After You Lose a Key Account, Do Not Give Up
You had it and then you lost it—that big account that was going to make your sales quota for years to come. For most sales people, it is always painful to lose a key account.
As a high performance solution seller, it is terrifying to lose a key account. You risk losing income, job security and reputation. Give yourself a bit of time to acknowledge the loss. Then begin the rebuilding process.
5 Steps to Bounce Back After You Lose a Key Account
1. Never Burn Bridges
Whatever the reason that caused you to lose a key account, be as gracious as you can as you take in the news. You certainly don’t want to offend your former customer. If they respect what you have done for them and the relationship you shared, they may well be a good referral in the future. Sour grapes could spoil that.
2. Try to Figure Out What Happened
What responsibility should you take for losing a key account and what was due to circumstances beyond your control? You need to be objective. Try to re-frame the situation in a way that helps you look forward and understand what you can do differently next time.
List the facts and be sure to include the positive aspects of the relationship. You can learn something important from every misstep in life.
3. Assess Your Unique Sales Talents
Again, be as objective as possible as you assess what it is that you bring to consultative selling that no one else can. What are your unique talents? The goal is to understand just what clients appreciate about you so you can highlight the qualities that make you hard to replace.
4. Plan for Losing Key Accounts
You will lose clients…everybody does at one point or another. But you can lessen your risk and vulnerability of losing a key account by diversifying your customer base and working diligently on developing new business with target clients.
5. Look Forward and Be Positive
Look for the silver lining. Maybe that key account did not really suit you and the way you like to work. Perhaps there was less real value in the relationship than you thought. You might now have time to develop an even better target client…one who is a better fit for you and your company. And don’t lose sight of the fact that if you were skilled enough to land a big account once, you can surely do it again.
The Bottom Line
When you have a better sense of your capabilities as a solution seller, you can be more discriminating in your choice of clients. Try not to take on accounts out of desperation but by being selective. You are not right for every client and every client is not right for you. When there’s a good fit, work is far more exciting and rewarding.
To learn more about how to not lose a key account and how to find, win and keep more key accounts, download The 4 Steps to Ideal Target Client Definition to Accelerate Growth
How Managers Can Make Better Decisions
How to Grow Existing Accounts Faster
How to Learn New Skills Faster
We have been able to utilize LSA’s extensive network of top-notch resources to leverage our investment in employee development. The result has been the cost effective and highly efficient delivery of quality educational and management training programs.
Vice President, Human Resources
VNUS Medical has been very pleased with the effective management development programs that LSA Global has delivered for us over the last four years. The programs have been universally facilitated by experienced and best in class instructors. The knowledge gained by our management team has been put into practice very quickly. VNUS is very happy to be working in partnership with LSA because they consistently deliver excellent programs that receive exceptional feedback from our management team.
Cindee Van Vleck
Director Human Resources
The refreshing thing about LSA is that they focus on understanding our business situation and helping me succeed instead of selling a product. With over 150 experts, they are an invaluable resource that helps me deliver higher quality results faster. I recommend them to anyone looking to improve the performance of their workforce.
VP of Human Resources
We recently partnered with LSA Global to offer our Supervisors and Managers a customized two-day management training program. Everyone who attended said it was by far the best management training program they had ever attended. The content was rich and highly interactive. The case studies were relevant. Each participant walked away from the training much better equipped to lead their teams.
Director of Human Resources
I am very impressed with the quality of work and talent. LSA did a great job of listening to my needs and providing the exact management training program expertise I needed to get the job done.
Director, Business Planning & Analysis
We signed up with LSA early on–as their 22nd Member! Since then, our organization’s learning needs have increased and decreased and increased again with the changing times. The beauty of the LSA business model is its flexibility…when we needed to supplement our own internal resources, we used LSA services knowing that we could depend on the outstanding quality of the leadership development and management training programs they provide.
Hyperion has a commitment to lifelong learning. LSA helps us provide the right business sales training, management training programs, and leadership development programs at the right time to meet the needs of both individuals and departments. I especially appreciate their ability to listen to my needs and recommend the appropriate facilitators, solutions and content.
Senior Project Manager
I had been working with LSA for many years with my prior company. Currently, I’m with a company who hadn’t done much basic management skills training. After identifying and presenting a program recently, our managers are excited and talking in the halls about the great experience. LSA saves us time in delivering the right training for our needs.
LSA’s approach and ability to bring the best resources to eBay has been a great asset. They really focus on helping us succeed in any way they can and are very flexible in meeting our management and talent needs.
Learning & Development
PalmSource has found our relationship with LSA extremely beneficial. We worked closely with LSA to customize the right Management Training Program solution to meet our unique business needs. LSA is a quality organization, one that I’d recommend to any company looking for a first class training and consulting partner.
Vice President of Human Resources
Over the years, both at 3Com and now at Redback, I’ve found LSA Global to be a valuable resource. The recent compliance program that they delivered for Redback’s executive and management team was the right solution, of the highest of quality, and customized to our business and culture. I would highly recommend LSA to any company looking for top quality solutions.
Vice President of Human Resources
I have worked with other training companies and found it to be more of a seller/buyer relationship than one of matching the right expertise to our business issues. That’s what LSA does – ask the hard questions, listen, and understand our business needs. We receive the benefit of their expertise from assistance with personal development plans to enhancing team performance, to looking at enterprise-wide challenges. It’s all about helping our business succeed as we grow. Right now, LSA is providing great ideas, a fresh approach, and valuable guidance as we develop our management team and accelerate our client relationship management results.
Director, Team Development
I’ve partnered with LSA Global at two companies now, and I consider them a valuable and trusted training and consulting resource. They recommended just the right solution to address our management development needs and have wonderful facilitators that match YuMe’s culture and style of our management team. I would highly recommend LSA Global to any company wanting to deliver quality learning solutions with a valuable learning and development partner.
We recently contacted LSA Global to assist us with a unique training request. We gave LSA a very short deadline and LSA custom designed a training program to meet our exact requirements within the limited time allotted to them. We found their facilitator to be well versed in the subject matter and very credible; the design provided practical and valuable information to our team of managers. I highly recommend LSA Global, particularly in the area of management training.
Julaine K. Souza
Senior Vice President
“We turned to LSA to help us custom design and deliver a leadership and management development curriculum to help drive performance. They have done an excellent job diagnosing the business situation, designing an approach that fits our culture, and delivering a first class solution.”
VP Human Resources
Download key published insights and tools from industry experts highlighting best practices in the areas of talent, strategy and culture.
Want to know how you stack up against leading organizations? Receive a complimentary benchmarking analysis courtesy of an LSA Expert.
Get up to speed on timely solutions critical to your business. Published by LSA Experts based upon client feedback and key industry trends.
First we identify the key metrics you want to improve. Then we assemble a dedicated team of elite experts who have successfully solved similar problems with similar clients.
Stay up to do date with the latest information on how we help high growth companies align their culture and talent with strategy.
Real world consulting and training approaches from LSA projects, providing insights on how your company can outperform the competition.