No one wants to dwell on their lost sales. These sneaky figures represent all the potential earnings we missed out on because we didn't quite hit the mark for our customers' needs - whether it was timing, budget, or that pesky competitor down the street. A recent spotio article shared that only 20% of sales deals actually close. That means there's a big, shiny opportunity to learn from the remaining 80%.
Diving into why these opportunities slipped away can give us some really valuable insights. We can use this knowledge to improve our products, tweak our sales tactics, and create an overall better customer experience.
With the latest update to Matrix’s Monarch media ad sales platform (February 2024), you now have the power to record the specific reasons behind any sales that didn't go through. And even more important? This reason will show up on your Deal Status Report. It's a fantastic way to keep a detailed record of all your sales activities, especially those that didn't quite cross the finish line.
Identifying the reasons for lost sales can provide insight into potential challenges hindering sales success. It can help reveal patterns or trends affecting lost sales. To further simplify the workflow, Monarch users can choose from a list of reasons for the lost deal and additionally, record specifics in an open-ended dialogue box.
Knowing is half the battle, right? Once you've got a handle on the trends across your lost deals, you can start crafting effective strategies to overcome these challenges. Whether that be refining your sales techniques, adjusting your product offerings, tweaking your pricing model, or enhancing your customer service approach, you’ll be making informed, data-driven decisions. You can pave the way for more successful sales conversions, happier customers, and ultimately, a nice uptick in revenue for your business.