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Lost a Huge Account?

9 ways to get back on track.

9/14/2016 | Rosalie Marcus, Promo Biz Coach

Many years ago, I lost a large, ongoing promotional products order that I thought was a sure thing. It was a painful experience, but one in which I learned some valuable sales lessons. I was reminded of this event recently when a distributor posted a similar experience in a Facebook group. Perhaps you can relate.

Maybe you’ve lost a large sale because you had gotten complacent and you weren’t nurturing the relationship as much as you should. Or maybe the company changed hands. It could be any number of reasons. Regardless of the cause, the reality is that, in today’s highly competitive promotional products business environment, you can’t take anything for granted.

Here are nine things you can do right now to get back on track and win more sales.

1) Understand the decision-making process before you start working on the order. Many companies are required to get price quotes and samples from several vendors. Know how the decision on the order will be made and who the ultimate decision-maker is before you start working on the order. If the business will strictly be awarded to the lowest priced vendor you may not wish to participate.

2) Analyze what went wrong. You can’t get every sale, but you can learn from the sales you lost. Learn from your mistakes; everyone makes them. Is there anything you could have done differently?

3) Ask for feedback. You may learn something that will help you with the next big sale. Asking questions such as, “Is there anything I could have done differently that would have helped me keep your account?” You could also consider scheduling an in-person meeting at a future date.

4) If appropriate, apologize. You may get feedback that you acted inappropriately or made a major blunder. Accepting responsibility and offering a sincere apology can go a long way in winning your customer back.

5) Provide value that is meaningful to your customer. Without an understanding of what is truly valuable to your customer, you will always have a hard time winning sales. Promotional products buyers’ needs change over time. Stay on top of what is most important to your most-wanted customers and you’re sure to win more sales.

6) Make your customer aware of all the services you can provide. It’s not uncommon to lose a sale because a customer didn’t know you could provide an additional service he or she was seeking. List your services in all your marketing materials. And when you can’t provide a service, seek to form alliances with businesses that can.

7) Don’t burn bridges. Keep the door open for more sales by always being professional, courteous and upbeat. Keep in touch with the client via newsletters, articles of interest, LinkedIn, special offers and virtual and/or spec samples. You never know when another opportunity will present itself. Companies change hands frequently; the next person in line may give you another opportunity or your lost account may get back in touch with you.

8) Always be prospecting. That way your sales pipeline stays full. And when your sales pipeline is full you don't have to worry about each individual sale. Attend networking events, become active in your community, and generate a referral network with people who service the same target market but aren't direct competitors. Plan a mailing. Look for referral partners on LinkedIn.

9) Upgrade your selling skills. Work with a business coach or mentor or join a coaching group. Attend sales training classes at industry trade shows. Stay current with the latest trends in promotional products sales. The top sales professionals are always learning and upgrading their skills.

Above all, never give up! Learn from your mistakes and keep on selling. Instead of feeling discouraged because you lost a sale, follow these nine tips and get back on track. Your next big sale is around the corner!

Rosalie Marcus, The Promo Biz Coach is a promotional products business expert, sales coach and top-rated speaker. Combining her skills and years of experience in promotional sales, she helps her clients sell more at higher profit margins and quickly and easily increase their incomes. Get a free special report: 10 Proven Ways to Thrive in Promotional Products Sales… in Any Economy at http://www.promobizcoach.com- Reach her at Rosalie@promobizcoach.com.

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