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Sales Priorities

Review of "The New Strategic Selling"

March 4, 2005

By PAULA PARISOT


Mortgage applicants can be broken down into four funnel-like categories, with all new prospects starting at the wide end and likely closings filling the narrow end, according to one sales book. Distinguishing applicants this way enables originators to easily prioritize prospects.

The Sales Funnel helps manage the pipeline, as stated in The New Strategic Selling: The Unique Sales System Proven Successful By The World's Best Companies, Revised and Updated for the 21st Century, by defining where the borrower is in the selling process and sorting them into four different categories. It helps one to track each sales objective, set priorities, allocate time, and "forecast future income based on how rapidly and smoothly your objectives are moving toward the close."

buy The New Strategic Selling : The Unique Sales System Proven Successful by the World's Best Companies, Revised and Updated for the 21st Century

The four parts of the funnel arranged from top to bottom are: Prospect (Universe), Qualify (Top of Funnel), Cover the Bases (In the Funnel), and Close the Order (Best Few).

The book, by Stephen E. Heiman, Diane Sanchez, and Tad Tuleja, suggests that with this sales tool, "you'll achieve predictable and sound income you want only if you consistently do the right kind of work on each possible order at the right time."

Dubbed the "Universe" -- prospecting as the book explains it is where one would start to search for evidence that suggests the borrower is a reasonable fit for the "Ideal Customer Profile."

To avoid wasting time, a successful originator needs to weed through the prospects and begin "focusing only on those that can get you Win-Win outcomes," the authors wrote.

Once the borrower has been determined a "fit," the originator then should place them "above the funnel" and begin the mortgage process.

Now that the borrower is in the "Funnel," the book says the originator needs to cover the bases by ensuring that the mortgage process begins as professionally and smoothly as possible. And, by addressing any objections or concerns the borrower might have about the mortgage process or about what the competitor might have to offer.

After strategically handling all the borrowers concerns, they should emerge victoriously out of the funnel, be placed with the best few, and closed. The authors explain, "The prerequisite for placing a sales objective into the Best Few category is that you've all but eliminated luck and uncertainty as factors in the final buying decision."


Paula Parisot is a freelance writer for MortgageDaily.com. In addition to 4 years' journalism experience at other news publications, Paula has worked in the mortgage industry. Email Paula at: [email protected]


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