Five Steps to Use Knowledge of Lost Trades

Get BACK IN BLACK (BI-B) and back in business by gathering- and using knowledge of your lost business – lost trades. The 5 step program for sales managers and directors shows you exactly how. And you’ll see what a difference it could make to your profits if you start to convert lost trades to future actual trades. For more information on Business Intelligence Systems handling lost business visit: http://www.lost-trade-systems.com or you might want to read a newly published book: The Lost-Trade System.
Step 1 – Decide on strategic use of using knowledge of lost trades to improve future performance. Making a smart strategic decision to change your workflow and your daily sales work starting by converting your lost trades to future won trades is now critical to the success of an organization; however the management of sales leads is often very haphazard. If you’re spending a great deal of time and money acquiring sales leads only to fail to maximize on their potential. If you are losing countless deals and money you need to make a strategic decision and act now. And some of the most successful sales organizations in the financial sector have been doing exactly this for years.
Step 2 – Capture your lost trades (leads) effectively. Registering lost trades should be as natural as capturing an actual customer trade. Start capturing your lost trades in an Excel spreadsheet posted on the company intranet or by using a relational database and a web interface. About 75% of sales managers are using Excel spreadsheets – So Excel could be a core base for lost trades or enquiries that did not result in margin and revenue. Although using Excel spreadsheets should be a popular method for handling lost enquiries and storing this information, 68% of those who use it on a daily basis are unhappy with its performance. In order to move business forward, sales organizations should – on sight – find a solution to modernize and streamline their daily processes in a way. Believe me; the value of this lost trade database will only grow over time.
Step 3 – Start benchmarking your looses versus your actual trades. To drive business forward, retain customers and create sales, it is essential to understand what business you did not have – your lost trades – and compare it the business you did had, and visualizing long run loosing trends, using appropriate metrics. Using this ‘two ledger’ approach will give sales reports detailed analysis of what needs to be done, this will allow you a detailed insight into the strengths and weaknesses of your teams performance, and to make informed business decisions. Ex: You will spot leaving customers before it happens
Step 4 – Create knowledge of lost business data to create new business. Use the information supplied by the graphs of long run losing trends to create knowledge about which of your customers are about to leave, which product are underperforming and which competitors are stealing your business to identify future areas to improve upon. Use this knowledge to take action to get back in black in step 5.
Step 5 – Take action daily based on your new knowledge to maximize your sales revenue and even reach for higher sales targets. It’s easier to maximize existing opportunities if you have an accurate record of all enquiries from customers – Both your actual trades and your lost trades – You will in light the ‘dark side of the sales moon ‘and use these as sales leads that have reached a positive conclusion, retaining customers and cross-selling or up-selling. Manage these opportunities effectively using the right methodology and technology in your daily work in sales, and you’ll see what a difference it could make to your profits.
About the Author:
Jesper Thorlund is an economist, BI advisor and systems developer. He has been working with business intelligence and data warehouse solutions for more than 12 years as a consultant in major financial and govermental institutions. He publishes and lectures on the strategic use of business intelligence and founded Lost Trade Systems – A BI Research Company, which specializes in bringing new insights and value to businesses by working methodically with lost trades. He co-authored the bestselling book Business Intelligence, From Strategy to Data Sources (2008), available as Business Analytics in English in the SAS Press Business Series, August 2009.