What does it sound like?
“What date can you put this funding to work?”
How it works?
It is best used with you’ve narrowed Approvals down to one option the merchant is leaning towards.
After describing the terms of the approval (features of the product), and how it helps the merchant (Business Pro) achieve their goal/project, you must make the ask.
The Utility Close is all about eliciting intent – how the merchant will put the capital to work, funding their project, achieving their Key Business Outcome.
The Assumptive Close is best used as a rebutting question when objections arise.
If you’ve done a great job eliciting intent earlier in the Sales Process, you can eliminate a step and combine these two closes.
Why it works?
Time kills deals!
Efficiency through the sales cycle is crucial, especially nowadays.
Now that it’s been narrowed down to one option – or maybe it’s only one option you have to offer, you go over terms, relate it back to the objective the funding is for and assume the sale.
You’ve done all this work for them so far. You’ve been their Trusted Advisor – assume this is the best option for them, they agree and now it’s time to work out the details to get this deal funded.
Of course, the merchant may not be ready to talk dates yet because of objections he/she has that need to be addressed and resolved. But you’ll also get kneejerk responses from merchants telling you the exact date they’d like to close…then they start raising objections.
If the objections come first before they can answer you on the date, these need to be met head on and resolved now before you get any farther with the deal.
But if the merchant gives you a date before the objections, this is a strong buy signal that indicates he’s really comfortable with terms as they are, is trying to do better before funding, and will typically be less firm on his objecting demands.
You get a date, get the paperwork ready and move one step closer to funding this deal.
Here’s to a Healthy and Happy New Year to all!