Lost reason
The recorded explanation for why an opportunity ended without a sale, chosen from a short and honest list.
Use this definition in team training or when clarifying a sales note.
Definition
A lost reason closes out an opportunity: bought elsewhere, could not get approved, payment too high, product not available, never reached the customer, not actually in the market. The value depends on the list being short enough to use and specific enough to mean something.
Most teams end up with one reason that swallows everything, usually a generic no longer interested. That entry tells you nothing, and it is often chosen because the honest answer, which is that nobody followed up, is uncomfortable to select. Checking a sample against the recordings is the only way to find out.
Why it matters
Lost reasons are the closest thing a team has to a record of why it is not selling more, and they are usually filled in carelessly at the end of a month. If most of your losses are price, whoever sets prices needs to see the pattern. If most are customers nobody reached, the problem is contact strategy. Either way, a vague list guarantees you learn nothing.