What do you do when you lose business to a competitor

Lisa Thal

You get the dreaded call that you have just lost the business to your competitor.  During your career if you have not already, you too may get the call that you fell short and the business you had closed in your mind decided to go to someone else.

You may experience a range of emotions of disappointment or anger.  Let’s face it, its human behavior for us to hold on to that one loss versus all the wins you created.

So, what do you next to win the business back?

We discussed during our sales meeting the following three words: “Fight the Fight”.

We compared it to a boxing match.  In boxing, you have twelve rounds to knock out your competitor and in sales you have twelve months.  In the end, you need to find a way to win more rounds than your competitor.  So, do you fight the fight to win the business or do you fight to flight?

Fight the Fight:  What does that mean to you?  What are you fighting for?

Are you fighting to retain your customer; for lifts in spending of your current clients; are you fighting for a larger share of the client’s business?  On more personal level are you fighting for that relationship you built over the years.  Are you fighting for the income for you and your family.  Now I have your attention!

I discovered that ‘Humans, like all animals, have an inborn stress alarm system that initiates a fight or flight response to stressful situations.’

‘One of the mechanisms that helps us move forward is a fight or flight response.’

So, what will you do to protect your clients; your business and your income!

Find out by asking the client why you fell short in earning their business.  I would recommend calling the client and thanking them first for considering your company and giving you the opportunity to present solutions to them.  This should be face to face or a phone call asking for their feedback on what why they selected the other company.  Listen carefully to what they are sharing with you.  This information may save a future sale.

Now we get focused on winning back the business.  Based off what is shared with you create a strategy to earn their business back.

Finally, take action.  Implement the strategy you created.  Get back in the ring and fight for the opportunity to earn that business back!

A great quote from the greatest boxer of all time Muhammed Ali
“Don’t count the days; make the day’s count.”

Leave a Reply

Your email address will not be published. Required fields are marked *