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What are your CRM options for "Reasons for Loss"

In your CRM: when you close a deal as lost, what are your options for "Reasons for Loss", and how do you reduce "price" as being the easy option to select?

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    • Profile picture of IzzysPop
      @izzyspop
      ( 930 POINTS )
      1 month, 2 weeks ago

      currently we have: Authority, Competition, Contract Term, Feature, Need, Poor Qualification, Price, Timing or other. What we’ve done is created a “Loss Reason Detail” box that has to be filled in. So, for example, if the rep chooses Price, there needs to be an explanation. An automated email then goes out to the appropriate people within the sales team for review. It still lies with the manager to review those, but our particular business is not a large volume of deals, so there is time to review when one closes.

    • Profile picture of Macky Bradley
      @mackybradley
      ( 0 POINTS )
      1 month, 2 weeks ago

      Hi @salesgeekdean Dean!

      I like the response from @izzyspop I have been trying to get these fields (close lost) as detailed as possible. And as mentioned, certain fields you can have directed to the : Sales Manager, Sales Enablement and VP of Sales. I would say that the ideal I always try to get across is that just because they aren’t customers today, they will be tomorrow. So the data has to be tracked, therefore these fields need to be as accurate as possible. So after you have these processes set up, have it where the manager and say 1 other VP have reviewed the deal, verify everything was done to push the deal forward, and that the close lost reason is correctly documented. At this point, the next step is what proper follow up track do we place this opportunity now, going forward? A lot of times, people leave, roles change, territories change, buying contacts change. Then the process starts back over. If you have a plan like this, perhaps it will help to make sure you get that customer back if you lose them the first time.
      I hope this helps!

      Thanks for your question.

      Cheers!

      Macky

    • Profile picture of Tom Williams
      @tom
      ( 530 POINTS )
      1 month, 2 weeks ago

      We don’t have Price as a reason. But we do have “Bad ROI”. That will help remind Reps to nail down that ROI value prop earlier in the sales cycle. A “Bad ROI” loss late in the cycle means you need to work on your discovery.

    • Profile picture of Colin Campbell
      @colin-campbell
      ( 0 POINTS )
      1 month, 2 weeks ago

      Really solid objection handling training can help with this. “Price” or “no budget” is an easy excuse for prospects, sometimes, so you have to know if that’s really the issue.

      If they truly don’t have any money, or not enough money, then you should track “no budget” or “price” as a closed-lost reason. But the team has to know how to triple check that for truth, and not just take it as wrote.

      Josh Braun did a pretty great webinar on this:

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