Written by: Vickie Sullivan | March 09, 2021
When You Lose a Deal: Lessons Learned
Yep, it’s disappointing when you lose a deal to someone else. What you do next, though, will help prevent that from happening again.
Once you get over the loss of what could’ve been, here are two things to consider:
• How far did you get? If you were knocked out early, then it’s a positioning issue or a bad fit. If you came in second, the decision was likely more subjective. (Example: A colleague came in second because the winner had already worked with the company, and the buyer assumed they could ramp up faster.) The key is to figure out what was in your control. Fix that and shrug off the rest.
• Should you stay in touch? Again, it’s all about timing. The earlier the rejection, the less impact your follow-up will have. If a buyer decides you’re not a great fit, sending them more info usually won’t change their minds. But if you made the final two rounds of consideration, position yourself to be the credible alternative. Best laid plans get derailed all the time.
Listen: Position Yourself as the Credible Alternative
In business (and in life), you win some and you lose some. You can recoup your losses when you learn valuable lessons from the experience.
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