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When to use it?
After deploying the Utility Close, hitting resistance about terms, and getting Underwriting to approve an exception to modify terms to get the deal done.
What does it sound like?
"To break this down, I was able to get you approved you for (insert initial Approval terms).
You asked for this (insert Approval/product feature) to be changed.
I was able to get Underwriting to approve an exception to change (insert Approval/product feature).
Now the Approval is (insert new Approval terms).
With what I was able to get done for you, can you put it to work?"
Ex.
"To break this down, I was able to get you approved you for $35,000, etc.
You asked for the origination fee to be waived.
I was unable to get it completely waived, but was able to get Underwriting to approve an exception to reduce it by 60%.
Now the Approval is $35,000, etc.
With what I was able to get done for you, can you put it to work?"
How it works?
This close has been used for years to summarize just product/service features and benefits.
If you have to go back to Underwriting to get a concession on their part, the merchant must know you went to bat for them and it resulted in an improvement for them.
All too often, merchants will forget or play down the work you have done to get them the best fit for what they want to achieve.
As a Funding Pro, you want to summarize where you started, what the merchant asked for, what you were able to get them, and now where their approval has been improved because of your efforts. Then, make the ask!
If you had gotten 2 or even 3 concessions, you would summarize each one with this same framework: this is your Point A, we got to Point B, now we are at Point C.
If you don’t concisely summarize these milestones you have helped them cross, your work can be taken for granted and the merchant still believes they've made no progress.
Why it works?
When you summarize where you started and how you got to this point, merchants have an opportunity to acknowledge the work you’ve done to get them this far. They can also acknowledge how far they have come in this process – and the more invested in a process a buyer feels, the less likely they will cut loose and run.
They also get reminded the time it took to get this exception (concessions should not be instantaneous), and possibly how much longer it could take if they should ask for another concession.
Buyers always want to feel like they’ve won. When you summarize the trajectory of their deal, they can experience the improvements in slow motion and feel good about the progress made.
It is challenging to deny the effort of others, especially if they are serving us with a product or service and do it with a great attitude. We all want a champion that will go to bat for us and have our back. That in itself, builds massive rapport with small business owners and predisposes them to do business with you over others.
Put the Effort Summary Close to work and Fund on!
-FundingStrategist
https://fundingstrat.com
https://fundingstrat.com/the-effort-...-why-it-works/
