Author: David Matney

You know better than anyone that trying to identify a merchant’s true needs and motivations is challenging. You can’t just ask any old questions. You have to ask the right questions, sometimes repeatedly to get the information you need in order to help the merchant. The best sales professionals have trained themselves to treat their conversations with merchants like covert FBI missions to uncover the merchant’s needs. They are patient and listen to a merchant’s stories, even ones unrelated to payment processing, to hear any nuggets or clues about the merchant’s motivations and also potential objections.

Here’s a scenario that I’m sure will sound familiar to anyone selling credit card processing or merchant services. A sales agent makes an appointment with a potential new merchant. He’s been selling for some time now, so he walks in confident in his solution and his ability to say all the right things. And he does. He works all the right angles he practiced and offers the merchant a deal that he thinks the merchant won’t be able to refuse. But he leaves without closing the sale or getting a positive response from the merchant.

SO WHAT WENT WRONG?

It’s frustrating when you think you’ve done all the right things, prepared perfectly, and still lost the sale. But time and time again, we all see the same patterns of failure in potential cases that should have gone well. Top sales professionals selling credit card processing say that it’s not about what you forgot to say, it’s about what you shouldn’t have said.

The best sales professionals know that the key to closing is asking good questions. Your entire approach to making a deal should hinge on letting the merchant tell you what they need, instead of you telling them what you think they need. 

That’s where a lot of good salespeople go wrong: they make their case so well that they forget to listenand let the merchant voice their concerns. Often, there could be pain points that the merchant is trying to share, but they don’t know how to explain them. If you jump in and start pitching your solution right away, you could be doing yourself a very damiging  disservice.

SELLING CREDIT CARD PROCESSINGSTARTS BY ASKING QUESTIONS

I’ve been working on a new top 10 of the top 10 questions that our most successful professionals ask new merchants to earn their trust. The idea of asking these questions is that they will help you get the merchant to talk more and encourage you to talk less. That might sound absurd, but when selling credit card processing and merchant services, it’s critical. Merchants have a lot of concerns and pain, and they will tell you. You just have to ask and then listen.

MAKING ASKING QUESTIONS A HABIT

Asking questions when you’re selling credit card processing should be a relatively easy habit to establish. And one that will increase your income.

The easiest way to get started is to shift your mindset from being a talker to an active listener. A sk questions such as “What are some strengths of your current processor? What are some problems?”

The next step is to start asking the questions!

You can do this by incorporating a few discovery-type questions into your initial meetings and calls. Basically, you want to utilize the idea of discovering specific information about your merchant, and use that information to inform how you tailor your pitch to them. You can use the Top 10 questions here

I referenced above as a good starting point. Even if you just include one or two in a conversation with a prospect, you’ll be doing yourself a favor when you follow up with them.

And finally, when you follow up with prospects, always try to mention your openness to hearing their questions, understanding their concerns, and communicating well with them. Merchants appreciate knowing that a real person with real passion for their work is helping them, and that their needs are a priority. This kind of emphasis will help strengthen your relationship with them.

Happy Selling, 

David

It’s important to realize how much of a prospecting advantage you’ll have if you’re able to use social media well. 

Most of the merchants that you rely on for new deals depend on their social media accounts to generate hype and interest in their business. Successful  sales professionals take full advantage of information available on sites such as Facebook, Twitter, LinkedIn, and Instagram. These sources can provide a wealth of sales opportunities and chances to strengthen a merchant-sales professionals relationship in their communities..

There’s no denying it: social media is not a fad and it has become an incredibly valuable sales and marketing tool. People are using it for more than just connecting with friends and family and sharing funny videos ( this one  gets me every time).

People also use it to find a new restaurant or business, search for a job and to stay informed.

Small to medium-sized businesses (SMBs) are at the forefront of creative social media sharing. Some smaller businesses even use sites like Facebook as their primary website. The rate of sharing and re-sharing on many platforms is so fast that many SMBs rely on their social media pages to inform customers about promotions and company news.

That’s why habit #5 of the  8 habits of successful sales professionals is using social media to research prospects and strengthen their relationship with existing merchants.

IS IT REALLY WORTH THE EFFORT?

You might wonder if using social media to grow your portfolio is worth it. But it absolutely is. Consider the recent “social media” LinkedIn study that reported that 81% of SMBs use social media to drive growth, 91% use it as a marketing tool and 49% for their own research and educational purposes. Clearly, the SMB market is immersed in social media use. And more importantly, that’s a HUGE number of prospects sharing a wide variety of data. Over the course of this blog series, I’ve talked about establishing relationships with merchants and prospects. Learning to use social media for that purpose can help you prepare good questions, understand their perspective, and make a good impression.

