It’s a frustrating scenario: your marketing efforts are generating leads, traffic is strong, and people are showing interest—but when it comes time to close the deal, the sales just aren’t happening.
This challenge is common in both business (B2B) and consumer (B2C) sales, but the reasons behind stalled conversions often differ. B2B buyers typically involve multiple decision-makers, longer sales cycles, and more budget scrutiny. B2C buyers, on the other hand, make decisions faster but are often influenced by emotions, price sensitivity, and competing brands.
The solution is the same regardless of your industry: conduct a Lost Deal Analysis. This structured approach uncovers why potential customers walked away, providing insights to refine messaging, pricing, and sales strategy. Here’s how to execute it effectively for both B2B and B2C businesses.
Table of ContentsStep 1: Define Your ObjectivesStep 2: Identify Who to InterviewStep 3: Determine Incentives & OutreachChoosing the Right IncentiveCrafting an Effective Outreach EmailStep 4: Craft the Right QuestionsDecision & Selection ProcessPerceived Value & DifferentiationBarriers and ObjectionsCompetitive LandscapeFuture ConsiderationStep 5: Analyze & Take ActionOrganizing & Categorizing ResponsesTurning Insights into Actionable StrategiesLeveraging AI for Deeper AnalysisClosing the Feedback LoopFinal Thought: Use Insights, Not Pressure
Step 1: Define Your Objectives
Before reaching out to lost prospects, clarify what you want to learn. This analysis isn’t about gathering generic feedback but finding patterns leading to marketing and sales improvements. Common objectives include:
Identifying the top reasons customers did not purchase
Understanding whether pricing, product fit, or competition played a role
Learning if objections were internal (budget, approvals) or external (alternative options, poor sales experience)
Spotting gaps in your messaging that create confusion or lack urgency
B2B
Decision-making is typically longer and more complex, involving multiple stakeholders. The goal is to understand what slowed the deal and the final tipping point.
B2C
The process is faster and more emotional, so it’s essential to learn whether pricing, competitor promotions, or product experience played a role.
Step 2: Identify Who to Interview
The best feedback comes from leads who were seriously engaged, didn’t convert, and either heavily influenced or were central to the purchase decision.
B2B
Decision-makers who attended a sales call or demo or received a proposal but didn’t move forward.
B2C
Shoppers who abandoned their cart, browsed repeatedly but didn’t buy, or engaged with customer service before leaving.
Avoid reaching out to casual browsers, early-stage inquiries, or people who never engaged meaningfully. They won’t provide useful insights.
Step 3: Determine Incentives & Outreach
To maximize participation in your Lost Deal Analysis, make it clear that the conversation is about insights, not sales pressure. Offering a small incentive shows that you value their time and input.
Choosing the Right Incentive
The incentive should feel like a thank-you, not a transaction. Consider what will be most relevant to your audience: For businesses, a $50-$100 gift card, exclusive industry insights, or a donation to their chosen charity may work. For a consumer, a discount on a future purchase, a giveaway entry, or loyalty points.
Crafting an Effective Outreach Email
Your message should be short, professional, and pressure-free.
Subject: Quick Chat? We Value Your Insights
Hi [First Name],
I really appreciate the time you spent exploring [Product Name] with [Company]. We’re always working to improve, and I’d love to hear your honest feedback.
Would you be open to a 15-20 minute call to share what worked, what didn’t, and how we can improve? As a thank-you, we’d love to send you a [incentive option: gift card, donation, discount].
Let me know if you’re open to it—no pressure, just insights. Please select a convenient time at [calendar link].
Best,[Your Name]
By combining a thoughtful incentive with a clear, friendly outreach message, you increase the likelihood of participation and ensure you collect valuable, actionable feedback.
Step 4: Craft the Right Questions
Asking open-ended, unbiased questions is crucial. Avoid assumptions that could skew the answers. Instead of asking, Was our pricing too high? Ask, What factors influenced your decision? This allows respondents to share their true motivations.
Decision & Selection Process
QuestionsB2B FocusB2C FocusCan you walk us through your decision-making process when evaluating solutions?Helps uncover how companies assess vendors and which decision-makers were involved.Identifies whether buying was planned or impulsive and what influenced hesitation.What were the most important criteria in your final decision?Determines if priorities were cost, features, integration, or reputation.Reveals whether price, brand trust, reviews, or convenience mattered most.
Perceived Value & Differentiation
QuestionsB2B FocusB2C FocusWhat initially attracted you to our solution, and what problem were you hoping to solve?Ensures your sales and marketing messaging aligns with customer needs.Helps determine if the product or brand was seen as aspirational, functional, or convenient.How did our offering compare to other solutions you considered?Identifies whether competitors had better features, pricing, or reputation.Determines if competitors had better deals, more desirable branding, or social proof.Was anything about our solution unclear or confusing?Ensures your product’s value proposition and differentiators are clear.Uncovers whether product descriptions, policies, or user experience were barriers.
Barriers and Objections
QuestionsB2B FocusB2C FocusWhat were the biggest concerns or objections that came up during your evaluation?Determines if internal challenges (budget, approvals) or external ones (features, competitors) stopped the sale.Identifies if pricing, trust, or usability was the primary deterrent.Did budget, internal approvals, or timing influence your decision?Often, companies delay or decline purchases due to budget constraints or shifting priorities.Determines if price was too high or if they were waiting for a sale or promotion.Did anything in our sales process stand out—positively or negatively?Looks at response times, follow-up, and clarity of information.Evaluates checkout experience, support interactions, and friction points.
