FundingStrat

In You Want What? we explored merchants using the foundational principle of asking for more than one expects to get.

 

Merchants seasoned in bargaining with vendors understand that asking for more than the expect to get can actually result in getting just exactly what they asked for.

 

This tactic can also be used to see how experienced their sales rep really is, and to test how solid (inflexible) the terms of the deal really are.

 

For a Funding Pro, this negotiation principle is an excellent tool as well.

 

Henry Kissinger once said: “Effectiveness at the conference table depends on overstating one’s demands.”

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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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The late and great C. Holmes tells a true story of two furniture stores.

 

Simple but powerful:

 

Two furniture stores open up in a town on nearly the same day.

 

And over a 4-year period –>

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Setbacks and obstacles are a constant in the Sales Process.

It is a must to continually inoculate yourself against and overcome adversity.

Maybe a deal is stalling.

Maybe your pipeline is trending towards a place you’re not happy with.

Maybe it felt like a fruitless day.

How we respond to an obstacle in the moment, will define the results we produce – to turn things around, move forward, or even capitalize on an opportunity we hadn’t even seen before.

 

How we respond in the moment is foundationally dependent on our perception of what is going on at that time.

 

Perception is the filter we use to understand and give meaning to the events that are occurring around us.

 

Events objectively are neither good nor bad.  It is our perception that label them so.

 

John D. Rockefeller, the oil titan, who started as a humble bookkeeper and aspiring investor, was known by his business colleagues for his coolness under pressure.

 

This was a discipline of coolness that was practiced and first forged in the heat and pain of the panic of 1857, and the crippling depression that ensued.

 

Most adversities break people down – post-traumatic stress.

 

For some, adversity strengthens them, they build themselves up – post-traumatic growth.

 

Rockefeller decided to practice seeing the opportunity in every obstacle, every disaster – and there were many events where this practice was put to the test. The Civil War, the panics of 1873, 1907 and 1929, among others.

 

While others over-relied on their impulsive emotions, panicked, and did rash things – John capitalized and seized opportunities.

 

It starts with a quality question:

 

What is the opportunity in this obstacle?

 

Disciplined practice of this question in the face of obstacles will create results that move us Forward through any adversity.

 

How has asking this question helped you in the past?

 

 

-FundingStrategist

https://fundingstrat.com

 

When to use it?

 

In response to an objection the merchant has about a specific feature of the Approval terms.

 

What does it sound like?

 

Merchant: “Can we get this (insert terms feature) changed?”

 

Funding Pro: “If I can get this (terms feature) item handled, are you ready to move forward today?”

 

Ex.

 

“Can we get this origination fee reduced?”

 

“If I can get this origination fee item handled, are you ready to move forward today?”

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