PICK YOUR SOCIAL MEDIA PROFILE STRATEGY – ACTIVE OR PASSIVE

Decide how you want to use social media: do you want to use it for prospecting, or for engaging with current merchants? Or both? 

Well, you’ll first need to decide how much you want to share on your profile and also how active you’d like to be on that profile. 

Here are some tips from HootSuite to help you decide what will work best for you. The biggest thing to consider is whether you prefer to be ACTIVE or PASSIVE in terms of your public activity level.

Let me explain as this will determine how you can use social media to support your sales activities.

Being ACTIVE on social media means that you are regularly posting, liking, sharing, or commenting and your connections can see that activity. Think about when you’ve looked at someone’s social media profile. You can decide pretty quickly if that person is active based on their recent activity.

Conversely, being PASSIVE on social media means that you’re watching from the sidelines. You might be clicking around and reading, but no one can see your activity.

There is no right or wrong activity level, but being active does have some advantages.

HOW TO MAKE IT A HABIT

Social media is one of the easiest daily habits to form. It’s also one of the most addicting! So you do have to be mindful of how much time you spend on it.

If your profile is PASSIVE

If you decide that your profile will be passive, you can use social media for sales prospecting. Here are a couple daily habits you can incorporate into your daily routine:

• Search for a specific tag or topic; discover the options for tags and locations on each platform and look for a specific category such as restaurants.
• Look at the businesses that your existing merchants follow or are connected to. You can then ask your merchant for a referral or introduction the next time you see them in person. Follow a few key profiles for an industry you’d like to earn more business in. Take note of any buzzwords or trends and use them as you speak to merchants in that industry.

If your profile is ACTIVE

If you’d like to use social media to keep up with your existing portfolio of merchants in addition to prospecting, you will need to have an active social media profile. Here are some ideas on how you can incorporate social media into your daily routine:

• Engage with your merchants’ posts by liking, sharing and retweeting them to your network; they’ll appreciate any traffic you generate and the consideration of your attention to their business.
• A different way to seek out referrals is to explore mutual connections on social media when you’re targeting a new merchant. If you see that one of your existing merchants is connected to someone that you’d like to be introduced to, you can ask your merchant for an introduction.
• Ask for a meeting. Using direct messaging through social media apps is pretty casual and allows you to build some good rapport. And if you have mutual contacts, you’ll seem more trustworthy.

To get the most out of social media, remember to stay focused on your goal and manage the time wisely every time you log in or else you could end up like this. 

Happy Selling,

David

Time to get back to the 4th Habit. Let’s face it. We’ve all had those days where you start out knowing what you want to accomplish but suddenly, it’s 5:00pm and you feel like you didn’t get anything done. 

You might have the best of intentions as you begin your day, but you get a phone call or two, or you see an interesting article that you just have to read, and before you know it, a whole hour has disappeared. I’ve certainly been there.

It’s difficult to master time management in any profession. Time management for salespeople in the merchant services business is especially tricky. You are your own boss and that freedom can be a blessing and a curse. That’s why the most successful sales professionals employ a simple solution. It’s all about breaking your most important work into two categories:

prospecting and selling.

Often we get these terms confused, but knowing the difference and assigning time specifically for one or the other is key to managing your time.

Prospecting : when sales professionals make outbound calls, or send outbound emails to leads in hopes of creating opportunities. Prospecting can involve both cold-calling/door pulling as well as contacting existing leads that may have turned cold.

Selling: working with an established connection to give specific product information, offer details, and reach a deal. Typically, selling differs from prospecting in that, a sales professional is building upon opportunities created while prospecting to actually make a sale.

TAKE INVENTORY OF YOUR TIME

If you’re looking to improve your time management, you have to start by identifying how much time you’re spending on each of these activities. You can take inventory of your time by writing down your schedule for a few days. Then, ask yourself:

• Does your schedule feel balanced to you?
• Do you find yourself avoiding prospecting or selling and therefore spending more time on one than the other?
• Do you invest a lot of time in each opportunity that once you close the deal your pipeline of prospects is nearly empty?

TIME MANAGEMENT FOR SALESPEOPLE – 5 TECHNIQUES

Once you understand the kinds of prospecting and selling goals you should be setting, there are plenty of things you can do to incorporate these time management strategies into your daily routine.

1. Downsize your to-do list. 

By “downsize” I don’t mean that you should set out to accomplish less. You will likely be able to accomplish MORE by focusing on 2-4 tasks a day rather than focusing on 6 tasks a day and making only 20% progress on each.

