When a sales rep fails to close a business opportunity or loses a Deal, sales managers will invariably want to know why. A sales team can’t improve and learn from its mistakes if individual reps don’t keep tabs on what mistakes they're making.
Creating a culture of recording Loss Reasons establishes rep accountability while providing sales managers with more insightful and detailed reporting. You, as a manager, can then use these insights to implement new processes or programs to prevent such scenarios from recurring.
Here are (3) tips and tricks for configuring your own Loss Reasons:
- Create a multitude of options to ensure all scenarios in which a Deal may be Lost are provided as options. Be thorough
- Don't create an 'Other' Loss Reason as a catch-all. This data is hard to manage and results in unusable reporting
- Try not to get Loss Reasons confused with Unqualified Reasons (unable to contact, inaccurate or incorrect data, no purchasing authority, etc.)
After customizing your Loss Reasons, next time a Deal is moved to Lost, the person moving it will be prompted for the reason why!