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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 5 – The Submitting Phase*
This Phase is the set of steps between Stage 4 and Stage 5.
*Key Step #2: Let the merchant know you've submitted their file to Underwriting and are working to have an answer for them shortly*
Why is this important?
You've prepped the file and submitted the package with as much pertinent information as is useful, which has helped the underwriter on the file efficiently work through it and get you an answer quickly.
Depending on the underwriting team you're working with, you may expect to hear back within a few hours or it may be the next day before you hear anything. But - you know how it works better than the merchant does, so its critical to give your client certainty while he/she waits.
No matter what time of the day you submitted the file to Underwriting, let the merchant know you have everything, its now in Underwriting and you'll have something for them shortly.
Some merchants may tell you they need an answer yesterday, others may come off like they're not in a hurry but are anxious for an answer, many are not in a rush and are okay with waiting, and some might even tell you they're shopping and you're on the clock.
Its important to keep the merchant updated. I don't recommend giving them a play by play, but if the day has gone by and its looking like you'll have an answer from Underwriting tomorrow, do ping the merchant and let them know you should have something for them tomorrow.
It may seem like a little thing, but its these little things that go a long way in making the customer feel like you give a f*#! And those little things make customers want to work with you (and can be valuable down the road, when all you can present to them is an offer that might floor them at first glance).
Merchants are always eager, if not anxious, to know what they'll be approved for (if approved at all), especially after filling out an application and rounding up financial information. They deserve to have an open communication channel with the professional who just collected all this important info from them.
The less you communicate with the client, the more they feel like you just see them as a transaction. And, they will reciprocate with this low level of respect: the less you communicate upfront, the higher the probability the merchant will feel comfortable to go dark on you when they have silent objections and unmet needs.
Conversely, as you adequately communicate with them, they will be more comfortable with opening up and telling you exactly what they need from you so you can win the sale and get them funded.
Paying attention to some key details pays!
-FundingStrategist
https://fundingstrat.com
https://fundingstrat.com/sales-phase-5-key-step-2/
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 5 – The Submitting Phase*
This Phase is the set of steps between Stage 4 and Stage 5.
*Key Step #2: Let the merchant know you've submitted their file to Underwriting and are working to have an answer for them shortly*
Why is this important?
You've prepped the file and submitted the package with as much pertinent information as is useful, which has helped the underwriter on the file efficiently work through it and get you an answer quickly.
Depending on the underwriting team you're working with, you may expect to hear back within a few hours or it may be the next day before you hear anything. But - you know how it works better than the merchant does, so its critical to give your client certainty while he/she waits.
No matter what time of the day you submitted the file to Underwriting, let the merchant know you have everything, its now in Underwriting and you'll have something for them shortly.
Some merchants may tell you they need an answer yesterday, others may come off like they're not in a hurry but are anxious for an answer, many are not in a rush and are okay with waiting, and some might even tell you they're shopping and you're on the clock.
Its important to keep the merchant updated. I don't recommend giving them a play by play, but if the day has gone by and its looking like you'll have an answer from Underwriting tomorrow, do ping the merchant and let them know you should have something for them tomorrow.
It may seem like a little thing, but its these little things that go a long way in making the customer feel like you give a f*#! And those little things make customers want to work with you (and can be valuable down the road, when all you can present to them is an offer that might floor them at first glance).
Merchants are always eager, if not anxious, to know what they'll be approved for (if approved at all), especially after filling out an application and rounding up financial information. They deserve to have an open communication channel with the professional who just collected all this important info from them.
The less you communicate with the client, the more they feel like you just see them as a transaction. And, they will reciprocate with this low level of respect: the less you communicate upfront, the higher the probability the merchant will feel comfortable to go dark on you when they have silent objections and unmet needs.
Conversely, as you adequately communicate with them, they will be more comfortable with opening up and telling you exactly what they need from you so you can win the sale and get them funded.
Paying attention to some key details pays!
-FundingStrategist
https://fundingstrat.com
https://fundingstrat.com/sales-phase-5-key-step-2/
