FundingStrat®

 

What does it sound like?

 

“Can you just send me some information?”

 

Where does it typically tend to show up?

 

Prospecting Call: making contact with a lead for the first time.

 

What do we do with it?

 

Turn around.  Key Objective: to turn around the objection, engage the lead further, and continue to guide the lead through the sales process to ultimately close and fund!

 

How do we turn it around?

 

“I’d be happy to, if we are a fit for each other.  Have you been seriously considering getting a quote for business funding this month?”

 

Why do we say it?

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Recap:

 

Sales is a high rejection game, and hearing “no” often at every step of the Sales Process is just part of the field of play.

 

Hearing “no” could be the obstacle that convinces us to head back with our tail between our legs.

 

OR

 

“No” is the obstacle that can motivate us to change our approach and advance Forward.

 

Hearing it is an opportunity for a deeper understanding of the merchant’s needs, and what can get the deal done:

 

What is driving it?

 

What is the true hesitation?

 

What is really holding the client back?

 

What is needed to convert it to a Yes?

 

TOPO conducted a B2B sales research study in 2016 and found these fascinating stats:

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A car wholesaler is asking for $15,000 for a car.  The car dealer wants to buy it for $13,000.  The car dealer makes an opening offer of $11,000.

 

An office equipment supplier is quoting an insurance agency $300 per desk.  The insurance agency believes that $225 is reasonable.  The insurance agency tells them they don’t want to exceed $150.

 

A buyer is offering a manufacturing outfit $1.60 per widget.  The manufacturing outfit can live with $1.70, thus it starts its initial position at $1.80.

 

These are real-life examples of what small business owners engage in every day: bargaining with vendors.  The lifeblood of their business’ growth depends on them finding and making deals.

 

Why would they act any differently with you?

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Recap:

On our Sales Process map, if each Stage is a mile marker on the highway to Funding, the roadways in between the markers are the Phases.

 

Here are all the Phases:

 

• Phase 1 – The Prospecting Phase

 

• Phase 2 – The Consulting Phase

 

• Phase 3 – The Application Sending Phase

 

• Phase 4 – The Application Reeling-in Phase

 

• Phase 5 – The Submitting Phase

 

• Phase 6 – The Closing Phase

 

• Phase 7 – The Contracting Phase

 

• Phase 8 – The Contract Reeling-in Phase

 

• Phase 9 – The Closing Stip Reeling-in Phase

 

• Phase 10 – The Funding Phase

 

Each one of these Phases has specific steps to complete to get to the next Stage, and there are Key Steps to take in each Stage to accelerate your sales cycles and closings.

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Dale Laszig has written a terrific article on the Green Sheet about education and training.   What is driven home is exactly what the article’s title states: you learn more, you earn more.

 

Sean Murray, president and chief editor at deBanked, makes great points about education for sales agents being paramount to their success. If knowledgeable about the diversity of financial products, and their distinctions from one another, agents can “help customers make informed decisions, which allows them to close more deals.”

 

Customers’ trust in the person, brand or company they are working with is routinely the number one driver, by survey results, of their decision to buy initially, and to be loyal through long-term relationships.

 

In other words, the customer’s trust in who they’re working with is the most important factor in first acquiring that customer, and retaining that customer’s business through a long-term relationship.

 

What is the number one driving factor in the customer’s trust?

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