By default, HubSpot provides a “Closed Lost Reason” property as a single-line text field, allowing users to type in the reason for a lost deal. While this is flexible, it can lead to inconsistent or incomplete data entries. A better approach for many independent consultants is to convert it into a dropdown with predefined options—ensuring more structured reporting and faster data entry. This chapter walks you through why and how to customize the “Closed Lost Reason” property, along with a suggested set of standardized reasons you might include.
1. Why Convert “Closed Lost Reason” to a Dropdown?
- Consistency & Clarity: Different team members might type variations of the same reason (e.g., “Client used internal resources” vs. “in-house resources”). A dropdown standardizes these entries.
- Faster Selection: Instead of typing an explanation each time, you simply pick from a list. This speeds up your workflow.
- Better Reporting: By grouping lost deals under consistent labels, you can easily see which reasons for loss occur most often (e.g., “Lost – Fee Too High” vs. “Client Ghosted”).
2. Suggested Options for Independent Consultants
Here’s an example set of dropdown values you might include—especially relevant if you compete against internal teams or other consulting firms:
- Lost – Used internal resources
- Lost – Used another independent consultant
- Lost – Used a large consulting firm
- Lost – Client ghosted us
- Lost – Our fee was too high
- Lost – Other
- Other – Client cancelled the project
- Other – We declined to submit a proposal
The “Lost – Other” category covers anything that doesn’t fit a more specific label. The “Other – …” entries can handle scenarios that aren’t strictly “lost” due to competition but still ended with no engagement.
3. Steps to Modify the “Closed Lost Reason” Property
- Locate the Property
- Go to Settings (gear icon) > Properties.
- Ensure you’re viewing Deal properties, then search for “Closed Lost Reason.”
- Edit Field Type
- Open the property settings. Currently, it might be set as Single-line text.
- Switch the Field Type to Dropdown select.
- Add Dropdown Options
- Copy (or adapt) the suggested list above.
- Each option should have a clear label (e.g., “Lost – Used internal resources”).
- Save
- Click Save or Update to finalize.
- Important: Changing the field type can erase existing text data. Make sure no critical info is stored before you convert.
4. Making “Closed Lost Reason” Mandatory at Deal Closure
If you want to ensure every lost deal has a reason recorded:
- Navigate to Pipelines
- Settings > Objects > Deals > Pipelines.
- Edit the “Closed Lost” Stage
- Hover over the stage, click Edit properties, and add “Closed Lost Reason”.
- Mark it as Required if you want to force a user to populate the reason when moving a deal to “Closed Lost.”
5. Benefits of a Structured “Closed Lost Reason”
- Actionable Insights: You can quickly see the top reasons deals fail, letting you adjust your approach—like reevaluating fees or clarifying your value proposition if “Lost – Our fee was too high” is common.
- Speed & Ease: Selecting a prefilled dropdown item is faster than typing. This encourages consistent usage.
- Historical Patterns: Over time, you can analyze how often deals are lost to “Used internal resources” or “Client ghosted.” This can guide improvements in how you follow up or differentiate.
