Insights:Revisit missed opportunities

Nearly every company has had to adjust how they do business to cope with the financial upheaval of the pandemic. Chances are your business has probably made a few changes to better weather the altered marketplace, too.

These shifts in a company’s standard operating procedures may also have changed what they’re looking for from vendors. That makes this a good time to review past efforts that didn’t result in gaining the business. 

The reasons you didn’t secure the business the first time around may have changed. Maybe the company you talked to before the pandemic now needs a supplier or service provider that is more nimble, or is nearer to their operation, or provides other services or a host of other reasons. It may even be that the company that originally won the business has changed because of the pandemic and can no longer offer the same capabilities or level of service.

After you’re reviewed which businesses may be worth reaching out to again, you should also review and potentially update the marketing material you’ll utilize to ensure it is communicating a message that is appropriate for today’s market conditions.

Moving forward, you may find that old opportunities may become a valuable source of new opportunities.