In this series on How Automotive Companies Can Survive The Future. I’ve already looked at using Inbound Companies as a new lead source. This times let’s ask “Do you review lost deals to improve future sales?” Read on to join the #SalesSuperleague.
As always you can read our blog, watch the video on YouTube, or listen on iTunes and Soundcloud...
Humans hate failure, let’s just put that out there
We never like to admit that we are wrong, made a bad decision, didn’t do something we should have done, missed a sign that could have progressed a deal, pushed for a sale too early or chased up a lead too late.
Humans are Infallible (oh and by the way buyers are human too)
But, inbound sales is all about being human. We thrive when we learn from our mistakes and it’s an activity we take seriously here at The Tree Group.
The automotive and motorsport industries are notoriously niche. We all know each other, either directly or indirectly. We understand who the buyers are and how they all differ, both in personality and protocol.
We use the HubSpot CRM so we can link all the relevant people to the same deal to easily see who is involved - are they technical, management, engineers or buyers?
HubSpot CRM lets you create and manage your deals, from creation through to fruition. And yeah, those deals that were lost too.
Own your deals
Every deal should be managed and personalised to that buyer and company. In a perfect world, every deal you create has a 100% chance of winning. If you know where that perfect world is, please let me know.
Every deal has variables and constraints - budget, lead time, policy, certification, internal politics, legal limitations, geography. This list could go on and on.
So as painful as it may be, here are five top tips to manage your deals in HubSpot. You won’t enjoy them, but here we go:
Look at every single deal you have lost.
Make sure you know why and enter into the HubSpot CRM why it was lost. Categorise the reasons - for example - ‘the quote was not in budget’, ‘it was not the right time’, ‘the lead time was too long’, etc.
Be honest, don’t makes excuses. If it was your fault, own it.
Set a task to review those deals within your marketing and sales teams. Note - this isn’t a blame game. If you work collaboratory, everyone benefits.
Analyse the main reasons why a deal was lost.
The next step - create a strategy based on your lost deals
I went through a recent exercise of looking at lost deals for a client. The primary reason? It was not the right time for that buyer or company.
Be sure to qualify why it was not the right time at the time the deal failed:
- Did you target the wrong decision maker?
- Did we not educate them enough on our product?
- Did they know our product was not FIA approved or road legal?
- Was the buyer working with another supplier?
- Why did the company not see the value offering in the product / service?
None of these reasons for turning down a deal will stay constant. Let that last sentence just sink in. Which is why you should be constantly reviewing lost deals.
What now?
Create a task in the next 3/6/12 months to review lost details. Ask yourself:
- Are their regulation changes?
- Has the buyer moved or has the relationship with the previous supplier changed?
- Have we maintained a good relationship with the company so when the situation changes they are aware of what we offer and consider us in their contract renewals?
- Have we educated the buyers enough on our product to approach again?
What about won deals?
Congratulations on that. You are only as good as your last won deal. The same rules apply for reviewing the successful deals - but that’s for another blog...
To learn more about improving sales, start with How Automotive Companies Can Survive The Future.
You might also be interested in…
Our blog series for Automotive companies on Business Growth, How to use HubSpot, and Website design, our podcasts on iTunes and Soundcloud, and our videos on YouTube.
About The Tree Group
The Tree Group is a business growth agency and HubSpot Certified Partner that combines sales, marketing, and websites to help Automotive companies with at least 10 staff and a desire to grow by 15% in the next 18 months. Does that sound like you?
