Good Thursday morning everyone. recently I had a conversation with a sales professional and she shared with me that offering significant savings to the merchants is becoming more and more difficult in their market.
I hear this from time to time from sales people in the credit card processing industry. Since most of us sales professional have been trained to be strictly focused on offering savings to the merchants as the key form of value, so she was struggling to close some of these deals.
Of course, I gave her some tried and true sales tips. But the most important tip I gave her was to sell a relationship with herself to the prospect/merchant. You have two things to offer business owners, besides your products and services, that could add value.
#1 – Your knowledge. What do you know? Are you learning new things? Are you reading business/sales books and subscribing to trade blogs in the same industries as your target market? Do you read articles on how to operate a small business more effectively? Are you marketing your value proposition, point of sales systems, cash advances, PCI assistance, free paper, pens etc ? What else do you know that could be a value or service to the merchant?
#2 – Your network. Your network of connections is not just a way to generate leads. It should also be an attractive group that others want to join. Many people have signed up to process credit cards with me simply because they want to know what I know and be connected with the people I know.
Here is an example of pulling all of this together for a pitch.
You: “Richie, let me ask you a question to which I already know the answer. How valuable are relationships to you in business?”
Richie: “Very valuable…”
You: “You said currently you’re processing with 8 Mile processing. If you don’t mind my asking, who do you know well at that company? Do you feel they are adding value to you personally in the same way that your local business connections are adding value to your life and business?”
Richie: “Nothing, nada, nilch, etc. etc.”
You: “I will be the first to admit that using my credit card processing services is not going to revolutionize your business or double your profits. I have a very simple goal – I value long term relationships in the local small business community here in (your city).
Who knows what business opportunities will come along over the next 5 or 10 years? Therefore, I want to develop as many relationships as I can now to start building trust. True, the savings here are not huge. However, I am saving you some money, and I am local. I want to start building trust with you and would like to start that relationship by showing you how I will service your merchant account. I want your business not because I am passionate about credit card processing but about serving my merchants and building relationships. That makes sense; doesn’t it?
Richie: “That makes a lot of sense… Your a genius” (OK, he may not have called me a genius,)
You: “I really appreciate that, Richie, and I will not let you down. With your permission, let me start taking notes on the paperwork so I can ensure a smooth transition. What is the legal name of the business?” (Paperwork close)
I hope you enjoyed this alternate pitch for a merchant with little to no savings.. If you don’t feel that you add value to your prospects/merchants, then you need to get serious about learning and networking. If you feel that you do add value, try this pitch. I promise your results will improve!
What are the ways you handle a prospect when there is no savings to offer?
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