While teaching Sage Consulting Academy last week, I had what my mentor would call a BFO – blinding flash of the obvious – a sale is never really lost to “No decision.”
Second, while a prospect may not select either you or a competitor, the prospect’s money is going to be spent on something. This could either be continuing to pay another third party to manually do what your system does, or they might simply be buying a new boat for themselves instead.
In either case the message to you (and your competitors for that matter) – You have done a lousy job communicating and convincing the customer that you and your potential solution create value for their organization.
Think about it, if you were the CEO of a small company and had the choice between a new ERP system and a boat, which would you choose? This is yet another reason why your value proposition must be a strong one.
The next time you think you have lost to “No decision",” I suggest you pause and reflect rather than just caulk it up to a confused potential buyer.