Reactivating closed lost deals is not a simple task that can be accomplished by flipping a switch. To maximize the chances of success in reactivating an opportunity that has already said no once, or even multiple times, it requires a strategic process and ongoing conversation. In this session, we will delve into the details needed to effectively prime your closed lost base, maintain a conversation, and keep them warm so that when the time is right, you can maximize the chances of turning their no into a yes.

The Importance of Deal Nurturing

The first step in reactivating closed lost deals is deal nurturing. The key principle of deal nurturing is to focus on education rather than presentation. It is crucial to maintain an ongoing, encouraging, and credibility-building educational narrative that aims to help the customer rather than just sell to them. By being consistently helpful and providing value, you can stay in front of the closed lost deal and increase your chances of bringing them back.

Multichannel Nurturing

Deal nurturing should extend across multiple channels and take into account all the potential avenues and areas where your client seeks information and stays up-to-date with the market. While email is one channel to consider, it should not be the only one. Take advantage of social media, messaging platforms, and even texting to reach out to your closed lost deals. Eventually, getting them back on a call to provide more value and education is also important. The goal is for the client to consistently see you everywhere and associate trust with your consistent presence.

Logical Moments for Reactivation

To effectively reactivate closed lost deals, you need to identify logical moments – events or changes that indicate it might be a better time to revisit the conversation. Here are four specific logical moments you can look for:

1. Client Changes

Monitor your closed lost clients for any changes in their business. Set up Google alerts to receive notifications about press releases, announcements, new initiatives, projects, products, expansions into new geographies, or any promises they are making to the market. Additionally, LinkedIn alerts can provide valuable information about their hiring activities. Understanding where they are investing their resources provides insights into their interests and can serve as an opportunity for reactivation.

2. Case Study Changes

Signing a significant client or having industry-specific case studies can act as powerful tools for reactivation. When you acquire a blue-chip client or a client within the same industry as the closed lost opportunity, you gain additional credibility. By showcasing these success stories, you can reintroduce yourself to the client and demonstrate your expertise in solving their problems.

3. Market Changes

Any changes happening in the economy or the industry that your closed lost deals operate in can also present a chance for reactivation. Set up Google alerts or follow industry publications to stay informed about regulatory shifts, economic changes, or emerging trends that might impact your client's business. By initiating a conversation around these changes and providing valuable insights, you can reestablish the dialogue and maintain a nurturing approach.

4. Offer Changes

If there have been any changes in your product or service offerings that directly align with the problems your closed lost opportunities were facing, it's essential to get this information in front of them. If you can now address the specific problem that led to their decision to pass on your offering in the past, you have a strong chance of turning their "no" into a "yes." Additionally, if you have learned about new problems or opportunities during the discovery process, showcasing how your updated offerings can solve these new challenges can reignite their interest. It is important to transparently communicate any price increases, presenting it as an opportunity for them to capture additional value before the price goes up.

By leveraging these logical moments, you can create natural opportunities to reengage with closed lost deals and start a conversation. Remember, the focus should always be on education, providing value, and demonstrating how your offering aligns with their evolving needs.

Reactivating closed lost deals requires a strategic and nurturing approach. By focusing on education, maintaining a multichannel presence, and leveraging logical moments, you can increase the chances of turning a closed lost opportunity into a closed won deal. The key is to stay consistent, provide value, and always prioritize understanding and addressing your client's needs. Reactivation may not happen overnight, but with persistence and a well-thought-out strategy, you can maximize your chances of success.

Good luck with reactivating your closed lost deals! Remember, practice makes progress, so keep refining your approach and striving for improvement.