So your last few deals fell through. It happens to the best sales reps, and it can be discouraging. Even the best sales jobs may not pay very much if the sales person isn’t closing, but losing a sale can actually be one of the most important sales prospecting techniques in your arsenal.

When you lose a sale, try to analyze what happened that let it slip through your fingers. Let’s explore what makes studying your failed deals so effective.

For one thing, it will help you improve. If a competitor beat you to a deal, find out what they did that won them the sale. They may have done something better, or they may have just tried a different tactic. Maybe they were more empathetic, or maybe they offered the client some kind of deal that was better than what you were offering. Study your competitor’s sales prospecting techniques and try to apply the ones you like to another sale.

If you find out where you went wrong, you may even be able to get the client a few months or years down the road. They may grow unsatisfied with the service they chose, and a follow-up call tailored to what they liked the last time may just seal a deal you thought you’d lost.

Following up with people who seemed on board but eventually backed out can be valuable too. If they liked you, they’ll usually be more than happy to refer you to someone else in their company or professional network who may be able to benefit from your product or service.

When you really dig into your failed sales, you’ll be able to learn from them and generate new sales prospecting techniques for the next round of leads. You’ll also be able to maintain amicable relationships with companies and individuals that may turn into sales later. Learning from the mistakes you made in the past is the best way to move forward.