions have been fully blamed for your present circumstances, your current actions will start to impact your future outcomes. I’m not saying the playing field is level— it’s not. But I am saying deflecting responsibility isn’t going to help you grow or find greener pastures. 

Learn from your role in the lost deal. Failure provides you with important data points on what you may need to change. And if it’s not clear what went wrong, do a thought exercise and ask yourself “If I could go back in time and do things again, what could I have done differently?” Hone in on potential junctures where you could have taken an alternate path. Tell the client you understand they won’t move forward with your product/service, then immediately ask for candid feedback on what you could have done differently. Even if they say, as an example, “It wasn’t you; you were great. But we couldn’t have known our VP of engineering actually had final say here” it should be clear you could have managed stakeholders more effectively. We’re perpetually students of the craft.

Reflect on a stalled or lost deal/fruitless stakeholder interaction from this quarter. Talk to a coach about what you could have done better. Consider shadowing a meeting and learning from another person whose work style you respect. You’re never too senior to learn.

The average B2B sales win rate in 2022 was 25% (source). That means the vast majority of deals are lost. But don’t take this stat as something that lets you off the hook. You should close more than the industry average since you’re blessed with the ability to meaningfully learn from your losses. You got this.