Loans
Sales Assessment Results
61
Developing Closer
10 questions
Maximum score: 100
Completed in
Let's get real here. Your average score of 6.1 shows you're treading water, but you could be swimming with the sharks. You did a decent job of addressing concerns like payment structures and interest rates, but you often missed the boat on deeper engagement. Your strongest techniques seem to revolve around solution-focused selling and some elements of consultative selling. You do know how to address objections, but you need to step up your curiosity game. Ask more open-ended questions and really dive into your prospects' situations. This will not only help you build rapport but also allow you to tailor your solutions more effectively.
On the flip side, a consistent pattern of rushing to close without adequately exploring the prospect's concerns is holding you back. You need to slow down and dig deeper. Think of it as building a bridge rather than just laying down a plank. Instead of jumping to the next step, ask about their budget constraints or past experiences with loans. This will demonstrate that you genuinely care and are not just after the sale.
To sharpen your skills, focus on practicing the SPIN Selling technique. It will help you explore your prospects' situations and problems more thoroughly. Additionally, the Challenger Sale could be a game-changer for you, giving you the tools to challenge your prospects’ thinking in a constructive way.
Here’s your coaching moment: "Engage more, sell less." The goal isn’t just to close a deal; it’s to create a partnership. When you focus on understanding your prospects and their needs, the sales will naturally follow. Get curious, and let that curiosity drive your conversations!
Question Breakdown
1.
5
/ 10Question:
"I'm really worried about how this affects my monthly budget; can you explain how the payments are structured?"
Answer:
I definitely can. The payments are fixed for the term of the loan. So assuming the payment we discuss works for you, are you ready to move forward?
Feedback:
Your response does a good job of addressing the concern about payment structure by stating that the payments are fixed for the term of the loan, which provides clarity. However, it lacks a deeper exploration of the prospect's monthly budget concerns. Instead of quickly jumping to the closing question, it would be more effective to ask a follow-up question to understand their specific budget constraints. This approach would demonstrate active listening and a collaborative approach. Try to engage them further by asking about their budget limit or how the loan fits into their overall financial situation before pushing for a decision. Overall, your communication was clear, but there's room for improvement in exploring value and addressing concerns.
2.
6
/ 10Question:
"I’ve had some bad experiences with loans in the past; why should I trust your service?"
Answer:
We provide clear and transparent terms and I will provide the same care and respect you have come to expect from working with me thus far.
Feedback:
The response touches on transparency, which is a positive aspect, but it lacks depth in addressing the specific concern about trust due to past experiences. It could benefit from a more empathetic acknowledgment of the prospect's feelings, perhaps sharing a relatable story or an example of how your service has helped others in similar situations. Additionally, there could be an invitation for further conversation (e.g., asking what specific past experiences caused distrust) to foster curiosity and discovery. Overall, while the tone is appropriate, the response could be more engaging and solution-focused.
3.
7
/ 10Question:
"It seems like a big commitment right now; are there flexible options available?"
Answer:
We can certainly discuss your options. Can you pinpoint your concern? I can offer seasonal payments, an initial deferral while you ramp up, a lease option that would allow you to try this on a short term. I’m certain we can find a solution that works for you and your business
Feedback:
The response does a decent job of acknowledging the prospect's concern about commitment and introduces several flexible options, which shows a solution-focused approach. However, it could benefit from asking more specific questions to further understand the prospect's situation and build rapport. The tone is appropriate, but it lacks a closing technique that encourages moving forward, such as suggesting a follow-up conversation to discuss details. Overall, it shows potential but lacks depth in curiosity and discovery.
4.
4
/ 10Question:
"How can I be sure this loan will actually help me achieve my goals?"
Answer:
most of my customers look at the monthly cost vs the increase in revenue the loan will bring in. Would that help?
Feedback:
The response touches on the financial aspect by comparing monthly costs with potential revenue increases, which is a good start. However, it lacks depth in addressing the prospect's concerns about achieving their specific goals. A more effective approach would involve exploring the prospect's goals directly, asking probing questions to understand their situation better, and demonstrating how the loan aligns with their objectives. Additionally, providing examples or testimonials from previous customers who achieved their goals using the loan could enhance credibility. Overall, while there's a hint of a solution-focused approach, it falls short on curiosity, collaboration, and exploring value in a more personalized manner.
5.
5
/ 10Question:
"I don't want to rush into anything; can I take more time to think this over?"
Answer:
Definitely, do you have the information you need to make a final decision? When would you like to reconnect and finalize?
