One of the biggest growth opportunities for salespeople and the company overall comes when you don’t make a sale. It’s easy to feel defensive or even critical of the prospect when you hear, “We decided on someone else,” but those are emotional reactions. If you can set emotion aside, you can often learn surprising lessons.
In many cases getting a “no” is a good indication that the prospect was not going to be a good fit, and your company certainly wasn’t a good fit for them. In that case, the lesson you want to learn is how did they get so far in your sales process? Presenting to a prospect who isn’t a good fit is a waste of time for you and them, so try to uncover how it happened.
You can ask the prospect questions like, “When did you decide we weren’t the right company for you?” Or “What happened that helped you reach this decision?”
An important note – before you ask specific feedback questions, set the stage for why you’re asking. Be transparent – thank them for their time and let them know you’re glad they found a company/product/service that’s a better fit for their needs. Then explain that you’d like to learn from the experience by asking a few quick questions. This is best done on the phone or in person if possible. Once you have their approval, ask, and take notes (this shows you are serious, not just going through the motions).
Other questions you may want to ask:
- I’m not asking you to change your mind, but what is one thing we could have done differently to earn your business?
- Were others involved in the final decision who we didn’t meet?
- Tell me about any inconsistencies you noticed during the process.
- Please be honest – If you were to share information about your experience with our company with a friend or business acquaintance, what would you tell them about [company name]?
Finally, thank them for their time. If you ask these or similar questions each time you don’t make a sale, it’s likely you’ll discover opportunities to improve your prospect qualifying, your pre-sale questions, your overall sales process and even how you present your estimates or proposals.
The only real downside is having to relive being told “no,” but the benefits and chance for improvement are far more important.
Do you ask for feedback from prospects? Tell us what questions you find helpful!
