FundingStrat

 

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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Recap:

 

In The Revenue is in the Relationship, we found that:

 

• Acquiring a new customer is 5-7x as expensive as retaining an existing customer.

 

• The success rate of selling to a customer you already have is 60-70%, while the success rate of selling to a new customer is 5-20%.

 

• Increasing customer retention rates by 5% can increase profits by 25-95%.

 

Customer retention was most driven by:

 

• 89% of businesses report their customers state that their user experience is the key factor in their loyalty.

 

The user experience is essentially customer service, how we serve the customer (continually).

 

What’s the riskiest assumption in all of this?

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Sun Tzu says, “the general who wins the battle makes many calculations in his temple before the battle is fought.  The general who loses makes but few calculations beforehand.”

 

Fund Szu says, “the Funding Pro who consistently wins and funds deals, tracks and measures performance consistently.  The rep who consistently loses deals does not bother with these calculations.”

 

Well, why is this important?

 

Continually measuring performance is the surefire way to continually improve performance.

 

How do you measure the performance of a Funding Pro, anyways?

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When to use it?

 

After deploying the Utility Close, hitting resistance about terms, and getting Underwriting to approve an exception to modify terms to get the deal done.

 

What does it sound like?

 

“To break this down, I was able to get you approved you for (insert initial Approval terms).

 

You asked for this (insert Approval/product feature) to be changed.

 

I was able to get Underwriting to approve an exception to change (insert Approval/product feature).

 

Now the Approval is (insert new Approval terms).

 

With what I was able to get done for you, can you put it to work?”

 

Ex.

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Sales reps learning to pitch and sell their products is an essential part of success at the beginning of the journey.  If you don’t know your product, organization, industry, your value proposition – it’s going to be tough to communicate effectively with prospects and customers, much less influence them.

 

Practice and repetition are key, so we can move away from thinking about what needs to be said and we can move towards how we customize what we say in every unique selling conversation.  It’s easy to stay in a product-centric rhythm – requesting time with buyers to talk about our (financial) product and what we think it can do for them.

 

The truth is that buyers/merchants don’t care about your product, your organization or what you think you can do for them, UNLESS you’re solving a business problem OR helping them achieve a DESIRED OUTCOME.

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