Perhaps the greatest key to success that keep many from achieving their true potential, is the ability to lose well-use the loss as an opportunity for growth and come back and win.
The most successful people in: sports, entertainment, politics, business and sales have lost more times than they have won to get where they are. Sports and politics have one winner at the end of their season, everyone else loses. In business, you may have more than one success per industry, but the failure rate for startups is enormous.
In sales, you will lose (hear NO) 50 sometimes 100 times more than you win (hear YES!). How you handle the NO or loss depends on how many wins you will get in the future. Implement the following to help you lose well so you can come back and win better:
1. Plan to fail. Equip yourself in advance for the objections you expect to face and memorize the strategic response. Take risks knowing that you may not win understanding that high reward comes from high risk and only a few attain.
2. Learn why you failed. After a sale loss, thank your prospect for the opportunity and ask for feedback on why they chose your competitor and what advice they have for you that might have earned you their business. Make the appropriate adjustments and implement the necessary changes. Review your Sales Process and determine where you should update or improve to increase conversion with your future prospects.
3. Win the battle of the mind. When you understand that failure is part of success, that you will lose more than you win allows you to embrace the loss- not take it personally or affect your confidence or attitude. Move forward and post a note near your phone or screen: Some Will-Some Won’t- So What- Who’s Next. You can also just say “Next!” and move on knowing that sales is a contact sport and numbers game. You have one more NO out of the way from receiving your next YES.
4. Pick up the phone and dial the next prospect. Just like getting back on the horse after you have been kicked off, approaching your next prospect is the best course of action to take. Don’t let call reluctance settle in.