FundingStrat

 

What is FAINT?

 

RAIN Group’s president, Mike Schultz, created FAINT in response to the inadequacy of BANT in many sales cases.  As a sales qualification framework, it is designed for selling in situations where prospects don’t have true set aside budgets for your solution.

 

Much like ANUM’s creator, Ken Krogue, Mike felt BANT’s prioritization of the B for Budget put the cart before the horse for many prospective buyers, because many do not have predetermined budgets set aside for your solution – many buyers don’t even know your solution exists and can help them reach new heights.

 

But just because they have not set aside a true budget the way they see it does not mean they do not have the funds for your solution – cash flow.

 

FAINT stands for:

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Ask a friend of yours to hold a hand out in front of their body.

 

Then, you make a fist and hold it out in front of yours.  Start to push your fist against against their hand and what you’ll find is that your friend will start to push back (without being instructed to).

 

The pushback is an unconscious reaction everyone kicks on to just defend their center of balance (and not lose ground).

 

This is a friend!  This is someone you have great rapport with already, someone who knows you personally – and still pushback.

 

When we perceive we are being pushed, we will often push back unconsciously just to defend the ground we stand on.

 

Merchants will undoubtedly do the same.

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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 7 – The Contracting Phase*

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Altify’s 2017 Business Performance Benchmark Study found these to be B2B CEOs’ most important strategic focus:

 

87.3% – Customer Retention

86.5% – Revenue Growth

73.1% – Profit Growth

65.2% – Operational Efficiency

64.6% – Increased Market Share

38.0% – Cost Reduction

 

Customer Retention edged out all the others for the #1 most important strategic focus.

 

Why?

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At 150 miles above the earth, one skill trumps all: not panicking!!  Or, better said: staying cool under pressure.

 

Up there, panic means almost certain death.  Succumbing to it is to make mistakes, override systems, disregard procedures and react impulsively.  Thinking clearly goes out the window, and the survival brain kicks in to run the show.

 

Panic has its root in fear.  Fear is a survival instinct that fires off stress hormones (epinephrine/cortisol) to make us more alert to potential and real danger.

 

That fight or flight response hard-wired into us has truly served us throughout the millennia, but if left unchecked, it can really get in the way of our Results.

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