️Episode 108 – 6 Strategies Turn a Lost Consulting Deal Into A Benefit

This week’s podcast episode is all about losing consulting deals. Whether a prospective client is not responding to you, they chose another provider, or they canceled the project….losing is a normal part of running a consulting business.

Whatever the reason is, it’s logical to think “if I was really good at sales, pricing, writing proposals, or if I knew decision makers at higher levels, I would never lose a deal”. And that’s just not the case. In fact, if you’re not losing deals, it’s highly likely that your business is not as healthy as it could be.

The goal is not to win every deal. I know, it sounds crazy. But this is something that needs to be normalized.

In this episode, I’m sharing with you how you can turn a lost deal into a benefit for your business. 

Listen in as I share

  • What a lost consulting deal is (hint: a loss isn’t always a loss)
  • The three very typical, damaging responses you could have to a lost deal 
  • The six strategies to turn lost deals into a benefit 
  • A very specific tool you can use to implement these strategies to turn a lost deal into a benefit for both you and your business.

 Key points in this episode

  • [01:00] An intro to today’s topic
  • [04:20] Check out the guide Filling Your Consulting Pipeline in 26 Minutes a Day
  • [05:31] Today’s Agenda 
  • [06:26] What is a lost deal?
  • [09:52] The 3 damaging (and typical) responses to a lost deal
    • [10:19] Thinking you lost the deal when you didn’t
    • [11:06] Thinking that losing a deal is a problem
    • [12:35] Making it mean something about you
  • [16:00] 6 strategies to turn lost deals into a benefit
    • [16:39] Give yourself some space
    • [18:06] Ask for a review call
    • [19:45] Set periodic follow-ups to give value
    • [21:10] Conduct an After Action Review (AAR) using the questions below:
  1. What went well?
  2. What didn’t go well?
  3. How could I have better developed a relationship with the decision-makers and decision-influencers?
  4. How could I have maintained momentum throughout the process?
  5. How could I have shortened the sales cycle?
  6. What do I wish I would have known earlier? How could I get that information on the next deal?
  7. What will I change about my sales process moving forward based on these lessons learned?
  • [22:25] Don’t take it personally
  • [23:50] Redirect/think about this from another perspective
  • [26:20] The specific tool to put these strategies into place
  • [26:49] Next steps to put this episode into action



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