Competitive Landscape
QuestionsB2B FocusB2C FocusWhich solution did you ultimately choose, and why?Identifies competitors’ strengths and what tipped the scales in their favor.Shows whether they opted for a different brand, waited for a sale, or abandoned the purchase entirely.How did our proof-of-concept, demo, or proposal process compare to other companies you considered?If competitors had a smoother or more compelling buying experience, that insight can improve sales strategy.Determines if promotional offers, product bundles, or payment options were better elsewhere.
Future Consideration
QuestionsB2B FocusB2C FocusIs there anything we could have done differently that might have changed your decision?Uncovers whether pricing flexibility, stronger onboarding support, or different packaging could have helped.Identifies if different payment options, better discounts, or social proof would have helped.If you could design the perfect solution for your needs, what would it look like?Helps with product development and long-term roadmap planning.Reveals opportunities for product improvements, customization, or service enhancements.Under what circumstances would you reconsider us in the future?Understands future opportunities if budgets, leadership, or needs change.Determines if sales, product updates, or new policies could bring them back.
At the end of each interview, express genuine appreciation for their time and insights. Thank them for sharing their perspective and reinforce that their feedback is valuable in helping your company improve. Let them know that their reward—a gift card, donation, or discount—will be sent shortly as a token of your appreciation.
Before wrapping up, ask if it would be okay to reach out if any clarifications are needed as you review the findings. Finally, turn the focus back on them by asking if you or your company can do anything to support them, whether that’s sharing industry insights, making a connection, or simply keeping them informed of future updates that may be relevant to their needs.
Step 5: Analyze & Take Action
Collecting feedback from lost prospects is only half the battle—what you do with that information truly drives improvements. A well-structured Lost Deal Analysis should reveal trends, not just individual opinions. The key is distinguishing between anecdotal feedback (one-off views that may not represent broader patterns) and quantitative insights (consistent themes that suggest systemic issues).
Organizing & Categorizing Responses
Once you’ve conducted multiple interviews, the next step is to structure the data for analysis. This is where leveraging Generative AI (GenAI) and transcription tools can be incredibly valuable.
Transcribe All Interviews: Use AI-powered transcription tools (such as Otter.ai or Fireflies) to convert recorded conversations into text and summarize them. Ensure accuracy by spot-checking and correcting any transcription errors.
Run Transcripts Through a GenAI Model: Upload the transcripts into an AI-powered summarization tool (such as ChatGPT, Claude, or Gemini). Ask the AI to identify key themes, common objections, and frequently mentioned competitors.
Manually Verify & Categorize Data: While AI can identify themes quickly, human judgment is still required. Categorize responses into broad sections, such as:
Pricing Concerns (e.g., Too expensive, Better value elsewhere)
Product Fit Issues (e.g., Missing key features, Not flexible enough)
Competitive Positioning (e.g., Chose [Competitor] instead, Better service elsewhere)
Sales Experience (e.g., Slow follow-up, Didn’t feel personalized)
Internal Constraints (e.g., No budget, Company priorities shifted)
Identify Whether Feedback is Anecdotal or Quantitative. Anecdotal feedback comes from isolated opinions or unique circumstances that may not represent broader customer sentiment. Quantitative insights emerge when multiple prospects cite the same issue. These should be prioritized for action. If only one prospect says, Your onboarding process seemed too complex, that’s anecdotal. If five or more prospects say the same thing, it’s a quantitative insight that needs addressing.
Turning Insights into Actionable Strategies
Now that you’ve categorized the feedback, it’s time to act. Use a structured decision-making framework to ensure changes are data-driven, not just reactive.
Insight CategoryExample FeedbackAction to TakePricing ConcernsToo expensive compared to [Competitor]Reassess pricing structure, create competitive comparison charts, offer tiered plans or better incentives.Product Fit IssuesLacked key integrations we neededExplore roadmap adjustments, highlight workarounds, or improve positioning to emphasize strengths.Competitive PositioningThey had stronger case studies and proof of ROIDevelop stronger case studies, expand customer testimonials, improve sales collateral.Sales ExperienceSlow follow-up from your teamOptimize response times, implement CRM automation, ensure follow-ups are personalized and timely.Internal ConstraintsBudget was frozen for the yearStay engaged with long-term nurture strategies, offer flexible payment options, or revisit later.
Leveraging AI for Deeper Analysis
Beyond summarization, AI can cluster responses by sentiment, highlight emerging trends, and suggest areas where marketing messaging may need refinement.
Text Analysis Tools: Use AI-based text clustering to uncover sub-themes that might not be immediately obvious.
Sentiment Analysis: Gauge how positively or negatively prospects viewed your offering based on language patterns.
Competitive Intelligence: AI can compare competitor mentions across responses, showing where your strongest competition is winning.
Closing the Feedback Loop
Once you’ve drawn conclusions from the data, don’t stop there. Implement the necessary changes and, if possible, circle back with lost prospects to let them know how their feedback was used. This keeps the door open for future opportunities. Send a follow-up email stating:
Thanks again for your valuable feedback. We’ve taken your input to heart and have made key improvements in [pricing, features, sales process, etc.]. If you’re open to revisiting the conversation, we’d love to share what’s changed.
Systematically analyzing and acting on Lost Deal insights ensures that every lost sale contributes to future wins.
Final Thought: Use Insights, Not Pressure
Lost Deal Analysis is about listening, not selling. When done correctly, it reveals why customers walk away—and how to win more deals in the future.
If leads aren’t converting, don’t guess why—ask. The answers may surprise you.
©2025 DK New Media, LLC, All rights reserved | DisclosureOriginally Published on Martech Zone: Tons of Leads, But No Sales? Here’s How to Fix It