When to use it?
After describing the terms of the two different Approvals you have for the merchant, you have used the Alternative Close, and now the merchant is having a challenging time deciding which option to move forward with.
What does it sound like?
“Based on your (insert Key Business Outcome/Goal/Project/Solvable Problem/Need) by (insert Specific Date), (insert Option) looks to be the best program for you because of (insert Feature 1) and (insert Feature 2). And, what that means to you is (insert Benefit). That check out with you?”
“Based on the inventory purchase (Key Business Outcome) you’re planning to make by August 15th (Specific Date), Option 2 (Option) looks to be the best program for you because its longer term (Feature) results in a lower payment (Feature). And, what that means to you is more cash flow flexibility (Benefit) while securing your outcome. That check out with you?”
How it works?
After describing the terms of the two options you have for them, you are now following up on the Alternative Close.
You are strategically assuming one of these options is the best option for them, now they just have to decide which one.
Here it is important to create proper context for the merchant – put everything into perspective for them in a clear and concise way, and then suggest which one you believe to be the best fit. Best way to do this is to first associate them to their Key Outcome/Goal and the specific date they’ve shared they want to achieve it by.
Note: These are key negotiation points you would have needed to draw out in earlier conversations.
You want to then use your expertise to choose one option above the other to narrow the merchant’s focus. Distinguish it by citing a couple of features that make it a better fit for them, and most importantly bridge those features to the Benefit they will drive.
Many times, reps will only state or attempt to sell features of a product alone. This is ineffective at best, as prospects can’t always make the connection in their head on how that helps them. Funding Pros understand its your job to bridge the features to a benefit for the prospect.
Whether they are conscious of it or not, customers are constantly thinking the questions:
“How does this help me?”
“Why do I care?”
Answer those questions for them by bridging features to benefits before they become objections.
Tie it all down with a question that confirms they agree with you, and you have guided them one massive step closer to Funding.
Why it works?
Each option will have different features the merchant will most likely want to run through again. This give you the opportunity to continue building rapport, educating the buyer, and consulting him/her on what best suits the project/Key Business Outcome they are funding.
As their Trusted Advisor, you’ve done a great job in getting them approved for more than one option. It’s their turn to evaluate and decide, and you will be their assistant buyer – the thing is, many merchants have a challenging time evaluating, and this is where your expert consulting comes in to put everything into perspective and suggest which is the best fit from where you’re standing.
You’re using a respectful but assumptive tone throughout the entirety of the Sales Process.
Small business owners must evaluate and decide which options will best help them achieve their Key Business Outcomes – so they can ultimately put themselves in the best position to continually maximize opportunities!
Your perspective is extremely helpful and necessary at this stage. Your suggestion is based on the information you’ve collected throughout the Sales Process up to this point. You can organize it and communicate effectively back to the merchant as a base case for your suggestion.
THIS IS A VERY VALUABLE SERVICE to any customer – builds massive rapport, and makes closing much more efficient.
If someone can capture everything we say out loud or carry in our heads, and mirror it back to us, we can better evaluate options to make a DECISION.
Put the Suggestive Close to work and Fund On!
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