What to do when the deal doesn't close?

Been chasing that important prospect for a long time?

The business from that prospect would be worth Rs 2 lakhs per month.

You are already feeling this way and are planning to upgrade to an iPhone6. 

(Source: http://tinyurl.com/o48lh6a)

But the prospect evaded your last phone call.

That made you sweat a little.

Today when you call up the prospect from a colleague's number, he immediately answers your call! However when he realizes who is on the other side of the phone, you can sense him going from 100 to 0 in 3 seconds! :P

He apologizes and informs you that his company had to select another vendor.

So what do you do?

Meekly say 'It is Ok' and disconnect the call?

If you are doing that, you are doing this:

(Source: http://tinyurl.com/mkbjyrm)

You must do the following:

a) Post mortem analysis: Call up the prospect after a couple of days. Inform him that you will be in his area and you thought it would be a good idea to catch up as you have 40 minutes between meetings. Chances are, he would be willing to meet you. Take him out for coffee or for lunch. Only 15% of your conversation should be about the deal you lost. But your questions should be pointed enough to figure out what went wrong. 

b) Take reference: Ask the prospect to give you a reference during the post mortem analysis. Do understand that he will be very eager to help out and will surely give some fantastic references.

c) Keep in touch with the prospect: Here are some ways of doing that. 

d) Get in touch with other people from the prospect's company: This will help you get in touch with all the important members in the buying cycle. Every member is a different human being. You will never know how soon the next opportunity might arise! Because one of them might surely inform you before the primary point of contact does it. This will also help you when the prospect's company is buying from you the next time as you will be aware of your proposal's position in every step of the buying cycle 

e) Complete your homework: Since you were one of the bidders the last time, the prospect might have not shared the entire information with you. Buyers always withhold information. Use the time from a failed deal to a new opportunity in gathering as much information as you can. So you would have completed your homework the next time your proposal is due for a submission!

Finally, notice that I didn't refer the company as a prospect. I referred to the individual as a prospect. Any passionate sales person will testify that every individual you meet is a prospect. Because individuals keep moving around. They may join some other company. Or they might turn entrepreneurs. So keep in touch!