2 .Block your calendar for your selling and prospecting time. 

Sometimes, it’s easy to just assume you’ll have time later to make some quick selling and prospecting calls, or to shoot off a couple emails. But often, you can get to the end of the day and realize that you never got that quality time. To combat this, you can block off your calendar for specific prospecting and specific selling times. That way, when you wake up each morning, you’ll have a reminder of what your priorities are and won’t have to face that nasty feeling of defeat at the end of the day.

3. Stick to the same schedule every day.

if possible. One of an sales professionals biggest enemies can be the unpredictability of a business dependent on others’ schedules. But you’ll probably be surprised to find out how much of your time you can actually control. Sure, if an opportunity comes up, you’ll have to do a little schedule juggling. But by laying out the same time of day for the same things, you’ll be more likely to accomplish both selling and prospecting goals every single day.

4. Turn off or silence your phone and STOP LOOKING AT IT during certain times of the day. 

I learned this from one of our sales partners years ago, sometimes you have to “check out” for a bit to get things done. It’s the easiest thing in the world to just quickly pick up your phone while working on an email, or answer some texts while waiting for a prospect to meet with you. But sometimes, even if you’re just looking down at your phone for a minute, you could be missing out on something meaningful. Maybe you won’t notice a sign in the prospect’s office that could be a potential conversation starter for you. Or maybe a great idea would have surfaced if you would have let your mind wander a bit. 

Start small by turning off your phone for 20 minutes at a time. Seems scary, but believe me, your productivity and overall satisfaction with your day will drastically improve!

5. Lastly, set up your voicemail to let callers know when they can expect a response from you. 

Little assurances such as a voicemail can mean a lot more to your contacts. By setting up your voicemail detailing your hours or availability, you accomplish two things: 

1. you show your contacts that you take their call seriously and 

2. you hold yourself accountable to a consistent schedule by letting them know in the voicemail when they can expect to hear back from you.

Inevitably, there will be times when your schedule blows up and you end up only prospecting and not selling or vice versa. Or coffee with a friend turns into lunch which turns into a happy hour. That’s OK. 

What’s important is what you do most days, not what you do every once in a while. 

Building time management strategies for prospecting and selling into your daily routine is going to take practice and commitment. Time management is all about knowing yourself and your habits, and choosing whichever of these tips will set you up for success.

Let me know, which habits do you need help the most in your career?

Happy Selling,

David

Most people can put on a smile, practice a firm handshake and put together a sales presentation. However, few people can stand out in the sea of 18 million salespeople and outsell their competition consistently. So, we want you to know what separates the average salesperson from the one’s meeting and exceeding quota, year after year. We’ve  compiled these week’s top 10 Sales Skills To Be An Effective Salesperson.

From the Home Office in Sale City, Georgia Here are The TOP 10 Sales Skills to Be An Effective Salesperson, 

10. Product Knowledge

Every salesperson should have an extensive understanding of their product – down to the smallest features. Nothing erodes trust more than a salesperson who doesn’t know how to answer a question. As a salesperson, be sure you do extensive research on the product or service you’re selling before reaching out to potential customers. However, if you are asked a question that you really don’t know the answer to, be honest and go find the answer. The only thing worse than having no knowledge is having incorrect knowledge!

9. Prospecting Skills

Finding the right person in your target account is half the battle. The key to meeting your sales quota is to find leads and prospects who are genuinely interested or in need of your product or service. Using platforms such as Staccato Pro can help your sales team navigate the prospecting process and more effectively connect with the right people in target accounts.  

8. Active Listening

Throw out the mentality of a one-size-fits-all sales pitch. Being an effective salesperson means listening to what your potential client needs and fully addressing their concerns – and adjusting messaging as needed. This is where knowing your product becomes instrumental. By listening to your prospect’s questions and needs, you avoid ‘pitching’ your product and instead, build the product/service solution that to addresses their specific challenges.

7. Communication

Whether you’re talking with your lead through email, via phone or in person, great communication is one of the primary skills a salesperson needs to succeed. A great salesperson is a great communicator. But it doesn’t just stop at verbal communication. You also need to take into account your overall speaking tone and body language. 

6. Time Management

Being wise with your time is one of the primary skills of a great salesperson. It’s important to manage your time with the right leads. Cold calling uninterested prospects can waste a substantial amount of time. Great salespeople are strategic in who they reach out to in addition to ending their first sales call with a call to action. Rather than waiting to seal the deal during a future meeting, it’s important to initiate the next steps during your first conversation to quicken the pace of conversion from lead to customer.

