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How does a Lead become a Funded Deal?
~STARTING THE DRIVE~
Before we can Consult the Merchant (Business Pro), we must determine if this lead is truly a Prospect.
What’s the difference??
Simply, a lead is a contact who has expressed interest in your product/service and could qualify to be a potential customer.
A Prospect is a lead that has been qualified, and has expressed their need or desire for product/service, and for that reason, is closer to becoming a potential customer.
We must convert Leads --> Prospects --> Sales.
Whether the lead is inbound or we are going outbound, leads must be engaged with effective communication from the outset – you have precious seconds to make the right impression and capture the Business Pro’s (merchant) attention.
Say hi, reference who you are and where you are calling from. Reference whatever information you have to link how you got their information, and make the ask from the beginning.
Make the ASK!!
Get to the heart of it quickly, and no it is not “are you looking for money/funding/capital?”
This is the quickest way to hear click and dial tone.
The more “Yes’s” you hear through the length of the Sales Process, the higher the probability you will Drive this BP (merchant) through the Sales Process, on a shorter cycle, and Fund.
Score an easy Yes here (and do some qualifying) with asking a question that most BP’s (merchant) can’t say no to:
“To confirm, (insert) is the project you are working on this month?”
“Do you have any (more) projects this month?”
“Do you have any projects this month we can assist with?”
Don’t even mention the funding, because that’s not what they want anyways. Never have. They want what the Funding can do for them --> the project/the problem’s solution/the goal achieved/the target hit/the crisis averted/The OUTCOME.
After hearing “yes” here, and them getting into the details about it. You can drive and lead the conversation from there to ask some qualifying questions about amount, expectations, impact on business, and most importantly timeline.
Always vet out if this is a process they want to start AND finish “this month.”. This will save you a lot of energy as you prioritize and allocate time to the Prospects who are most likely to move through the (FASS) Sales Process and convert into Funded Deals this month.
Expressing interest is one thing, but expressing a need/desire for your product/service this month is another. You pull the latter out of the BP (merchant), now you can invest Your precious minutes in consulting him/her through the process and injecting this Prospect into your Pipeline.
~DRIVING DOWN THE FIELD~
Before we can get the Application Out, we need to Consult the Merchant (Business Pro).
You must establish that you are their Trusted Advisor through this process.
Remember, you’re the Funding Pro – act like it.
Rushing to get an App Out here is not going to cut it.
Once you’ve qualified this lead, and it is in fact a prospect (more on the difference between the two later), it’s time to Lead the Business Pro (merchant) to Wanting you to send them the Application.
For the BP (merchant) to Want an App, the BP (merchant) must want YOU to work up Funding Options for them. For the BP (merchant) to Want YOU to work up options for them, the BP (merchant) must Want to do business with YOU.
How do you get the BP (merchant) to want to work with YOU?
Really boils down to 2 Key Points:
-Ask Powerful Strategic Questions (listen twice as much as you speak)
AND
-Make them feel like you HEAR and understand them, their business, and their Outcome.
A novice sales pro will go on and on about them, their company, their products, “we’re the best,” etc.
A Funding Pro, the Trusted Advisor can use this information when it is appropriate, but doesn’t need to blitz the Prospect with all of it at the beginning of the relationship to convince the Prospect to do business with him/her. It’s a shift from me-centric to customer-centric. Focus on them!
The Funding Pro exemplifies the Quality of his/her service at the outset primarily through Powerful Strategic Questions and making the Prospect feel like they are heard, understood, and YOU will help them Achieve their Outcome.
Prospects don’t want to speak with you for fun.
Prospects don’t want to speak with you for money (WAIT, WHAAAT???)
Prospects Want to speak with YOU because they have an Outcome, they have a Goal they want to achieve, they have a challenge they want to overcome, they have a problem they want to SOLVE. They Want to speak to YOU because they want to know if YOU are the person who can help them Achieve that Outcome, overcome that challenge, Solve that problem in the most efficient way possible.
The Funding is the vehicle, their Outcome/Project/Problem’s Solution is the true Destination.
You do these 2 things well, and the Prospect will feel that you have their best interest in mind, and that YOU are the Funding Pro that can help them Achieve their Outcome.
Your Powerful Strategic Questions really boil down to asking about their Outcome/Project/Use of Funds, the kind of impact they perceive it will have on the business as a whole, and their timeline. Asking about their current/past financing products is important as well, to gauge their expectations, and to let them know what Funding Options you can provide may be a fit for them.
