Sales Phase 9 - Key Step #3

[FundingStrategist]

Recap:

On our Sales Process map, if each Stage is a mile marker on the highway to Funding, the roadways in between the markers are the Phases.



Here are all the Phases:

• Phase 1 – The Prospecting Phase

• Phase 2 – The Consulting Phase

• Phase 3 – The Application Sending Phase

• Phase 4 – The Application Reeling-in Phase

• Phase 5 – The Submitting Phase

• Phase 6 – The Closing Phase

• Phase 7 – The Contracting Phase

• Phase 8 – The Contract Reeling-in Phase

• Phase 9 – The Closing Stip Reeling-in Phase

• Phase 10 – The Funding Phase

Each one of these Phases has specific steps to complete to get to the next Stage, and there are Key Steps to take in each Stage to accelerate your sales cycles and closings.



This is what it looks like when we put it all together:

• Stage 0 – Start:

How do I know for sure I am at this Stage?

• We have prepared and are ready to engage our Lead, pick up the phone and make contact.

Next: Phase 1 – The Prospecting Phase

• Stage 1 – The Prospected Stage:

How do I know for sure I am at this Stage?

• The Lead has been pre-qualified and confirmed to be a Prospect worth pursuing.

Next: Phase 2 – The Consulting Phase

• Stage 2 – The Consulted Stage:

How do I know for sure I am at this Stage?

• The Prospect has been consulted about their goals/needs/obstacles, how our solutions can help them achieve their outcome, and has confirmed they want a quote.

Next:Phase 3 – The Application Sending Phase

• Stage 3 – The Application Out Stage:

How do I know for sure I am at this Stage?

• The Application has been sent to the Prospect, and it has been confirmed it was received.

Next: Phase 4 – The Application Reeling-in Phase

• Stage 4 – The Application In Stage:

How do I know for sure I am at this Stage?

• The Application is in with all supporting paperwork.

Next: Phase 5 – The Submitting Phase

• Stage 5 – The Submission Stage:

How do I know for sure I am at this Stage?

• The Funding Package/Application has been submitted to Underwriting.

Next: Phase 6 – The Closing Phase

• Stage 6 – The Pitched Approval Stage:

How do I know for sure I am at this Stage?

• The Approval(s) have been pitched and sold to the Prospect.

Next:Phase 7 – The Contracting Phase

• Stage 7 – The Contract Out Stage:

How do I know for sure I am at this Stage?

• The Prospect has demonstrated intent to fund, requested contracts and we have sent them out.

Next: Phase 8 – The Contract Reeling-in Phase

• Stage 8 – The Contract In Stage:

How do I know for sure I am at this Stage?

• The signed Contract is in.

Next:Phase 9 – The Closing Stip Reeling-in Phase

• Stage 9 – The Closing Stips In Stage:

How do I know for sure I am at this Stage?

• All closing stips UW need to fund are in.

Next: Phase 10 – The Funding Phase

• Stage 10 – The Funded Stage – End:

How do I know for sure I am at this Stage?

• The deal has funded, great work!

*Phase 9 – The Closing Steps In Phase*



This Phase is the set of steps between Stage 9and Stage 10. It is the last phase in the Sales Process.



*Key Step #3: Follow up (relentlessly) until the closing stips are in!*



Why is this important?



You've got the signed contracts in, you've alerted Underwriting you're working on the closing stips, and you've sent the stip list to the merchant. Great! Now, its follow up follow up follow up until they are in.



At this stage, merchants tend to take their foot off the gas because they believe everything is a done deal. They signed the contracts, they got them to you, they should be good. Right?



Wrong.



Just because you're on the 1-yard line, does not mean you will score - shades of Super Bowl XLIX.


https://www.youtube.com/watch?v=U7rPIg7ZNQ8


Urgency must be kept up until you get that Funding Notice, continue to associate the merchant to closing it up all up and funding as soon as all of these are in.



If they are sending individual closing items piece meal, send them an updated list of closing items (less the one you just received) every time to reinforce their progress. As that list continues to get smaller, the motivation in the merchant will grow. Think about the closing on your home, and how great it felt after knocking out those closing items for your mortgage.



*ABF*



Always Be Funding



-FundingStrategist

https://fundingstrat.com

https://fundingstrat.com/sales-phase-9-key-step-3/