5. Objection Handling

No matter how great your value proposition is, encountering objections is a common occurrence. The best salespeople are experts at handling objections and can accommodate a potential client’s needs while still adding the urgency to move the sale forward. This skill requires extensive practice and sales training.

4. Relationship Building

Sales isn’t just a series of numbers, graphics and speeches. Long-term sales success stems from a solid business relationship. It’s important to keep in contact with your customer even after the first sale is complete. You should strive to keep the relationship ongoing by checking in on their needs, seeing if they are satisfied with your product and finding out what their future plans are. Don’t be the salesperson who only checks in around renewal time! Another thing you can do is send personal, hand-written notes 

3. Storytelling

One skill that will make you stand out in a crowd of salespeople is being an adept storyteller. Many potential clients may have already been approached by multiple vendors that are similar to you. By telling a story about your product that relates to your audience, you’ll be able to make the benefits much more real and impactful.

2. Socially Active

If you’re not taking advantage of social selling on sites including LinkedIn and Twitter, you’re missing out on an enormous source for potential sales revenue. According to a study in Forbes, 78 percent of salespeople who use social media outperform their peers, and 98 out of 100 sales reps who have at least 5,000 contacts on LinkedIn meet or surpass their sales quotas.

And the #1 Top 10 Sales Skills To Be An Effective Salesperson is……….

1. Resilience

Rejection is an inevitable aspect of being a salesperson. It’s not for the faint of heart!  It takes a resilient attitude to accept the rejections, and simply move on to the next prospect. The most successful salespeople are the ones who developed a thick skin and persevered through the rejections.

There you have it. The Top 10 Sales Skills To Be An Effective Salesperson. What skills did I miss? Let me know.

Have a great weekend,

David

Today we unpack the 3rd habit of be a Highly Successful sales Professional, Being Prepared.

While most of us know in theory that we should come prepared for meetings with prospective merchants, some just don’t…for whatever reason. The most successful sales professionals, however, dedicate time each day for preparation. And it sets them apart as true payment professionals.

HOW TO PREPARE FOR  MERCHANT SERVICES SALES MEETINGS?

Preparing well does not take much time and does not require a special talent. It just takes a few minutes every day. There are some easy things you can do to be ready for anything and really build a reputation for yourself. 

Remember that first and foremost, you are dealing with merchant services, which means that the merchant is the priority, (remember relationships). Little things such as knowing the merchant’s name, understanding who their target audience is, and having all of the necessary paperwork on hand for your meeting can go a long way.

Another key aspect of preparing is being able to conduct meetings smoothly and successfully. The best sales professionals know how important it is to appear polished and prepped, no matter the size of the business or the informality of the meeting.

To make preparation a daily habit, you can start incorporating some of these ideas into your everyday routine. I’ve listed the easiest tips first.

Commit the key contact and merchant’s business name to memory. 

Seems like a no-brainer, but accidentally calling someone by the wrong name can be a big setback on your credibility. It can also be pretty embarrassing! I can’t tell you how many times I’ve shook someone’s hand and heard them say their name only to immediately forget it. Ugh. One trick that has helped me with this awkward first introduction memory loss is to immediately repeat the person’s name. For example, the person says “Hi, I’m Mike Laigle.” I reply with, “Hi Mike, it’s nice to meet you.” Then, I try to address the person one or two more times by name during the conversation by saying something like, “So Mike, how long have you been open?” or some other various question to use their name.

Equip your vehicle with office essentials. 

Try to keep an inventory of back-up pens, a legal size notepad, business cards, thermal paper and all paperwork needed to sign a deal with you so that you’re always ready for a meeting. Plus, having branded or personalized materials can help make a good first impression.

Research your prospective merchant

Google the merchant’s business name and the name of the person you’ll be meeting. Sometimes, a simple thing like knowing their bio and mission can set you apart from competitors who have called on them in the past. If you’re not familiar with the industry, do some extra Googling to understand how it works and how they fit into it.

Jot down some potential questions. 

Try to craft questions that show interest in their specific concern, and use that trust you establish to create a mutually beneficial sales relationship. If you’re having trouble, start simple and just try to break away from questions that can be answered with a “yes” or “no.” Dig deeper and ask questions the move the sale toward the close.

You don’t have to attempt all of these tips, just pick one to start with and be consistent with it. Pretty soon, it will be second nature for you like the  7 other habits of successful sales professionals.

Happy Selling,

David

This one habit will be the one that ties all the other eight habits of successful sales professionals together. 

The habit of building relationships. We’ve talked in the past about how you can forge connections over social media, through careful listening, and with intentional prospecting. But the success of these methods is built on your likability and ability to earn merchants’ trust. It seems too simple to be true, but establishing a real relationship with merchants takes some real practice.

