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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 #2: Once you receive the contracts from Underwriting, prepare them to be sent out effectively*
Why is this important?
You've sold the terms of the deal, prompted an explicit buy signal from the merchant and requested contracts from Underwriting.
It is easy to overlook the details at this point, receive the email from Underwriting, and just forward that over to the merchant expecting he/she will sign and send back everything correctly.
All contracts are not created equal - documents must be organized in the simplest format possible. Complexity and confusion will create delays, and time kills deals.
If there are multiple attachments when you receive the docs, combine them all into one. Pay attention to the number of pages and the correct sequence in which they should be organized in before sending out.
If merchants are printing from multiple attachments, they will forget/lose pages, get frustrated and slow the whole process down.
Indicate exactly where the merchant needs to sign/initial on every page and write out clear instructions on the message you send along with the contracts.
Your attention to detail at this phase will demonstrate your professionalism and help the merchant easily receive the docs, look them over, understand the process, and execute next steps smoothly.
Double check what the best way to get the contract to the merchant is: electronic (e-signatures), physical docs, email, fax, etc.
This is where the merchant needs you to be their Trusted Advisor and lay out these very important documents in the simplest format possible - preventing confusion, and continuing a smooth and professional process in getting them funded.
-FundingStrategist
https://fundingstrat.com
https://fundingstrat.com/sales-phase-7-key-step-2/
