Todd over at deBanked has written another great article. Among other great nuggets was a video of a couple executives doing some sales role playing.
Great video, watch the whole thing when you get a chance. One of the executives, Josh, shrewdly tests the other with the “what’s the rate?” question to try to stump him.
Merchants love to bottom line callers with this question to save time and weed out who they will and won’t speak to.
We all know we can’t give someone their rates before the file is underwritten, but the question gets asked nonetheless – and we must answer it effectively to win business consistently.
Josh asks the other executive, Chiren, who does a pretty good job in response: “I hang up on everyone who doesn’t tell me the rate, what’s the rate?”
Chiren comes back with something along the lines of:
“We’d have to see your bank statements. They can be as low as x, we have many different options that could work for you, but we’d have to see your bank statements and then we can take it from there.”
What’s great about this response is that it is true, everything he is saying is correct and straightforward, which can engender trust with the merchant.
For higher conversion, let’s optimize this response a bit.
The truth is when you hear this, you better get two key things right in short order if you are going to take this call where you want it to go.
- You need to give the merchant want they want in that moment (demonstrate value immediately).
- You need to regain control of the conversation (so you are leading once again).
As soon as the merchant is asking questions like these, which they are within their right to ask, you are on your heels playing defense. And if you answer without an appropriate counter, it’s a slippery slope: the merchant will be qualifying you instead of the other way around.
How do we do this?
The Quote Counter
Remember, the outcome of the Prospecting Call is to engage, prequalify and generate an App In/Submission in the most efficient way possible.
To regain control, you have to move the merchant closer to prequalification with your own question.
“What’s the rate?!”
“Great question, they can be as low as x, but are based on several different factors that I believe you could meet. Would you like me to work up a Quote today?”
There is no sense in wasting time talking extensively about rates when you can’t really do anything for the merchant till you have an Application package/Submission you can get underwritten for them.
What the merchant really wants is to know that continuing the conversation with you will bring them value. Use this to your advantage and draw them in closer by making the ask.
Make the ask!!
After they say “yes” to this question, they have now demonstrated Quote Intent, an early buy signal. They want to know what you can do for them, and they will now be open to giving you permission to continue asking your questions and lead them (as opposed to the other way around).
Put the Quote Counter to work and Fund On!
Happy Spring, Funding Pros.