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.

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Here are all the Phases:

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Phase 1 – The Prospecting Phase

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Phase 2 – The Consulting Phase

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Phase 3 – The Application Sending Phase

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Phase 4 – The Application Reeling-in Phase

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Phase 5 – The Submitting Phase

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Phase 6 – The Closing Phase

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Phase 7 – The Contracting Phase

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Phase 8 – The Contract Reeling-in Phase

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Phase 9 – The Closing Stip Reeling-in Phase

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Phase 10 – The Funding Phase

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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

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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

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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

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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*

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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

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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

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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

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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

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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

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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

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Stage 10 – The Funded Stage – End:

How do I know for sure I am at this Stage?

The deal has funded, great work!

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*Phase 8 – The Contract Reeling-In*Phase*

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This Phase is the set of steps between*Stage 7*and*Stage 8.

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*Key Step #2:*Let them know to get everything to you by a specific timeframe so you can process accordingly – drive urgency.*

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Why is this important?

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You have confirmed they received the contract and worked through any questions or concerns the merchant has had. *Now its time to get the signed docs in as soon as humanly possible. *Time kills deals!

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At this point, the merchant might feel this is a done deal once they get the docs in and may stall. *The delay may be deliberate or not, but the merchant must be held tight to the hip with a*Time Target*here. Don't ask, assume the rest of the sale and request they get the signed docs back to you by a specific time same-day.

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You've gotten them this far, anticipate they will get to the finish line with you from here. *Assume the superior posture, drive urgency and let them know you are going to be looking out for the docs and will confirm them received as soon as they are sent. *Assure them you are working to get it all processed and closed up to fund today.

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Setting the Time Target with the merchant allows you to read their true intentions at this present moment. *If the merchant sincerely agrees to start getting everything together to get it all back to you by that timeframe, they're committed. *If there is hemming and hawing about the timeframe, it might be the timeframe, or they are still keeping options open with potential competition. *Or they are still not fully committed, and you will have to get to the bottom of what is preventing the merchant from moving forward.

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You've got this!

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-FundingStrategist

https://fundingstrat.com

https://fundingstrat.com/sales-phase-8-key-step-2/