There’s a myth out there that success is defined as being able to continually sign deals and “collect” a lot of merchants. I’ve heard horror stories of agents ignoring their merchants until the merchant calls with an issue, or even worse, until they realize that the merchant has switched to a different processor.

Making sure that your merchants like you and are confident in your work doesn’t need to be hard or stressful. Here are some simple tips to improve your likability and to make a habit of building strong long term relationships:

Figure out the merchant’s WHY

Make it your mission to  understand your merchant’s “why.” Learn what their passions, their goals and motivations are, and discover what makes them tick. Use those interests and follow up on them. This could be as simple as finding out that they’re a dog-lover, and sending them a funny dog video, or as significant as taking time to have a conversation about their business goals or vision for their business. You never know how your interest in their life could impact your business relationship, and perhaps a friendship.

Show merchants that YOU LIKE THEM

It’s one thing to read up on their favorite restaurant in their hometown or to send them articles written by their favorite writer. It’s another thing to be genuine in your conversation. People like people who like them; it’s a fact. Greet them excitedly, laugh at their jokes, and make them feel good about themselves and their business. If you can show them that you like them as a person and you like their work, it’s likely you will earn their loyalty for merchant services.

SEND them something special

 Do you give gifts to your merchants? perhaps a Christmas or birthday card? 

This may seem small to you but goes a long, long way with your merchants.

You can also send a text or an email with something that made you think of them. Tag them in a comment or social media post that lets them know you remember them. It may seem silly, but people like it when you remember their birthdays. You could even send a card or small gift, I’d be willing to bet no other “sales agent” has sent your merchant anything before. 

ADMIT YOUR WEAKNESSES

 This one’s hard. No one likes to be vulnerable, and no one likes to admit there are things they don’t do well. But being able to be honest with merchants can actually be a great tool, and could really make them like you more. Obviously, don’t be too extreme; stay confident. But, for example, if you’re a rambler or have a hard time keeping your conversations focused, let your merchant know you’re struggling with it, and that you’re trying to do better. They’ll appreciate your candor and might find your honesty refreshing.

A SMILE!

This one’s pretty simple, and it seems obvious. But our body language is particularly obvious when we’re making new connections, and it never hurts to be making eye contact and actively smiling, waving, and nodding. Maybe not all at the same time though. 

Working to improve your likability and forge stronger relationships with your merchants will certainly help you grow your merchant services business in 2023. You may be surprised, it might also bring some joy and additional fulfillment to your life.

Happy Selling,

David

It’s time to unpack our first habit of our Eight Habits of Successful Merchant Services Sales Professionals. 

When you close a deal, or start a long-term relationship, one of your biggest goals should be to receive a referral from that person in the future. 

A referral is the ultimate compliment and indicator of your success as a salesperson. Therefore, the habit of creating a good first impression is the foundation for all the other habits of successful salespeople who call themselves professionals we’ve talked about. Each of the previous habits I’ve mentioned is a part of building lasting business, and it all starts with an intentional and well-executed great first impression.

Learning to make a great impression might seem like a clichéd piece of advice, but hear me out.

Good business isn’t just cultivated through your level of charm when you first meet a potential merchant.  It’s developed by the impression you give during and after your initial meeting. It’s more than a strong handshake or a nice laugh. If you want to have a lasting effect on people, you’ll need to demonstrate your commitment to developing a relationship with them.

I like to think of cultivating a good first impression in two parts: 

1. the initial meeting and 2. the follow-up.

TIPS FOR THE INITIAL MEETING

1.    Tailor the conversation and business talk to the person.  Even if you don’t know much about them, be more focused on talking WITH them, not AT them. Let them inform the way you engage and converse.

2.    Appearances are always important.  You want your style and your mannerisms to be specific to you, to allow people to get a better understanding of your character. But do try to be aware of the apparel and behavior that each situation calls for. If you understand exactly what kind of expectations there are for an event or meeting, you have a better shot at making a lasting impression.

3.It’s all in the details.  So if you want more help with appearance (e.g. style, introductions, and manners), check out this great article from Forbes  about the psychology of first meetings. It’a a great read as well.

THE OFTEN-OVERLOOKED FOLLOW-UP

The second piece of the first impression is your follow-up. Following up is so very important. If you can do this one thing well, you will be light years ahead of almost any competition. The goal of your follow-up should be to make that same or better great impression you gave during your initial meeting stick in the person’s memory, even if this is your second, third or fifth visit.

