With today’s access to a world of information, purchasing decisions are being more thoroughly researched and as a result, are taking longer. Have you tweaked your sales strategy to deal with this changing sales model? Striking that perfect balance between being persuasive without coming on too strong can be challenging, but careful planning and a few simple strategies can help boost your success rates and shorten your current sales cycle.

1.Give your clients deadlines.

Deadlines motivate us to take action. So attach a deadline to each step of your process, giving your client something to work towards. This not only helps manage clients’ expectations, but it also provides more incentive to commit. If there is a promotional rate, use that deadline. In fact, you may even want to establish deadlines in partnership with your client; this starts building a relationship from the get-go, while also ensuring you provide ample time to accomplish each step.

2.Know your competitive advantage.

It’s Marketing 101: know your competition and figure out why your offer is better. Remember that many clients make their decisions based on the lowest rate, without the full understanding of exit costs and APRs, so if yours is higher you will need to educate them on all the benefits you bring to the table. Be prepared and provide easy-to-understand comparisons of current lending products’ interest rates, your expertise about current regulations, even past client stories with similar profiles and proof of how they came out ahead. A can-do attitude that shows you understand their concerns and will work with them, also works wonders. People like doing business with people they like. So never forget that while you’re competing to sell, you’re also building a relationship.

3.Overcome objections ahead of time.

Sit down with your sales team and ask everyone to come up with objections they might anticipate. Then, give them your sales pitch and see if there are any objections you may have missed. Role play as practice. That way you will be ready to address potential objections when they arise.

4.Communicate with customers on their terms.

Clients will want to communicate with you in their preferred method, not yours. So before the end of your meeting, find out how they prefer to get updates/follow ups. Some people may favour email, others will want phone calls or text messages. Respecting this will make your client that much more receptive to your messages when you send them.

5.Use technology to your advantage.

If your business has a tool that can help track the process of a deal, use it and share it with your clients. Tools like DocuSign can shave off days of waiting for clients to print, sign and deliver back to you.  Clients typically want to know the status of their deal; it gives them a sense of security to know what step they are on and reminds them what else they may need to provide. For example, the HomeEquity Bank Broker Portal not only gives Brokers the status of their files, but it also lets them know which forms need to be submitted by what date. The HomeEquity Bank Broker Portal launches June 2019, so be sure to contact your BDM to sign up for access.

Have questions? Have a great tip to share about what has worked for you? Feel free to post them in our comments below.