The first question salespeople ask themselves when they lose in a new business situation is, “Why did I lose?” Salespeople often ask prospects why they lost a deal, but they don’t typically get a straight answer. In fact, according to sales research data, the complete truth from prospects is shared only 40 percent of the time. This means that on average, in 60% of new business situations, salespeople do not have a complete and accurate understanding of why they lost.
Understanding why a deal is won or lost is critical, yet most sales teams and companies have a limited understanding of the true reasons for winning and losing. Clearly there is a significant opportunity for many companies to improve their close rates by better understanding prospect perceptions.
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About the Author
Richard Schroder is president of Anova Consulting Group, a leading market research and consulting firm focused on Win Loss Analysis and Client Satisfaction Research. He is a sought-after speaker and a recognized thought leader in Win Loss Analysis. He is the author of a new book, From a Good Sales Call to a Great Sales Call (McGraw-Hill, 2011). To read Richard’s complete biography, click here.
Learn more about the Anova Consulting Group at www.TheAnovaGroup.com.