When to use it?
After deploying the Utility Close, among other closes, the merchant thinking about it for some time, and the Approval aging.
What does it sound like?
“Due to (insert x circumstances), this Approval may have to be closed out by (insert specific date). What date are you looking to close and fund by?”
“Due to recent developing news on rolling lockdowns, this Approval may have to be closed out by 7/30. What date are you looking to close and fund by?”
How it works?
The Urgency Close helps the merchant reframe their buying decision in context to a limited time-frame. This stops the merchant from stalling, re-thinking, shopping (or whatever else is causing the hold-up) for an unlimited amount of time.
Time kills deals!
Here, you are using the very real circumstances of the current events that are impacting the business financing landscape on an hour to hour basis to instruct the merchant that the Approval is not good and available to them for an unlimited time.
This is not a limited time offer, buy two, get one free on QVC gimmick.
The pandemic and the lockdowns have drastically changed the landscape of business funding. Many of the Approvals that were open and available to qualifying merchants at the beginning of March’20, were no longer available by the end of that month, if they had not already been funded.
One afternoon press conference, one news report, one new statistic – one new directive put in place by a governor – can change the terms of a deal or get it pulled.
In being the merchant’s Trusted Advisor, you are not trying to apply unnecessary pressure to the buying decision, but you are being professionally direct in consulting them to be efficient in their decision-making because time is limited, due to the circumstances.
“What date are you looking to close and fund by?”
After setting the time constraint, you are now assumptively asking when they want to move forward with you, as opposed to lamely asking if they want to move forward at all.
They’ve made it this far with you, assume they’ll go all the way. They just need a little nudge.
This question will open the merchant up, reveal resistance points and allow you to come in and consult at a higher level.
Why it works?
Human psychology has tended to lean heavily towards the path of least resistance. When tasked with making challenging decisions, many merchants will procrastinate – not all – but many.
Some are taking their time to prudently weigh options, research, shop around, crunch numbers – run through their evaluation criteria to arrive at the right decision for them and their business. This is to be encouraged and assisted with your expertise, you’re their Funding Pro.
But of course, there has to be a time-limit on everything. Our very lives have a time-limit, don’t they?
You are squaring your merchants up, educating or reinforcing them on the landscape this decision is being made in. You’re not rushing them to make a rash decision, or pressuring them to buy now! Many sales reps have negative associations with using or creating any urgency with their prospects because they feel they are pressuring people.
Done the right way, creating a healthy sense of urgency, allows you lead the merchant into facing the music and workshop through a tough multi-variable decision with you alongside them. This is where they need you. If they could have done it themselves, you would have already gotten an answer out of them!
Stay in front of your merchants, put the Urgency Close to work, and stay safe!