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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:
- 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 7 – The Contracting Phase*
This Phase is the set of steps between Stage 6 and Stage 7.
*Key Step #1: Only after receiving the contract request from the merchant, go ahead and request contracts from Underwriting on terms sold ASAP.*
Why is this important?
It can be tempting to request contracts and send to the merchant while still trying to sell the deal. Maybe you feel close to sealing the deal, or maybe you feel a time crunch and get the urge to expedite the sales cycle to get it done.
Requesting docs must be done only after the merchant has given you the explicit buy signal to move forward to the next step:
"Please send me contracts."
"Okay, what's next?"
"What do I have to do to get this funded?"
Save everyone the time and energy and prompt this buy signal before requesting docs and jumbling up the situation.
"Don't fire until you see the whites of their eyes."
-William Prescott (Battle of Bunker Hill)
As soon as you receive that contract request, let the merchant know to stand by as you are on it and will be getting them docs to finalize everything now. Set the expectation that everything can be finalized now so you can keep the momentum going until you cross the finish line.
Request docs from Underwriting on terms sold so they can get you contracts ASAP. Time kills deals! The faster you can get contracts into the merchant's hands, the faster you can answer any questions, get them back in and move forward.
Fire (Fund) away!
-FundingStrategist
https://fundingstrat.com
https://fundingstrat.com/sales-phase-7-key-step-1/
