For many reps, there can be this issue of sending apps out but not getting very many back. This ends up becoming a consistent pattern of sending many more apps out every month than come back in. And on top of that, many of these prospects who were sent applications then go dark.
If way more apps are out there flying in the wind than those that are coming right back or you’re getting responses from, there are holes in the conversation you’re having leading up to application being sent out.
Sometimes, reps can get a little too app-happy. They may rush to get their deal pushed into the “Application Out” deal stage (Stage 3). Maybe there’s an incentive for them to do so, or maybe they’re just deluding themselves, but it is inefficient and ineffective regardless.
Having far more apps out then are coming in or even responding is a waste of time, energy and resources. There may be prospecting calls that feel like spinning wheels, but we shouldn’t be overly spinning our wheels on contacts or leads that truly are not prospects or are not ready for an app right now.
There needs to be a tighter qualification process and consultation process to vet out whether this prospect is truly ready for an application to be sent their way right now.
“How’s your pipeline coming along?”
“Well, I’ve got all of these apps out.”
Doesn’t mean a thing.
What matters is the apps that have made it in.
One big mistake many reps make is to close a prospecting call with an ineffective question:
“Would you like me to send you an application?”
It typically will happen if the conversation seems to be stalling, or the rep doesn’t know where to take the talk-track next. They know they ideally need to generate a submission to give themselves an opportunity to have anything to pitch. And, in order to generate the sub, they need an app in.
To get an app in, they need an app out.
The answer every merchant is thinking in their head is “No. I don’t.”
No one likes to fill out applications. For anything.
No one desires to fill out your application. They are a means to an end.
If you haven’t convinced the merchant to have you work up Funding Options for them, sending an application will not do any more convincing for you. In fact, there is now more information being thrown at them to overwhelm them and decide to go in another direction.
They either did not hear enough of the right things from you to be receptive to the next step, or its not the right time.
Buy signals must be established before Applications are sent out.
What do you need to hear from the merchant before you send an app out?