Your Lost Sales Aren’t Lost—They’re Fueling Your Competitor’s Success. Here’s How to Win Them Back.

For dealers, lost sales are more than just missed opportunities—they’re lost revenue, lost relationships, and lost market share. But do you really know where those lost sales are going? More importantly, are you tracking them in a way that provides actionable insights?

Many dealerships focus only on sales that close, failing to analyze the customers who walk away. However, understanding why a sale was lost and where that customer went can provide valuable information to improve pricing, inventory, marketing, and customer engagement.

If you're not tracking lost sales yet, you should be—and here’s how to start.

Why Tracking Lost Sales Matters

Lost sales aren't just a fact of business; they're an untapped source of intelligence that can drive improvement. By tracking where customers go when they don’t buy from you, you gain insights that can help refine your strategy.

The first step in getting the next sale is understanding why you lost the last sale. 

To effectively track lost sales you have to track participation and that starts with knowing how many deals your dealership is on. Here’s how it breaks down:

• Industry = Total number of units sold in your sales area.

• Participation = # of deals your sales team quoted or participated in.

• Closed or Sold = Number of units sold or deals closed.

• Lost sales = Number of deals that you participated in but didn’t close or sell.
  

One key principle: Your market share will never exceed your participation. The more deals you’re in, the greater your opportunity to win. Tracking this data allows you to identify gaps, adjust strategies, and ultimately capture more of the market.

Key Benefits of Tracking Lost Sales

Identify Competitor Strengths – Are you losing deals because of price, financing, customer service, or product availability? Identifying patterns in lost sales helps you pinpoint where competitors are gaining the upper hand.

Adjust Pricing & Incentives – If customers frequently cite price as the reason they bought elsewhere, you can respond with better financing options, trade-in offers, or loyalty incentives.

Improve Inventory Management –  For products that require inventory and a short sale cycle, understanding if your availability matches your customer buying season can help determine when and what you should be stocking.  Lost sales data helps fine-tune stocking decisions.

Enhance Customer Engagement – If a customer left because they didn’t feel valued, had unanswered questions, or didn’t receive timely follow-ups, it’s a sign your sales process needs improvement.

Recover Potential Revenue – Some lost sales aren’t truly lost—they’re just delayed. A proactive follow-up strategy can bring customers back when the timing or conditions are right.

How to Track Lost Sales

Tracking lost sales doesn’t require a massive investment in software or a complex system. The key is to implement a consistent process that ensures every lost opportunity is documented and analyzed.

Researching your lost sales is the first step in preparing for your next sale. 

Create a Lost Sales Report System

Start by developing a structured system where sales reps log details on lost sales. This can be done through:

• CRM software 

• A shared spreadsheet that includes key sales details

• A dedicated lost sales form that sales reps complete when a deal doesn’t close
  

The goal is to collect uniform data so that trends can be easily identified. 

Key Data Points to Capture in a Lost Sale Report:

• Customer Information – Name, contact details, business type (e.g., crop farmer, livestock producer, custom harvester, etc.)

• Equipment Considered – Make, model, year, and features of the equipment they were interested in

• Reason for Lost Sale – Was it due to price, financing, availability, a competitor’s offer, lack of follow-up, or another reason?

• Competitor Information – Who did they buy from? If possible, capture details on the competitor’s price, financing, and additional incentives offered.

• Customer Timeline – Did they purchase immediately, or are they still undecided?

• Follow-up Notes – If they haven’t buy yet, what’s their next step? Would they consider your dealership in the future?
  

This might seem like a lot of data to capture and you would be right. However, most salespeople capture very little data from a lost sale and thus miss the opportunity to fine tune the next opportunity.

Standardize the Process

To ensure consistency, make lost sale reporting mandatory for all sales reps. Encourage them to ask customers why they didn’t buy—without being pushy. It’s imperative you get the information from the customer and not from the filter of the salesperson who may ‘think’ or assume the reason. Open-ended questions can uncover critical insights:

“What ultimately led you to choose [Competitor Name]?” “Was there something we could have done differently to earn your business?” “Is there anything that might make you reconsider purchasing from us in the future?”

Sales managers should regularly review lost sales reports to identify trends and discuss findings in team meetings.

Engage with Lost Customers

Not all lost sales are permanent losses. A well-executed follow-up can win back business—especially if the customer made a rushed decision or didn’t receive the level of service they expected elsewhere.

Follow-up strategies to consider:

Personalized Check-Ins – If a customer hasn’t purchased yet, follow up with a call or email to see if their needs have changed.

Targeted Offers – If a deal was lost due to pricing, offer a special incentive, such as a financing discount, extended warranty, or free maintenance package. These exact items could have been the reason you lost the last sale.

Customer Satisfaction Check – If they bought elsewhere, ask how their experience has been with the competitor. Sometimes, buyers regret their decision and may consider switching back to you for future purchases.

Analyze & Act on Lost Sales Data

Tracking lost sales is pointless unless you use the data to improve your dealership’s strategy. Regularly reviewing lost sale reports can help you make data-driven decisions in several key areas:

Inventory Adjustments – If a specific tractor or implement is frequently unavailable, increase stock levels to prevent future lost sales.

Pricing Strategy Updates – If you’re consistently losing customers to lower prices, explore competitive financing, bundling deals, or additional service incentives.

Sales Team Training – If deals are being lost due to poor follow-ups or lack of product knowledge, implement training to strengthen your team’s skills.

Marketing Refinements – If customers are drawn to a competitor’s marketing messages, analyze their approach and adjust your campaigns accordingly.

Turn Lost Sales Into Future Wins

A lost sale today doesn’t have to mean a lost customer forever. By consistently tracking lost sales, engaging with potential buyers, and adjusting your strategies based on real data, your dealership can improve close rates and increase revenue.

Don’t wait to implement this simple tactic. Make this part of your sales process now. Be sure your staff is reviewing this data monthly and sharing it. 

Tracking lost sales isn’t about dwelling on the past—it’s about securing more wins in the future.