I hate losing. No matter what it is, no matter how big or how small, I hate it. I hate losing a game of rock, paper, scissors. That’s just the ultra super competitive monster in me.
I’ve learned to embrace this monster to make me better at both winning and losing.
I’m getting better at winning deals and new business, and when I really go after something, we end up winning it more times than not. But it’s those not times that still eat at me, so I’ve create a lost deal process.
My Lost Deal Process:
- Curse loudly if appropriate — I need to blow off the frustration before I can start thinking clearly about what just happened
- Embrace it — 99% of the time, it really is lost and not coming back
- Initiate intel mode — send an email, jump on the phone, basically do whatever I can to gather info on why I lost. Most importantly find out a) who won b) at what price c) what is their answer why I lost
- Put the pieces together — review and relive every interaction with the potential client. There is a reason why I didn’t win (and sometimes that’s different from why they told me that I lost) and it’s really important to recognize exactly what happened
- Learn from it — now that I have as much info as I can get my hands on, I identify what could have been done better and how I can tweak the sales process to avoid the same mistakes next time
It certainly doesn’t take away the sting of a lost deal, but it really helps me get some closure and make sure that the next time around I win!