A Sales Director is alerted when opportunities are marked "lost," allowing quick investigation of losses and formulation of strategies to prevent future occurrences.
How organizations use it
In our Hey There Tech company, we investigate each case of losing Renewal opportunity. The moment the status is updated, the "Opportunity has been lost" signal is triggered. The notification is sent to the manager of the opportunity owner, the customer success manager assigned to the opportunity, and the sales director.
The sales director, upon receiving the notification, promptly arranges a meeting with the sales representative and the customer success manager. The goal of this meeting is to understand why the renewal opportunity was lost, identify any gaps in service or miscommunication that may have led to this outcome, and devise strategies to prevent similar losses in the future. Simultaneously, the customer success manager uses this signal as an impetus to reach out to the client. The purpose of this communication is to understand their reasons for not renewing, gather feedback, and if possible, try to salvage the relationship.
Why organizations use it
to encourage sales team to investigate loss reason and learn from their mistakes