Whether you’re looking to earn new business or a referral partner, remember these top strategies that only the best sales professionals employ:

1.    Send an email, quick text, or follow request on social media.  After any first meeting, you can quickly show long-term interest with online follow-up. Engaging with merchants and other professionals in any social media space shows not only that you’re in the know, but that you’re truly interested in starting a conversation.

2.    Do your research.  If you’re planning on reaching out again, start by finding out more about their company, and let them know you have their specific interests in mind. Even better, connect them to helpful resources or better contact information for you. This shows a real understanding of their business and your interest in it.

3.Clear communication is key.  Genuine trust in sales is built on continuity, so prove to merchants and associates that their time is valuable to you. After meeting, be prompt in answering communications, be okay with questions and doubts, and avoid giving vague answers or promises.

After all, an impression is a culmination of your good habits, and a valued part of everything you do to be a superior sales professional.

Do some of these tips sound familiar?  

Happy Selling.

David 

I read something a few years ago that has stuck with me, Nearly half of our actions are habitual.  Yes, half, Research shows that 50% of the time, we do things without consciously thinking about them. 

That’s all well and good when you consider the positive actions that are second nature to you as a good human being and merchant services sales agent such as saying please and thank you and covering your mouth when you cough. But when you start thinking about all of the other things you MIGHT BE DOING but aren’t fully aware of, it’s a downright horrifying thought.

Whether you are aware of your own off-putting as well as positive habits, there are likely some that are working against you and your goals as a sales agent. The good news is that you can change your habits. Now before you get all “ain’t-nobody-got-time-for-that” on me, it only takes a few seconds of consciously conscious  thought several times a day to change or create a habit. You don’t need to enroll in a training program, adopt a rigorous routine or read another self-help book. According to  the latest research, you need to stick with your conscious thoughts about a particular action for 14-18 days in order for it to become an automatic response.

So which habits will make you a more successful merchant services sales professional?

Consider these 8 practices that are second nature to top-performing agents.

1. They make a great impression.

Not just a good first impression. There is a big difference. In order to win new business AND retain it, successful sales professionals have to be aware of all the ways they can leave an impression. That extends beyond the first meeting to follow-up emails, phone calls, social media and interactions long after the application is signed. Genuine trust in a sales relationship is hard to find, and it’s one way that top performing payments consultants differentiate themselves from  being a sales professional to the sea of typical credit card sales agents.

2. They focus on building relationships, rather than just earning sales.

For some sales professionals, success is defined as being able to continually sign deals and “collect” a lot of merchants. Some ignore their merchants until the merchant calls with an issue or even worse, until they realize that the merchant has switched to a different processor. 

T op-performing sales professionals take an entirely different approach. Building and then maintaining a solid relationship with their books of business is second nature. They touch base with each merchant at least once a month in some way – by text, email marketing, phone or by frequenting their business.

3. They prepare well.

This is a fairly broad habit because being well prepared transcends beyond prospecting new merchants. The most successful independent sales professionals consistently take a few moments out of their daily schedules to practice their pitch, mentally reflect on their notes before a meeting, or even to listen to a podcast about an industry they’re targeting during their commute. Of course, the more time you can find, the better, but even a few moments each day can make a big difference.

4. They dedicate specific times each day to selling and prospecting.

There are times when everyone has asked themselves, “where has the day gone?!?” We’ve all been there. We didn’t have a solid plan and schedule for our day and we fell victim to a steady stream of distractions and requests. Sure, we might have been helpful to others and somewhat productive, but we didn’t get any closer to our actual goal. The most successful sales professionals seem to rarely fall into this trap. What do they do differently? 

They dedicate specific, non-negotiable times each day for selling and specific times for prospecting. During these times, they only sell or prospect and set other tasks aside unless there is a true emergency. This time management habit leads to a more productive and fulfilling day.

5. They are diligent in researching prospects on social media.

It’s important to realize how much of a prospecting advantage you’ll have if you’re able to use social media well. Most of the merchants that you rely on for new deals depend on their social media accounts to generate hype and interest in their business. Successful sales professionals take full advantage of information available on sites such as Facebook, Twitter, LinkedIn, and Instagram. These sources can provide a wealth of sales opportunities and chances to strengthen a merchant-sales professionals relationship.

6. They ask great  Questions AND Listen Carefully.

You know better than anyone that trying to identify a merchant’s true needs and motivations is challenging. You can’t just ask any old questions. You have to ask the right questions, sometimes repeatedly to get the information you need in order to help the merchant. The best sales professionals have trained themselves to treat their conversations with merchants like covert FBI missions to uncover the merchant’s needs. They are patient and listen to a merchant’s stories, even ones unrelated to payment processing, to hear any nuggets or clues about the merchant’s motivations and also potential objections.

