Track the reasons your team is losing Deals, so you can identify why and prevent future occurrences.
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:
1) Create a multitude of options to ensure all scenarios in which a Deal may be Lost are provided as options. Be thorough
2) Don't create an 'Other' Loss Reason as a catch-all. This data is hard to manage and results in unusable reporting
3) 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!