Making them feel heard is about listening intently, and when they are done answering your questions, repeat back to them a short-hand of what they said they wanted. Ask if you heard them right. Now they’ve heard themselves say it, they’ve heard you mirror it back to them --> they are now ready for you to go do your magic!
You’ve built rapport at a deep level, you’ve communicated effectively, they are now ready to be lead to the App Out.
~MARCHING TO MIDFIELD – Get That App In~
To get the App In, we need to have gotten the App Out.
Simple. But not as easy as just sending Applications Out just because you feel like it.
App Outs are reserved for those prospects that qualify and have demonstrated interest.
If you shotgun spray applications, you will be filling your prospect hit list with too many contacts that are going to spin your wheels. Be DELIBERATE.
Before you send the Application Out, you want the Merchant (Business Pro) to already desire what the signed and submitted Application Package will get them – Funding Options – a Quote!
If the Business Pro (merchant) has not expressed the desire for you to work up Options, sending an App is a quick way to overwhelm their thinking process even more. It’s like going in for a kiss 3 minutes into your first date. I like the spirit – but it’s just bad salesmanship.
Wasting time is Not what we do. We are Masters in Maximizing Time! Why?
Time (Unmastered) Kills Deals!!
Lead them to the Buy Signal before you pull the trigger – you want to hear something along the lines of:
“Yes, I’d like to see Funding Options.”
“What do you need from me to get this started.”
How? After qualifying and Consulting (more on this later) them through their project, needs and timeline – you must make the Ask. Make the ASK!
“Would you like us to work up Funding Options?”
Be Deliberate with your Communication, and keep the BP (merchant) tight to the outcome of moving him/her closer to Funding.
Don’t ask if they’d like to see an Application or more information – ask for the Quote, and they will let you know if they are ready. Those that are not ready now, must still be followed up on. They will be ready eventually, and you must nurture these Prospects to get them to App Outs.
Now that the BP (merchant) has confirmed they want to see Funding Options, they will be on the lookout for your email, they will be ready for your App, they will register and retain your name and number.
And as always, follow up until the App is In.
To follow, Part II...
-FundingStrategist
https://fundingstrat.com
~STARTING THE DRIVE~
Before we can Consult the Merchant (Business Pro), we must determine if this lead is truly a Prospect.
What’s the difference??
Simply, a lead is a contact who has expressed interest in your product/service and could qualify to be a potential customer.
A Prospect is a lead that has been qualified, and has expressed their need or desire for product/service, and for that reason, is closer to becoming a potential customer.
We must convert Leads --> Prospects --> Sales.
Whether the lead is inbound or we are going outbound, leads must be engaged with effective communication from the outset – you have precious seconds to make the right impression and capture the Business Pro’s (merchant) attention.
Say hi, reference who you are and where you are calling from. Reference whatever information you have to link how you got their information, and make the ask from the beginning.
Make the ASK!!
Get to the heart of it quickly, and no it is not “are you looking for money/funding/capital?”
This is the quickest way to hear click and dial tone.
The more “Yes’s” you hear through the length of the Sales Process, the higher the probability you will Drive this BP (merchant) through the Sales Process, on a shorter cycle, and Fund.
Score an easy Yes here (and do some qualifying) with asking a question that most BP’s (merchant) can’t say no to:
“To confirm, (insert) is the project you are working on this month?”
“Do you have any (more) projects this month?”
“Do you have any projects this month we can assist with?”
Don’t even mention the funding, because that’s not what they want anyways. Never have. They want what the Funding can do for them --> the project/the problem’s solution/the goal achieved/the target hit/the crisis averted/The OUTCOME.
After hearing “yes” here, and them getting into the details about it. You can drive and lead the conversation from there to ask some qualifying questions about amount, expectations, impact on business, and most importantly timeline.
Always vet out if this is a process they want to start AND finish “this month.”. This will save you a lot of energy as you prioritize and allocate time to the Prospects who are most likely to move through the (FASS) Sales Process and convert into Funded Deals this month.
Expressing interest is one thing, but expressing a need/desire for your product/service this month is another. You pull the latter out of the BP (merchant), now you can invest Your precious minutes in consulting him/her through the process and injecting this Prospect into your Pipeline.
~DRIVING DOWN THE FIELD~
Before we can get the Application Out, we need to Consult the Merchant (Business Pro).
