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Prospecting for Leads

Mindset: Re-activating Closed Lost Opportunities

5 min
Average Score

Matt Doyon

Chief Executive Officer @ Triple Session

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Closing deals is a crucial aspect of any business. However, closed loss deals, where you have already received a "no" from a potential customer, require a different approach and mindset. In this blog post, we will discuss how to effectively work with closed loss deals and maximize positive outcomes.

The Value of Closed Lost Deals

While it may seem counterintuitive, there is potential value in extracting revenue from closed lost deals. However, this requires the right mindset and approach. Your attitude towards working the closed lost pipeline sets the foundation for either success or failure. If you want to turn closed lost opportunities into a consistent channel of revenue for your business, it all starts with what is called "skeptical optimism."

Embrace Skeptical Optimism

Skeptical optimism is all about maintaining a healthy skepticism while also being optimistic about the potential of certain deals. It's essential to assess whether it is worth investing time in a particular closed lost opportunity. Sometimes it's best to cut your losses and walk away. However, you should also be optimistic that some "no's" can eventually turn into "maybes" and even "yeses."

Viewing Closed Lost Opportunities as a Pool of Revenue

With the right mindset, you can start looking at closed lost opportunities as a pool of potential revenue. While not all opportunities will be great, you can still yield a return on your initial investment, much like a savings account. Remember, you have already invested time in these deals that ultimately resulted in closed losses. By approaching it with the right mindset, you can extract some revenue and interest from them.

Thinking Long Term

Another important aspect of a healthy mindset when working with closed lost opportunities is thinking long term. Don't expect immediate results or quick turnarounds. It's crucial to play the long game, considering revenue extraction six months, twelve months, or even longer down the line. This long-term perspective should shape how you approach conversations, deals, and the closed lost process as a whole.

Education Over Presentation

Your general approach to sales greatly impacts your success with closed lost opportunities. If your mindset focuses on pitching and solely highlighting your product or company, you are bound to encounter more lost deals. To turn no into maybes and yes, your philosophy should revolve around educating potential customers and gaining agreement that your worldview is the right one for them.

Building Relationships

When it comes to closed lost deals, relationship-building plays a significant role. Constantly talking about yourself, your company, and your products will not lead to success. Instead, focus on keeping potential customers engaged and warm. By taking an educational approach and genuinely understanding their needs, you have a better chance of eventually turning closed lost opportunities around.

The Three Components of a Healthy Mindset

To summarize, there are three key components of a healthy mindset when working with closed lost opportunities: skeptical optimism, thinking long term, and prioritizing education over presentation. Incorporating these elements into your attitude towards working with closed lost deals can transform them into a growing revenue stream that you can rely on even during periods of low lead and opportunity flow.

Approaching closed lost deals with the right mindset is crucial for extracting value and revenue. By adopting skeptical optimism and viewing closed lost opportunities as a pool of potential revenue, you can maximize positive outcomes. Remember to think long term, focusing on education rather than presentation, and building relationships with potential customers. With a healthy mindset, closed lost deals can become a consistent channel of revenue for your business.

In future sessions, we will delve further into effective strategies for working with closed lost deals and optimizing your time and resources. Always remember that practice makes progress, so keep refining your approach and best of luck in your sales journey!

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