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*
This Phase is the set of steps between Stage 5 and Stage 6.
*Key Step #1: Once you receive the Approval(s), call the merchant to re-confirm their objective, what they’re looking for and read for competition/shopping. Let the merchant know, you’ll have options to present shortly.*
Why is this important?
Instead of pitching the Approval(s) as soon as you receive them from Underwriting, you want to touch base with the merchant again and gauge expectations and how they’ve either stayed the same or changed.
Have them tell you again what their Key Business Objective is – what they want to achieve with the funding.
For the merchant, explaining the objective reinforces why they need the funding in the first place. It preframes them for your pitch and also allows you to pick up on specific language you can mirror back to them when you’re ready to close.
Have the merchant also restate what they’re looking for (terms-wise). This should check out with what they had initially told you at the beginning of the sales process. If it has changed, there’s potentially been a competitor in their ear.
This is not the time to square up the shopping conversation yet, but it means you need to move on presenting options, working through any hangups, and closing swiftly.
Time kills deals.
This is the time to know exactly what the merchant’s expectations are, because expectations can change daily, even hourly. Sometimes they change in your favor, and other times they become a bit more challenging to reframe, but you’ll have a higher probability of influencing them if you know what you’re working with before you pitch.
Let them know you’ll be presenting options shortly and prepare your offer.
Keep Calm and Fund On!
-FundingStrategist
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