7. They set big goals for themselves.

Successful sales professionals constantly push themselves to achieve more than they thought would be possible. They do this by zeroing in on their strengths and sales activities that they really enjoy and then committing to doing more of them. Based on the results of their efforts, they refine their goals so that they’re always challenging themselves.

8. They are passionate. 

This is true for the most successful salespeople in general and especially true for top merchant service sales professionals. While credit card processing seems like an obscure thing to be passionate about, the most successful sales professionals understand and believe in the value of the services they’re selling. Whether that passion stems from their ability to help merchants or their ability to earn a good living as an merchant services sales professional, the passion for their products is a source of energy for them.

So, what change can you make today that your future self will thank you for? 

Now that you have reflected on your own habits and learned about the habits of successful merchant services sales professionals, it’s time to plan your next step. 

Which habit do you think will help you the most in your career? … I challenge you to commit to it today.

Let us know which habit you’re committing to changing or developing. Also, are there any other habits that have served you well?

Let me know in the comments.

Happy Selling,

David

A couple weeks ago we talked about Selling Your Outcome. We talked about how prospecting is not about selling. It’s an outcome game. A big reason salespeople struggle with prospecting is because they’re too busy selling the product. People don’t want to buy products. They want to buy solutions —they’re looking for outcomes. Today let’s expand on that by looking at the Top 10 reasons prospecting is an outcome game.

From the Home Office in Sandwich Maine, Here are the 

Top 10 Reasons Prospecting Is an Outcome Game

10. Know your outcomes—all of them.

Be very active in looking at your current customer list— 

what are the outcomes they achieve?

How did your product or service benefit them? 

Write all of those outcomes down because that’s what you’re selling. You’re not selling your product. This is going to change your mindset. Remember, if you have the ability to help someone, it’s your obligation to reach out to them.

9. Build an FAQ for each outcome. 

This is your playbook. Because for each outcome, I want to have a frequently asked question. 

What are the types of questions that I need to ask for them to reveal that’s the outcome they’re looking for?

 In contrast, what types of questions will my customer have once we’ve identified their desired outcome?

The FAQ also includes information you want to share. For example, “Hey, here’s how other customers I’ve sold to have been able to make this work.” 

8. Build questions to go deep. 

But David, I’m in the prospecting phase. Actually, the faster I go deep with my questions, the more engaged the customer’s going to be, and the better the outcome is that I’m going to find. 

I can’t take surface answers. I’ve got to go deep. When somebody says something, even on a prospecting call, I want to ask them a follow-up question on it. More information from the customer gets us both closer to their desired outcome. 

7. The outcome is customer controlled.

It’s not for you to determine what the customer’s outcome is. The customer will tell you.

Don’t assume anything. This can be where prospecting goes awry, because we think we know what the outcome is, so then we start steering the conversation down a mistaken path.

You have to allow the customer to say what the outcome is and then you build on it. This is why you have the FAQ. This is why you ask questions that go deep. However, I want to make sure that they fully understand it first. 

6. Stay ICP focused. 

If they throw out an outcome, but it’s an outcome and a customer in an industry you’ve never dealt with, you’re not going to know how to run with it. or that reason, you need to stay very ICP (Ideal Customer Profile) focused. When I stay in my lane with my ICP, it allows my outcomes to line up better, and it’s going to allow me to be a more sophisticated, intelligent salesperson to help guide the customer through it. Being ICP focused helps me become a subject matter expert.

5. Outcomes vary by position. 

The frontline person who is actually going to use the piece of equipment is going to have a different outcome than, say, the production manager or the CFO. Understand that outcomes are going to vary by the position, and be prepared for those variances.

Go back to knowing your outcomes, all of them, and building that FAQ. This is so key, because when I hear different things, I need to know how to respond. Of course, people in different positions are going to see things differently.

4. Know the ROI. 

Remember, nobody buys anything just for the sake of buying something. Every purchase they make is an investment and they’re looking for a return. 

In other words, if this outcome is going to help you reduce labor or help you achieve this goal, how do I begin to think about that from an ROI? 

Knowing the ROI helps me gain more confidence in what I’m selling, and helps me to position my solution to fit your needs. 

3. Tie to the calendar. 

People have a lot of outcomes they’re looking for, but unless they’re urgent, they’re just not going to run with it.

The more I can create (real, not fake) urgency, the better off I am. Customers today are only dealing with their number one or number two priorities. Even in my own company, we have a lot of things we want to work on, but we’re focused on our top one or two priorities. 

