Here's how you can analyze and learn from a failed sales opportunity.

To learn from a failed sales opportunity, one need reflect on the process, identify root causes, seek feedback, analyze data and competition, evaluate performance, and consider training needs. Make process improvements, adjust strategies, and embrace continuous learning. Use failures as opportunities for growth and refinement to become a more effective sales professional. Remember, failure is a stepping stone to success when approached with a learning mindset

A good starting point to get real feedback is to ask for feedback to be reported to product engineering, i.e. involving the product or solution functionalities, pricing and so on. This can lead to interesting discoveries and, at the same time, show your interest in improving.

Asking good questions can sometimes lower the resistance of the person you are reaching out to. Sometimes a simple question trying to get feedback on your solution or something that you could have done differently can yield a ton of great feedback. Folks will surprise you how helpful they can be sometimes.

Getting feedback is the most important thing of all in order to be able to understand the reasons for the decision. Sometimes it is information that indicates where the product has a deficit compared to other products on the market. This information should definitely be passed on to product management. Sometimes it can also be the case that the prospect has not understood everything correctly. Since it is the job of sales/presales to explain the solution in such a way that the prospect can understand the added value, this feedback can be very helpful in understanding what could be improved in the explanation next time. Experience shows that you sometimes have to ask several times before you get feedback - so don't give up too quickly 🙂

In refining our sales strategies, one effective tool I've utilized is a workshop sheet developed in collaboration with my account executive. This sheet helps us align on our capabilities and the strategic narratives we want to emphasize during our calls with prospects. As we engage in further discussions and gather feedback, this workshop sheet serves as a dynamic guide. It allows us to stress test our initial hypotheses and uncover valuable insights, enabling us to fine-tune our approach effectively. This method ensures that our sales strategies remain agile and responsive to our prospects' evolving needs, leading to better alignment and enhanced outcomes in future engagements.