You must establish that you are their Trusted Advisor through this process.
Remember, you’re the Funding Pro – act like it.
Rushing to get an App Out here is not going to cut it.
Once you’ve qualified this lead, and it is in fact a prospect (more on the difference between the two later), it’s time to Lead the Business Pro (merchant) to Wanting you to send them the Application.
For the BP (merchant) to Want an App, the BP (merchant) must want YOU to work up Funding Options for them. For the BP (merchant) to Want YOU to work up options for them, the BP (merchant) must Want to do business with YOU.
How do you get the BP (merchant) to want to work with YOU?
Really boils down to 2 Key Points:
-Ask Powerful Strategic Questions (listen twice as much as you speak)
AND
-Make them feel like you HEAR and understand them, their business, and their Outcome.
A novice sales pro will go on and on about them, their company, their products, “we’re the best,” etc.
A Funding Pro, the Trusted Advisor can use this information when it is appropriate, but doesn’t need to blitz the Prospect with all of it at the beginning of the relationship to convince the Prospect to do business with him/her. It’s a shift from me-centric to customer-centric. Focus on them!
The Funding Pro exemplifies the Quality of his/her service at the outset primarily through Powerful Strategic Questions and making the Prospect feel like they are heard, understood, and YOU will help them Achieve their Outcome.
Prospects don’t want to speak with you for fun.
Prospects don’t want to speak with you for money (WAIT, WHAAAT???)
Prospects Want to speak with YOU because they have an Outcome, they have a Goal they want to achieve, they have a challenge they want to overcome, they have a problem they want to SOLVE. They Want to speak to YOU because they want to know if YOU are the person who can help them Achieve that Outcome, overcome that challenge, Solve that problem in the most efficient way possible.
The Funding is the vehicle, their Outcome/Project/Problem’s Solution is the true Destination.
You do these 2 things well, and the Prospect will feel that you have their best interest in mind, and that YOU are the Funding Pro that can help them Achieve their Outcome.
Your Powerful Strategic Questions really boil down to asking about their Outcome/Project/Use of Funds, the kind of impact they perceive it will have on the business as a whole, and their timeline. Asking about their current/past financing products is important as well, to gauge their expectations, and to let them know what Funding Options you can provide may be a fit for them.
Making them feel heard is about listening intently, and when they are done answering your questions, repeat back to them a short-hand of what they said they wanted. Ask if you heard them right. Now they’ve heard themselves say it, they’ve heard you mirror it back to them --> they are now ready for you to go do your magic!
You’ve built rapport at a deep level, you’ve communicated effectively, they are now ready to be lead to the App Out.
~MARCHING TO MIDFIELD – Get That App In~
To get the App In, we need to have gotten the App Out.
Simple. But not as easy as just sending Applications Out just because you feel like it.
App Outs are reserved for those prospects that qualify and have demonstrated interest.
If you shotgun spray applications, you will be filling your prospect hit list with too many contacts that are going to spin your wheels. Be DELIBERATE.
Before you send the Application Out, you want the Merchant (Business Pro) to already desire what the signed and submitted Application Package will get them – Funding Options – a Quote!
If the Business Pro (merchant) has not expressed the desire for you to work up Options, sending an App is a quick way to overwhelm their thinking process even more. It’s like going in for a kiss 3 minutes into your first date. I like the spirit – but it’s just bad salesmanship.
Wasting time is Not what we do. We are Masters in Maximizing Time! Why?
Time (Unmastered) Kills Deals!!
Lead them to the Buy Signal before you pull the trigger – you want to hear something along the lines of:
“Yes, I’d like to see Funding Options.”
“What do you need from me to get this started.”
How? After qualifying and Consulting (more on this later) them through their project, needs and timeline – you must make the Ask. Make the ASK!
“Would you like us to work up Funding Options?”
Be Deliberate with your Communication, and keep the BP (merchant) tight to the outcome of moving him/her closer to Funding.
Don’t ask if they’d like to see an Application or more information – ask for the Quote, and they will let you know if they are ready. Those that are not ready now, must still be followed up on. They will be ready eventually, and you must nurture these Prospects to get them to App Outs.
Now that the BP (merchant) has confirmed they want to see Funding Options, they will be on the lookout for your email, they will be ready for your App, they will register and retain your name and number.
And as always, follow up until the App is In.
To follow, Part II...
-FundingStrategist
https://fundingstrat.com
