Field Of Play - The Sales Process Part III

[FundingStrategist]

In Part I and Part II we went over what the Sales Process was and why it was important.



Simply, it is the framework we follow to take every deal from Lead to closed and Funded Customer.



We use it to produce systematic and consistent results, AND to maximize Time.



Time kills deals!!



Always, we maximize our time – our most precious resource.



Here’s the recap of the Sales Stages of the Sales Process:

• Stage 0 – Start:

We have prepared and are ready to engage our Lead, pick up the phone and make contact.

• Stage 1 – The Prospected Stage:

The Lead has been pre-qualified and confirmed to be a Prospect worth pursuing.

• Stage 2 – The Consulted 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.

• Stage 3 – The Application Out Stage:

The Application has been sent to the Prospect, and it has been confirmed it was received.

• Stage 4 – The Application In Stage:

The Application is in with all supporting paperwork.

• Stage 5 – The Submission Stage:

The Funding Package/Application has been submitted to Underwriting.

• Stage 6 – The Pitched Approval Stage:

The Approval(s) have been pitched and sold to the Prospect.

• Stage 7 – The Contract Out Stage:

The Prospect has demonstrated intent to fund, requested contracts and we have sent them out.

• Stage 8 – The Contract In Stage:

The signed Contract is in.

• Stage 9 – The Closing Stips In Stage:

All closing stips UW need to fund are in.

• Stage 10 – The Funded Stage – End:

The deal has funded, great work!



To add to our 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 (more on this later).



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!

We now have a more detailed Sales Process map that allows us to better gauge where we specifically are with any given deal in our pipeline.



Knowing our end-destination is key to getting there consistently, but we cannot effectively Accelerate to process of getting there if we do not know where we are Now in comparison to that end-coordinate.

Fund on!



-FundingStrategist

https://fundingstrat.com