Here's how you can analyze the reasons behind a failed sales deal.

1 Gather Data

Before diving into analysis, collect all relevant data surrounding the deal. This includes communication logs, meeting notes, customer feedback, and your own team's insights. Having a comprehensive dataset ensures you don't overlook any detail that might have influenced the deal's direction. It's like assembling the pieces of a puzzle; you need every piece to see the full picture. With this information at hand, you can begin to piece together what happened and why.

2 Identify Patterns

Look for recurring themes or issues that may have contributed to the deal's failure. Perhaps your solution consistently fell short in addressing specific customer pain points, or maybe communication breakdowns occurred at critical junctures. Recognizing patterns helps you understand systemic issues rather than perceiving the failure as a one-off event. This step is about finding the 'why' behind the 'what' to prevent similar issues from happening in future sales efforts.

3 Customer Feedback

Direct feedback from the customer is invaluable. Ask them candidly why they decided against your offer. Their insights can reveal gaps in your solution or shortcomings in how it was presented. It's important to approach this conversation with an open mind and a genuine desire to learn. Remember, the goal is not to win back the deal but to gain knowledge that can improve your future sales approach.

4 Internal Review

Engage with your sales team to review the sales process from an internal perspective. This includes discussing the sales strategy, the presentation of the product or service, and team dynamics during the sales cycle. Sometimes, the issue may lie within internal processes or a lack of alignment among team members. An internal review allows you to identify and address these areas, ensuring that your team operates cohesively in future deals.

5 Competitive Analysis

Understand the competitive landscape. Did a competitor offer a better solution, or was their sales approach more effective? Analyzing your competition's strengths and weaknesses can provide insights into market expectations and where your offering might need improvement. By benchmarking against competitors, you can identify strategic changes that could enhance your competitive edge.

6 Action Plan

Finally, based on your findings, create an action plan. This should outline specific steps to address the identified issues, whether it's product enhancements, changes in sales tactics, or team training needs. The action plan turns the analysis into a roadmap for improvement, ensuring that the lessons learned from the failed deal translate into tangible changes in your sales engineering approach.