FundingStrategist

 

 

The very unique year of 2020 is coming to a close.  Here are this year’s Top Posts:

 

Is There a Chance?

 

Beating the odds starts with a certain mindset.

 

Compelling Event! Extension Deadline

 

Understand the trigger events that compel merchants to apply for funding.

 

Objection!! “Call me in 2 weeks”

 

Get beyond the brush-off.

 

Zach’s Cold Call Basics – Breaking it Down

 

Breaking down a heavy-hitter’s swing.

 

Start with the End

 

Slow down, get clear with the target you’re aiming at.

 

And if you missed 2018 and 2019’s, here they are!

 

2019 Top Posts

 

2018 Top Posts

 

 

Happy and Healthy Holidays to all!

 

-FundingStrategist

https://fundingstrat.com

 

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What is CHAMP?

 

Simply put, its known as BANT 2.0.  Many have objected to prioritizing Budget first in the sequence and believe leading with the Need is much more effective.  Some have reordered it to NATB, bringing Need up to the front and sliding Budget out to the back – but what has resonated best with sales teams is converting it over to CHAMP.

 

This framework leads with the needs, pain points, and Challenges the prospect/business faces.

 

CHAMP stands for:

 

CHallenges – What challenges is the buyer currently facing?

 

Authority – Is the decision-maker for buying your solution, and if not, who is and how do we get in touch?

 

Money – Does the buyer have financial capacity to buy your solution?

 

Prioritization – What is the buyer’s specific timeframe for implementing a solution?

 

Here are examples of CHAMP questions that have routinely used:

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Number one professional fear people carry is the fear of failure.  To fail, however vague that may be, is what strikes the most fear in the higest number of people in the professional setting.

 

Behind that fear of failure is the fear of rejection.  If they fail, they won’t be accepted, they won’t be liked, they’ll be cast out in the cold…goes the subconscious thread.

 

Sales addresses failure and rejection head-on, which when met with perseverance, bestows almost a superpower of immunity of these fears to the Funding Pro.

 

We currently live in a world of negative conditioning.  Fear mostly drives the American sales process.

 

Our society has come to prey on the fear factor.  It’s in about 50% of the ads we see: ads about life insurance, disability, stolen credit cards, tires that grip the road in the rain, brakes that avoid hitting children riding bikes, security systems that prevent your home from being robbed, etc.

 

We are constantly reminded how hostile our environment is, and now with Covid and everything its brought, even more so.

 

Once society conditions you with fear, its only natural you bring it with you everywhere, including sales.

 

According the Jeffrey Gitomer there are degrees of failure in sales:

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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.

This is what it looks like when we put it all together:

• Stage 0 – Start:

How do I know for sure I am at this Stage?

• We have prepared and are ready to engage our Lead, pick up the phone and make contact.

Next:  Phase 1 – The Prospecting Phase

 

• Stage 1 – The Prospected Stage:

            How do I know for sure I am at this Stage?

• The Lead has been pre-qualified and confirmed to be a Prospect worth pursuing.

Next:  Phase 2 – The Consulting Phase

 

• Stage 2 – The Consulted Stage:

How do I know for sure I am at this Stage?

• The Prospect has been consulted about their goals/needs/obstacles, how our solutions can help them achieve their outcome, and has confirmed they want a quote.

Next: Phase 3 – The Application Sending Phase

 

• Stage 3 – The Application Out Stage:

How do I know for sure I am at this Stage?

• The Application has been sent to the Prospect, and it has been confirmed it was received.

Next: Phase 4 – The Application Reeling-in Phase 

 

• Stage 4 – The Application In Stage:

How do I know for sure I am at this Stage?

• The Application is in with all supporting paperwork.

Next: Phase 5 – The Submitting Phase

 

• Stage 5 – The Submission Stage:

How do I know for sure I am at this Stage?

• The Funding Package/Application has been submitted to Underwriting.

Next: Phase 6 – The Closing Phase

 

• Stage 6 – The Pitched Approval Stage:

How do I know for sure I am at this Stage?

• The Approval(s) have been pitched and sold to the Prospect.

Next: Phase 7 – The Contracting Phase

 

• Stage 7 – The Contract Out Stage:

How do I know for sure I am at this Stage?

• The Prospect has demonstrated intent to fund, requested contracts and we have sent them out.

Next: Phase 8 – The Contract Reeling-in Phase

 

• Stage 8 – The Contract In Stage:

How do I know for sure I am at this Stage?

• The signed Contract is in.

Next: Phase 9 – The Closing Stip Reeling-in Phase

 

• Stage 9 – The Closing Stips In Stage:

How do I know for sure I am at this Stage?

• All closing stips UW need to fund are in.

Next: Phase 10 – The Funding Phase

 

• Stage 10 – The Funded Stage – End:

How do I know for sure I am at this Stage?

• The deal has funded, great work!

 

*Phase 6 – The Closing Phase*

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