When a lead or prospect has declined to make a purchase from you, and it is clear that they will not be doing so in the near future, it is time to remove them from your sales pipeline. A closed lost can occur at any point during the sales process; meaning that regardless of where the prospect is in their cycle, once they have decided to disengage, the account should be closed and the opportunity for sale is lost. By doing so, you often have the chance to mark them as “closed lost”- essentially meaning that their account with your company has been terminated and that there was no successful conclusion of the sale. This allows for internal transparency and lets your entire team know that a sale did not go through.
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