When to use it?
After describing the terms of two different Approvals you have for the merchant.
What does it sound like?
“Which (insert funding product) can you put to work, Option 1 or Option 2?”
How it works?
You are strategically assuming one of these options is the best fit for them, now they just have to decide which one.
Each option will have differing features the merchant will most likely want you to run through again. This gives you the opportunity to continue building rapport, educating the buyer and consulting him/her on what best suits the project/Key Outcome they are funding.
Buyers typically want more than one option, but not too much more than two (reduces overwhelm). You’ve done a great job in getting them approved, now it’s time for them to evaluate and decide – and you can be their assistant buyer, their Trusted Advisor through that process.
Why it works?
Using a respectful assumptive tone throughout the entirety of the Sales Process enables you to create superior results – especially because this is a very young space and there are many forms of business financing that are new to our prospects/customers. Merchants don’t want to feel like you don’t know what you’re doing, or you’re uncomfortable, or you are carrying an apologetic energy about what you are selling.
Small business owners, as entrepreneurs, have one chief aim: maximize opportunity!
The merchant is buying a Key Business Outcome through the funding you are providing. If you have two options for them that differ in various ways, those features will have a different impact on how they can achieve their outcome.
Associate them to their outcome – ask about that, speak to that.
This close opens the door into the world of understanding how one may be a better fit over the other.
Ideal merchant response scenario: “Let’s go with Option 1, what do we need to get this one funded?”
Next best scenario is that the merchant shares with you why one option works for them over the other one, or why one or both don’t work.
Elicit all that information you can about expectations to reset, negotiate and create the win-win solution that benefits all, closes and funds.
Put the Alternative Close to work and Fund on!