Sales Hustle is now Sales Transformation
March 7, 2022

#259 S2 Episode 128 - How Sellers Can Learn From Their Losses

In this episode of The Sales Transformation with Collin Mitchell podcast, Collin talks about ways for sellers to learn from the deals that they lost. While nobody likes losing deals, Collin reminds everyone that even top sellers lose more deals than those they win. The key is to learn from these failures by constantly asking for honest feedback and seeking areas of improvement.


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HIGHLIGHTS

  • The losses always outnumber the wins
  • Most losses come with lessons to be learned 
  • Ask for honest feedback from prospects you lost 
  • Make it personal, but don't take it personally

QUOTES

Collin: "The key between people who excel from those losses or allow those losses to hold them back is if you can shift your mindset into viewing it as a positive."

Collin: "Always be looking for those areas of improvement. And you can do this by reviewing your calls, looking back at some signs that the prospect wasn't a good fit, or that they didn't really value you solving the problem. There's a lot of different things that you can maybe find in these recordings. But the key is to be seeking it out." 

Collin: "It has nothing to do with you as a seller or as a person, or you not being good enough. That's not why you lose deals. You lose deals for many reasons beyond your control. And sometimes there's things you could have done better, but the key is not to take it personal, but make it personal."

Learn more about Collin in the link below: 

Also, you can join our community by checking out @salescast.community. If you're a sales professional looking to take your career to greater heights, please visit us at https://salescast.co/ and set a call with Collin and Chris.

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Transcript

[00:00:00] In the world of sales, you either sink or swim or breakthrough to the next level. My name's Colin Mitchell, and this is sales transformation, a new kind of sales show designed to bring you through the epic life-changing moments of elite sellers. So you can experience your own sales transformation.

[00:00:24] All right. Welcome to another episode of sales transformation. Today's going to be a solo episode where I'm going to talk about how sellers can learn from their loss. Now, this is an important piece for sellers, because even if you're in elite seller, even if you're at the best seller on your team and you've made president's club time and time again, you're still gonna lose more than you win.

[00:00:50] Now, the key between people who Excel from those losses or allow those losses to hold them back is if you can shift your mind. Into viewing it as a positive. So in every line, Well, let me back up most losses. There's something you can learn from that loss. Um, always be looking for those areas of improvement.

[00:01:20] Okay. And you can do this by reviewing your calls, um, looking back at, you know, maybe some signs that the prospect wasn't good. Or that they didn't really value you solving the problem. Um, there's a lot of different things that you can maybe find in these recordings, but the key is to be seeking it out.

[00:01:39] And then another thing that you can do is in the deals that you do live. Go back to those prospects and ask them for feedback and ask them for honest, candid feedback and not as some sneaky sales tactic to get them back into your pipeline, but genuinely to just see what you can learn better. And that might look like something like, Hey, Mr.

[00:02:01] Prospect or Mrs. Prospect. Um, it seems like we didn't earn your trust. I just would like to know if there's anything that we could have done better and just see what they say. Sometimes it may also take a few times of following up to get that feedback because sometimes giving, uh, for, for some people. Eh, they get uncomfortable giving that type of feedback or telling people what they don't want to hear, or they may think that you're going to try to trick them into continuing them in down the sales process or, uh, for whatever reason.

[00:02:36] So you may have to give them a call. You may have to send them an email a few times and just make it a really low pressure ask like, Hey, no pressure, totally understand that we were not a good fit, would just, you know, love to learn. If there was something that I personally could have done better. Or why you maybe know, decided to go, go another direction.

[00:02:54] In a lot of times you're going to lose deals to them just doing nothing. Um, or in some cases, in some cases you will actually learn something in those feed, in those, uh, from that feedback that a. Opens the deal back up for a potential to move forward. But again, that is not the main reason why you're asking for this feedback.

[00:03:14] You're just looking, you're always seeking opportunities to get better, review your calls, uh, seek out that feedback. And here's a big thing. Don't take it personal. But make it personal. And what I mean by that is it has nothing to do with you as a seller or as a person or you not being good enough. Know that's not why you lose deals.

[00:03:37] You lose deals for many reasons beyond your control. And sometimes there's things that you could have done better. Okay. But the key is not to take it personal, but make it personal, make it personal, uh, to the regard that you actually look at it as a. To get better to improve. And if you have this sort of mindset in your losses, this is how you can learn to constantly improve as a seller.

[00:04:02] If you enjoyed today's episode, please write a review, share the show with your friends. It really does help me out. And I'm always listening for your feedback. You can go to sales, transformation.fm, drop me a voice DM, and I will get back. Hey, you stuck around that tells me you're serious about your own sales transformation.

[00:04:22] If you're tired of doing things the old way and want to get started in your journey with other people on the same path, head over to sales, cast.community, and crush your numbers on your loadable. Yeah. It's free sales cast.community. Send me a DM with your best pitch and mention this ad. And I might even give you free access to our best temples.