Feedback:
The response addresses the objection by acknowledging the prospect's need for time, which is a good start. However, it lacks a deeper engagement with the prospect's concerns and doesn't explore their hesitation or the reasons behind it. Asking if they have the necessary information is a positive step, but it would be more effective to delve into their specific concerns and offer additional insights or reassurances that could help them feel more comfortable moving forward. The closing technique of suggesting a reconnection is appropriate, but it could benefit from more warmth and an invitation for dialogue. Overall, the communication is clear but could be more consultative and collaborative, focusing on building rapport and understanding the prospect's perspective better.
Score: 5
6.
7
/ 10Question:
"What if the interest rates change after I sign? How does that impact me?"
Answer:
The rate is fixed so you know how much the funds will cost you at the time of signing. You are insulated from the rate rising, and a downward trend would most likely be a negligible difference in the cost of funds. After 12 months we are able to wrap the current loan in with new equipment if we do see a drastic fall in rates.
Feedback:
The response effectively addresses the concern about interest rate changes by clearly explaining that the rate is fixed, which provides security against rising rates. The mention of potential options after 12 months shows a proactive approach, but it could have benefited from asking a clarifying question to further understand the prospect's concerns or situation. Overall, the tone is appropriate for the loan industry, and the explanation is clear and informative. However, a bit more engagement and curiosity about the prospect's specific circumstances could enhance the response.
7.
7
/ 10Question:
"I'm trying to align this with my department's budget; how can you help me justify this investment?"
Answer:
I would be more than happy to dive into the particulars. Do you have a total capex plan for this fiscal year? Do you know what else may need to be upgraded or replaced so we can do a cost benefit analysis on this equipment vs another piece vs a package implement?
Feedback:
The response effectively opens a discussion with thoughtful questions that demonstrate curiosity and a solution-focused approach. By asking about the total capex plan and potential upgrades, the salesperson shows an understanding of the budgetary constraints the prospect is facing. However, the response could benefit from a clearer communication of value and how the investment aligns with the department's goals. A stronger closing technique could also help to guide the prospect toward a decision. Overall, while it’s a good start, there’s room for improvement in demonstrating specific value and creating a sense of urgency or a next step.
Score: 7
8.
7
/ 10Question:
"I have another vendor I’m currently working with; what makes your offering better?"
Answer:
I can’t speak to specific other lenders, but I will provide you will all the information my clients find helpful, along with any other details. I would suggest making sure you are receiving the same clarity from the other vendor before moving forward with either of us. I am here as a resource and would be more than happy to impartially compare the offers. My goal is to earn your business long term, not just on this one deal.
Feedback:
The response effectively addresses the objection by acknowledging the prospect's current vendor and positioning yourself as a helpful resource rather than a direct competitor. By suggesting a comparison, you open the door for dialogue and emphasize your long-term relationship goals. However, the response could benefit from a clearer demonstration of the unique value of your offering, such as specific features or benefits that differentiate your loans from competitors. Overall, the tone is appropriate, and there's a good focus on collaboration and discovery. Asking a follow-up question about what the prospect values most in a lender could deepen engagement and clarify their needs further.
Score: 7
9.
6
/ 10Question:
"Can you provide examples of how similar clients benefited from your loans?"
Answer:
My clients are very diverse, but I think if you asked them they would say the top 3 benefits they find are 1) competitive advantage, 2) less downtime, 3) increased revenue from purchasing the right piece at the right price at the right time. Does that align with any of the goals you have for this loan?
Feedback:
The response attempts to address the objection by mentioning the benefits of loans in a general sense, but it lacks specific examples or case studies that could build trust and provide concrete evidence of success. The communication is clear, but the tone could be more engaging to foster a stronger connection with the prospect. Asking if this aligns with the prospect's goals is a good move, as it shows curiosity and a willingness to understand their needs. However, it would be beneficial to explore the prospect's unique situation further and provide tailored examples that resonate with their specific context. Overall, the response could be strengthened by incorporating more personalized evidence and stories that demonstrate value.
Score: 6/10.
10.
7
/ 10Question:
"I feel like I need more insights before making a decision; can you offer additional information?"
Answer:
I would be more than happy to provide any information you need. Can I ask, is there specific information that would make coming to a decision easier?
Feedback:
The response effectively addresses the objection by expressing willingness to provide additional information. It clearly communicates a helpful tone and invites further discussion by asking a thoughtful question about the specific information needed. However, the response could improve by providing a brief overview of common insights that clients typically find helpful in the loan decision-making process. This would demonstrate active listening and value exploration more effectively. Overall, a solid response, but it lacks a bit of depth and proactive value demonstration.