The Importance of Follow Ups

Good Wednesday morning everyone.  I’ve received several calls and emails on the topic of follow ups. I didn’t intend for this to be a follow up series, but  It drives me crazy to think about why people go through all the hard work it takes to start the sales process, prepare sales analysis/ presentations, meet with prospects, and then do not take the time to stay in touch
with or to get back to prospects. It astonishes me as to why can’t they find the time to follow up and finish the job they started?

If you willingly let your potential merchants fall through the cracks because of a failure to follow-through, poor communication or lack of organization, you jeopardize your professional reputation, the potential for referrals and worst of all, your entire processing business.

Failure to follow up happens every day in virtually every industry and it costs all of us personally and professionally. It’s an expensive mistake when there is absolutely no good reason to neglect follow-up in any business, especially ours!  With this much disregard of prospects, it’s not surprising that so many salespeople are struggling these days.

I am dismayed. Of course the excuses are eerily similar to when you were 10 years old and you forgot to do your homework or clean your room: “I’m just so busy,” “I already left one message,” “I didn’t have enough time,” or “I’ll get to it tomorrow.” I hear it all the time “You don’t understand our merchants buying process.” “There’s to much competition in my area” I could go on and on.

Excuses didn’t work for you as a child and they certainly don’t work for salespeople now. There just isn’t any good excuse for not following-up on potential business. Not a single one.

What don’t sales professional understand about the fact that dropping the ball in the follow-up stage sends a message to your potential merchants that they can’t count on you, that you’re unreliable. That is not just unprofessional sales behavior it is also bad business.

As we discussed  yesterday following up is an easy way to differentiate yourself from other salespeople and it’s in your control. Follow-up is an exceptional way to show your commitment to your prospects and their business. Not only that but it’s your job.

A good follow-up system will generate sales and keep your processing business in business. It’s an investment you can’t afford to pass up if you want to stay ahead of your competition. Great salespeople write things down, they have a daily to-do system, they return calls, they keep their promises and they do what they say they will do. Merchants will respect salespeople who are efficient, organized and dedicated enough to follow up and follow through in a professional manner. When you follow up properly with potential merchants you will truly differentiate yourself.  When you follow up, you win merchants and grow your portfolio.

Alright you didn’t get the sale today but that doesn’t mean that all is lost unless, of course, you make it happen that way. The best of the best, the Master Closers, always follow up with their no-sales. They recognize that not everyone is going to buy from them every time but they do such a good job of showing intention that when the time is right, with follow-up, they will have done what it takes to earn the sale.

So, follow-up, follow-up, follow-up! No matter how well you qualify your prospects and merchants, no matter how well you understand your prospect’s needs, wants or desires, and no matter how strong of a closer you are there will be some prospects you just won’t close. In today’s business environment, even the “simple”, “one-call-close” has turned into multiple meetings before the sale is consummated. So here again, follow-up is imperative.

Too many salespeople fail to follow-up because they believe the potential merchants when they say, “when we are ready we will call you.” If you have been in sales any length of time you know that doesn’t happen enough to make a living. In fact, often when contacted down the road they have switched from someone else because they were there when the time was right. Follow up calls are effective and necessary to be there when they are ready to buy.

How do you follow-up with your prospects after your first conversation or after your first appointment?  Sometimes we get so tired of chasing people down that we lose focus and take the lazy approach of “calling to touch base,” or “calling to check-in,” both of which bring little value to you or your potential client.

Below are 5 follow-up strategies you can use to provide constant value and keep your prospect moving forward through the sales cycle.  As you work through each of these, make sure that you keep asking for the business!

1. Call your prospect with something new. Have new information to share with your potential merchant. Something that will benefit and excite them about what you have to offer. I always like to say something like,

2. Sometimes potential merchants had questions you couldn’t answer on the spot. Get the information you need, and respond to your prospect as-quickly-as-possible with answers! The higher the merchants pain point is, the more questions to answer. It’s not important that you know every answer.  What’s most important is that you are honest, and that you don’t talk your way through something you aren’t sure about.  Make it an opportunity to follow-up.

3 Prospects want to talk to references. It happens. I recommend building a reference list of your merchants as large as possible! When your competitor sends their short list and you send your giant list of happy merchants, it’s a great way to make an impression!

4. Be a resource for your prospects. You should subscribe to industry publications and newsletters that help you keep up with the latest news affecting your merchants industry.  When you get an article that applies to a prospect’s situation, email them or drop off a copy of the article to them. Tie the information in the article back to the specific ways  your solution solved their problems.

5. Call them for and with a referral. We are always asking for referrals, or at least we should be… right? What about giving your prospects some referrals?  You might refer a potential customer for their business, or even a prospective employee to fill a position opening.

Since the beginning of time, selling successfully has involved building strong relationships with merchants.

You are a salesperson and it’s your responsibility to maintain the relationship and move the conversation forward and that means following up, no matter how small or large the opportunity.

That’s how you get things done when others don’t. That’s how you get the sale when others don’t. You follow up. And you never ever stop … until you get the job done!

I know it hard for some of you to understand that your processor has invested a vast amount of time and marketing dollars for you to offer free equipment, all the marketing materials etc. They put all this out without receiving any money upfront. Our Industry is the ultimate turn key business. The only investment required is time, and to follow the sales process and freaking follow up!

The best sales people go above and beyond to help their prospects, whether they become customers or not. So don’t waste all that hard work.  Make “follow-up” part of your everyday sales cycle and watch the positive results. As they say, “The fortune is in the follow-up”.

For more information about joining Payment Lynx and growing your portfolio please feel free to contact me at DMatney@PaymentLynx.com or call or text me at 601-207-4252  to discuss partnering with us at Payment Lynx.