2. Link to customer priorities. 

This is why I’ve got to do enough investigating, asking questions, because I’ve got to understand: where does this fall in their list of priorities? 

I have this happen all the time where customers aren’t ready to pull the trigger. They aren’t ready to buy because the priority is further down on their list. 

And the number 1 Top 10 Reason Prospecting Is an Outcome Game is……

1. We Sell the outcome. 

The products and services that we are selling is just a medium to help the customer achieve the outcome. It’s that simple. Stay 100% focused on the outcome. The outcome that best suits their needs. Dual pricing, a POS or just a plain terminal. Outcome selling is consultative selling.  

Have a great weekend,

David

There is an opening pitch which works every single time, I mean every time like yesterday worked! 

The right opening pitch is probably the most difficult thing for sales people to create and implement.  A lot of time, effort, strategy, and unfortunately, in many cases, dishonesty and lying go into the opening pitch.  To grab the attention of prospects is really a challenge. 

Here are three elements of an opening pitch which always works – every single time.  These elements all come from the foundation of giving honest information about your business.

#1.  “HONESTY” – Be honest about yourself and your business.  A question I hear all the time from new sales people is, “David, I’m brand new to the industry.  What do I say to people?”  My response, “Say you are brand new to the industry.”  They fear this would make them appear ignorant or not legitimate.  My response to that fear is to assure new sales people they ARE ignorant; they WON’T know what they’re talking about.  Don’t try to trick merchants.  Tell them you are just starting a business.  At one time they started a business!  Merchants can relate to someone being honest about that.

Your goal the first few days should be to walk into twenty or thirty businesses per day.  Say to merchants, “Hi.  My name is ______ _______.  I just started a business here in town.  My office is located _______.  The reason I’m stopping by today is to do some market research.  I’m interested in offering several products and services in the payment space.  I’m curious who you currently use for your credit card processing.  I’d like to know a little more about the market I’m getting into.  I’m sure you had a struggle when you started your business deciding what to do first.  I’m in that research stage right now.  If you don’t mind, I’d really like to know a little bit more about payment processing and what you are doing right now.”  Merchants understand that; they are going to share information with you.  That’s an honest pitch – honesty about your business.  

Perhaps you are like me in that you’ve been part of the payment processing industry “forever.”  Here is my opening when I walk into a business,  “Hi.  My name is David Matney.  I’ve got a business here in town.  I’m closing in on eleven years I’ve been doing credit card processing in this area.  I’m really excited to meet you.  I’ve never been here before and appreciate your time to meet with me.  Tell me about your processing; who are you using today?”  Using an honest pitch is the first point.  Be honest about your business and yourself.

#2.  “HONEST INFORMATION.”  Share information about how long you’ve been in business and who else you take care of in the area.  Say, “Hey, I wanted to stop by today.  I do the credit card processing for so and so.”  Here is a tip to help jumpstart your business:  get the keystone accounts in your area.

 If there are two or three businesses in your area which are well known, visit and be totally honest with them.  I did this early in my business.  You could say, “I’m going to be really honest with you.  I just got into this business.  I do have an experienced processor on whom I’m leaning heavily to make sure I do everything correctly.  Here is the bottom line.  I will be willing to do your processing at almost cost because I want to be able to tell everybody in the area that you process with me.  This is your opportunity to take advantage of someone to save you money!”  You may think merchants would never go for that, but they will ask you to tell them more.  Then you say, “The key is you can’t tell anybody else what you pay.  I’ll prepare a proposal for you and guarantee to save you tons of money.  I literally am not trying to make money on this account.  I need the reputation.  I’m not putting you in a bad spot or giving you any risk.  There is a huge processor behind me.  [Give your processor’s name and a contact.]  Since I’m new, they’re helping me every step to make sure this is a smooth process.  You’ll be getting an amazing deal in credit card processing because I want to tell everybody I process for you.”  That’s a great pitch which might give you $50 or $100 a month even if you give them a really good price.  It’s an honest pitch.  Give honest information!

#3.  YOUR BUSINESS.  Treat your business like a business.  When you talk about your business, don’t talk about you.  You are not the business.  Someone who owns a pizza shop doesn’t say, “I’m a pizza shop company.”  No, the owner says, “I have a pizza shop company called Tony’s Pizza over on 5th Avenue.”  Likewise, you should say, “I just started a business.  My office is located ______.”  [Either get an office or have a home office.]  Talk about your business.  Have a vision.  Expect to grow and hire people.  You are a business.  Talking about your business will connect with other small business owners.

Use this pitch and I promise you it will work! 

Happy Selling,

David