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When to use it?
Before presenting terms of the Approval.
What does it sound like?
Let me make sure I’ve gotten everything. You need (insert x amount) by (insert x date) to (insert x use of funds) so you can (insert x business outcome). Did I miss anything?
Ex.
Let me make sure I’ve gotten everything. You need $35,000 by 5/15 to get the material ordered for this job so you can turn this project over by 5/30. Did I miss anything?
How it works?
This is more of a test close you can open a closing conversation with. Before you present terms, take them through the needs they shared with you previously.
You are taking key buyer points from when you qualified them earlier in the Sales Process and feeding them right back to them to make sure they still apply and will meet the merchant’s needs.
Merchants will typically let you know the general terms they’re looking for, but of all these features, they are usually most sure of the amount they need to get their outcome.
Reference the amount they believe they need, the timeframe they’re looking to fund in, the use of funds, and most importantly, the business outcome the use of funds will actually produce for them.
Check in and ask if this is still what meets their needs or if anything has changed.
Now you’re ready to present terms and deploy any other close to get the job done.
Why it works?
Satisfying a prospect’s needs is crucial in getting them funded.
These needs get best elicited during qualification so you can use them effectively after they’ve been approved.
If qualified effectively, prospects love sharing the list of features they believe they need from your product/service.
Simply, the more boxes you can tick on that list, the easier it is to close and fund.
When you’re having trouble ticking these boxes, it’s time to reset expectations and really dive deeper into what the prospect is trying to accomplish in order to meet their true needs. Merchants needs are often their wants – and this is where a Trusted Advisor can really help in identifying and meeting their true needs.
Before you present terms, going over this list again, primes the merchant’s mind for how you are going to meet those needs. Small business owners are very busy, and many times, scattered. Bring them back to center. Keep them on track.
Tie it down with asking if this still checks out with them. If anything has changed, this has to be addressed before moving forward with presenting terms and deploying any more closes.
Put the Needs Close to work and Fund On!
-FundingStrategist
https://fundingstrat.com
https://fundingstrat.com/the-needs-close-what-it-is-how-it-works-and-why-it-works/
