TIP #10

Manage Your Clients

Depending on the set of data you are using, it might take an excellent app chaser 50-75 outbound calls to get an app. It might take an average chaser 150 calls. It might take a poor chaser 400 or more calls. I've seen a guy who averages 3 applications every day with about 80-100 outbound calls (guy is a BEAST). Often times this relentless prospecting can consume your entire day.

Even after you get the application, there's plenty of work to be done. The client needs to get approved, accept their approval, and sign contract documents. At each stage of this process a certain percentage of applicants will fall out; this is what we refer to as a sales funnel.

Without referencing my KPI's, here's some random numbers to look at:

200 calls = 1 app
10 apps = 6 approvals
6 approvals = 3 fundings

Using these metrics you can, to some extent, assume that it will take approximately 666.66 calls per funded deal. Assuming an average call volume of 150 per day, you could fund a deal roughly once per four or five days.

The point I am making is that it is a lot of work to find a funded deal. In fact, prospecting is usually the most time-consuming part of what we do. It takes a long time to find enough funded deals to build a significant residual portfolio.

Most reps, after funding a deal, don't reach out to their merchant ever again... Until it's time to renew. By the time you call them back, they have stacked your loan three times and have two offers currently on the table. They've forgotten who you are, and are just looking for another money-peddler to give them a 4-month 1.45.

It is incredibly important to maintain constant communication with your funded clients. It is much easier, and less time consuming, to retain an existing customer, than it is to make another 666.66 calls and find a new one.

Long story short... stay in front of your people and make sure when they buy again, they buy from YOU.