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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:
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:
How do I know for sure I am at this Stage?
Next: Phase 1 – The Prospecting Phase
How do I know for sure I am at this Stage?
Next: Phase 2 – The Consulting Phase
How do I know for sure I am at this Stage?
Next: Phase 3 – The Application Sending Phase
How do I know for sure I am at this Stage?
Next: Phase 4 – The Application Reeling-in Phase
How do I know for sure I am at this Stage?
Next: Phase 5 – The Submitting Phase
How do I know for sure I am at this Stage?
Next: Phase 6 – The Closing Phase
How do I know for sure I am at this Stage?
Next: Phase 7 – The Contracting Phase
How do I know for sure I am at this Stage?
Next: Phase 8 – The Contract Reeling-in Phase
How do I know for sure I am at this Stage?
Next: Phase 9 – The Closing Stip Reeling-in Phase
How do I know for sure I am at this Stage?
Next: Phase 10 – The Funding Phase
How do I know for sure I am at this Stage?
*Phase 8 – The Contract Reeling-In Phase*
This Phase is the set of steps between Stage 7 and Stage 8.
*Key Step #3: Continue to follow up until the signed contract is in.*
Why is this important?
You have confirmed they have received the contract, worked through any questions or concerns the merchant has had. You've tied the merchant tight to the hip with a Time Target, assumed the rest of the sale by getting buy-in on getting docs in by a specific time/date.
Follow up is now crucial at this phase, because the both of you are so close to funding. The deal going off the rails at this phase is most likely due to competition intercepting the merchant with a better "offer," whether it is real or not - so be aware of this very real possibility.
The merchant's request for contracts is a clear buy signal for finishing the process up and funding asap or at a predetermined date. With the cycle time often being very short between contract request and funding - this is not the time to let the merchant go dark on you. If competition swoops in at this phase, you have very little time to counter and regain the deal.
This is the time to keep up (not the pressure, but) the professional persistence so there's no cold feet, no competition swooping in or any other funny business getting in the way of moving the ball forward.
If there is delaying and stalling about getting docs in, you will need to address the underlying objection that has not been presented yet and resolve it.
It is easy to believe that because the merchant requested contracts, that this is a done-deal. It is not, and you must continue to reach out until docs are in.
You've got this!
-FundingStrategist
https://fundingstrat.com
https://fundingstrat.com/sales-phase-8-key-step-3/
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 8 – The Contract Reeling-In Phase*
This Phase is the set of steps between Stage 7 and Stage 8.
*Key Step #3: Continue to follow up until the signed contract is in.*
Why is this important?
You have confirmed they have received the contract, worked through any questions or concerns the merchant has had. You've tied the merchant tight to the hip with a Time Target, assumed the rest of the sale by getting buy-in on getting docs in by a specific time/date.
Follow up is now crucial at this phase, because the both of you are so close to funding. The deal going off the rails at this phase is most likely due to competition intercepting the merchant with a better "offer," whether it is real or not - so be aware of this very real possibility.
The merchant's request for contracts is a clear buy signal for finishing the process up and funding asap or at a predetermined date. With the cycle time often being very short between contract request and funding - this is not the time to let the merchant go dark on you. If competition swoops in at this phase, you have very little time to counter and regain the deal.
This is the time to keep up (not the pressure, but) the professional persistence so there's no cold feet, no competition swooping in or any other funny business getting in the way of moving the ball forward.
If there is delaying and stalling about getting docs in, you will need to address the underlying objection that has not been presented yet and resolve it.
It is easy to believe that because the merchant requested contracts, that this is a done-deal. It is not, and you must continue to reach out until docs are in.
You've got this!
-FundingStrategist
https://fundingstrat.com
https://fundingstrat.com/sales-phase-8-key-step-3/
