Sales POP - Purveyors of Propserity
Pipelinerpreneurs: The Importance of Understanding Lost Opportunities
Blog / Entrepreneurs / Jan 12, 2021 / Posted by Nikolaus Kimla / 116 

Pipelinerpreneurs: The Importance of Understanding Lost Opportunities

0 comments

The difference between a won and a lost opportunity is sometimes very narrow. The good news is, we don’t lose all of our opportunities. But we don’t win them all, either. Understanding why opportunities are lost is vital to winning more of them.

The Pipeliner CRM Archive

It is for that reason that, with Pipeliner CRM, we make it possible for you to fully understand lost opportunities, and we are the only CRM to do so. The Pipeliner CRM Archive is arranged exactly like the active pipeline view. Leads and opportunities contain all information that was present when they were archived, including documents, emails, notes, social media interactions, tasks, and activities. If a deal comes back to life, it can be restored to the active pipeline with one click.

Through the Archive, you can conduct analyses of lost opportunities, and discover vital factors such as:

  • at which sales stages you are losing the most deals
  • which sales reps need mentoring and coaching, and in what areas
  • which products or price points are losing you the most deals
  • accuracy of close dates and lead scoring

and much more.

Within the Pipeliner administration interface, the “loss reason” field for opportunities can be customized. Reasons could include price, competition, a missing feature, or even some kind of clash between the salesperson and the prospect.

Conducting such analyses makes it possible to completely understand losses, and for particular types of losses to not happen again. Through that understanding, changes can be made to your processes, and steady improvements can occur.

As a Pipelinerpreneur it is very important to understand why you lose so that you can adapt that information to a better strategy for winning. If you could increase your win rate by 1 percent per month, that would be 12 percent per year. If you kept this increase up, it would be 24 percent over 2 years—that would make you a master!

A bigger company would really benefit from such increases, even if they were 2 to 3 percent per year—such percentages are astonishing when you’re dealing with large sales figures.

Constantly Learning

Whether you win or lose, there is always a lesson either way. With a win, you can take a lesson on how you can sell more to that customer, or how they will provide referrals or even an introduction to an investor. You service them well so that they will renew wholeheartedly at the end of the year, and they even become an ambassador for you.

A lost opportunity is never a total loss. You have stored all of that opportunity’s information in the Archive, and that information is always valuable. It could be, for example, that several deals were lost because of a missing feature or benefit. When that benefit or feature is finally added to your product, you can revive those opportunities and offer them what they were missing.

Follow-Up and Maintaining Relationships

It is therefore critical that on both sides—wins and losses—you have processes in place for follow-up. With Pipeliner’s powerful Automatizer functionality, you can make such processes automatic. For example, you could set Automatizer to send a personalized email every 3 months to customers inviting them to a short meeting. Some will take you up on it, some won’t, but having that “reach out” from you is always meaningful.

That follow-up should be part of an overall strategy of building a relationship with the customer. That relationship helps you obtain more business from the customer as well as reviews and recommendations. Of course, that relationship building should be there from the beginning. In that first moment when they have signed up, the customer has the most motivation to speak highly of your company and products, and you should take full advantage of that. Always ask for a recommendation at that point, and then regularly from then on.

Maintaining a relationship is especially important in SaaS or any kind of remote business. In SaaS, most people cancel contracts because they don’t have any kind of relationship with the company, so they don’t care about renewing. It’s much harder to cancel a contract when you have a real relationship with a company and think highly of them. As a Pipelinerpreneur, I highly recommend that, in your local area, you even pay customers personal visits. This is another way you can show them appreciation for being your customer.

To Sum Up

  • Fully understand your losses, so you can strategize better wins from them.
  • Analyze losses using the Pipeliner Archive, so that this understanding is always present, and loss reasons can be corrected.
  • Use that understanding to continue and strengthen relationships with customers and prospects.
About Author

A 30-year veteran of the computer industry, Nikolaus has founded and run several software companies. He and his company uptime iTechnology are the developers of World-Check, a risk intelligence platform eventually sold to Thomson Reuters for $520 million. He is currently the founder and CEO of Pipelinersales, Inc., developer and publisher of Pipeliner CRM, the first CRM application aimed squarely at actually empowering salespeople. Also a prolific writer, Nikolaus has authored over 100 ebooks, articles and white papers addressing the subjects of sales management, leadership and sales itself.

Author's Publications on Amazon

Inside this eBook, you’ll discover a series of chapters dedicated to some of the most important areas facing sales today. From the sales process definition to measurement, lead generation, and proven sales techniques, this comprehensive eBook will provide you with the information you need to…
Buy on Amazon
A common term in sales today is EQ, which stands for “emotional I.Q.” It means the skill a salesperson has in reading emotions and utilizing them in sales. It means empathy and a number of other abilities. The short version is, it’s an I.Q. when…
Buy on Amazon
People are smart to question the future of automation, for it has become part of everything we do. With the quantity of applications and technology around us, we yet still crave more. We become convinced of its power when our package is delivered from Amazon…
Buy on Amazon
Sales management isn’t a simple subject by any means. But at the same time, it does have some basic and somewhat simple fundamentals—and that is what we are bringing to you with this book. First come pain points of sales management, and how to overcome…
Buy on Amazon
Today the Internet has transformed a seller's market into a buyer's market and author Nikolaus Kimla states that the role of sales has never been more crucial. It is now time to give salespeople the role they factually can play: entrepreneurs within the enterprise. They…
Buy on Amazon
This is our public declaration of the intentions behind Pipeliner, and our objectives and motives for the product and for our company. Behind the development of that CRM application and, in fact, behind everything we do, we have a real cause. The story begins with…
Buy on Amazon
For the future, there must be a perfect balance of humans and technology. You have to have the perfect technology, andthen the perfect human being in application, performance and presentation. Today and into the future, it’s a 50-50 balance. In the past it was perhaps…
Buy on Amazon
The salespreneur is based on the concept of the entrepreneur. Before we can explain the salespreneur, you have to have some understanding of the entrepreneur. The entrepreneur plays a crucial role in any economic system. The entrepreneur seeks out information that can be utilized for…
Buy on Amazon
A seasoned captain would never leave port without a competent navigator. In a similar way, a sales manager might be a total ace at "commanding the ship" – at inspiring and coaching sales reps, pointing out and getting agreement on making quotas, and keeping everyone's…
Buy on Amazon
Comments

..
.
.
..
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. For information on cookies and how you can disable them, visit our privacy and cookie policy.