Do you regularly communicate with failed sales and train customers? Otherwise, you could be missing out on viable prospects.
It’s easy to think of a lost customer as lost forever. That might be true, but if you don’t keep up with past clients, you could be needlessly sealing your fate.
WHY YOU SHOULD REVISIT FORMER CLIENTS
The client who let their contract lapse or did not include it in their selection process did so for various reasons. Yes, sometimes his company made an unforgivable mistake or did something just as fatal. Often it is subtle. Either way, if you give up on them, chances are they’ll remain old customers forever.
If you take the initiative and reintroduce yourself, you might find out…
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Your company was deemed unsuitable for a reason that is currently invalid. (His prices on him weren’t competitive; now they are. He didn’t offer a one-stop experience; now he does. The salesperson who used to cover that territory was abrasive; his replacement is greatly appreciated.)
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Either the decision maker who turned you down or was unwaveringly loyal to your competitor is no longer there.
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Or the person who used to routinely include you in the company’s selection process has moved up or moved, and the new person doesn’t know you to include.
Possible results: a renewed relationship, news that you really aren’t compatible anymore, or an icy shoulder.
WHY YOU SHOULD REVIEW FAILED SALES
Similarly, with failed sales, you may not have been chosen when a particular decision was made. That doesn’t mean they’ll never consider you again, but it’s your responsibility to stay on their radar. If they are marketed by a sufficient number of companies in your category, they may not include you the next time they open their selection process. By dismissing them, you turn “no” into “never.”
WHO SHOULD COME?
Some companies are very good at asking departing clients for an exit interview and asking failed sales for a post-recruitment report. Unfortunately, many of these companies assign this task to the salesperson or account manager that the customer or prospect just turned down. That’s cruel! Think about it:
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It is very difficult for one adult to say directly to another: “This is how you let me down” or “This is where you fell short.”
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If a past customer or failed sale is willing to come clean, the average salesperson or account manager is likely to get defensive in response. In other words, they reward directness with an argument.
Instead, it’s best to solicit feedback on lost customers and failed sales from your VP of sales or account management (or operations). What at first glance seems like a reckless use of precious time, turns out to be the best way to isolate the root causes and reduce the number of lost future customers and failed sales.
You can ask why a previous customer or failed sale would cooperate and offer honest answers to these questions. The answer is simple:
Companies need suppliers.
If you lost the customer or the sale for reasons that can be addressed to your satisfaction, you may be the supplier that offers the best deal the next time you need your product or service.
Once your team members get over the understandable discomfort of asking for candid feedback and guidance, you may just win (or regain) the relationships you thought were lost forever.