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3 Keys to Selling Merchant Services to a Franchise
CLICK HERE to listen to the podcast episode. Join the Conversation: Facebook LinkedIn Twitter Instagram SnapChat Google+ SoundCloud Every so often I am able to share a tip with you about a completely untapped opportunity. I am amazed at how few sales people and offices aggressively prospect franchise owners. […]
Every so often I am able to share a tip with you about a completely untapped opportunity. I am amazed at how few sales people and offices aggressively prospect franchise owners. I know sales people that will walk right into a business with a “No Solicitation” sign over the door but if they see the Arby’s logo they avoid that business like the plague. There are 3 keys to selling franchise owners and I have outlined each one below.
Key #1 – When in doubt, walk in to the business. Too often we see a nice business sign or a professionally run organization and assume they are not a qualified prospect because they are “corporate.” This is a huge mistake! Just because a business is well established, franchised or multiple location doesn’t mean you can’t sell them anything. It usually means this is a great prospect that isn’t getting pitched 10 times a day.
Key #2 – Ask the right question when you walk in. When you first walk into the business, go right up to the counter (wait in line if there is a line) and ask this simple question. “Hey, my name is James Shepherd and I have a local company that provides payment processing, do you know if this is a corporate owned or franchise owned location?”
Often, you will find out that this business is owned by a Franchisee that can make decisions about vendor relationships. If they say, “Corporate owned”, further clarify by asking, “So, do you mean the big national company owns it, or is it owned by a company in the area? I don’t work with national companies but I do work with regional, multiple location businesses.” You will be surprised how often the teenager behind the counter will know this information or be able to direct you to the shift manager who will be happy to share it.
Key #3 – Track down the owner. The good news is that if there is a local decision maker, the odds are that they are very organized, predictable and easy to track down. They also might own multiple locations of this or other franchises. Selling one franchise owner usually means multiple locations and lots of connections. Keep in mind that these business owners don’t get the same volume of phone calls and visits from sales people that other small business owners get and so they will usually be slightly more open to a meeting if you track them down. Just ask the shift manager when and how to get in contact with the owner and they will usually help you out.
In this case, half the battle is simply getting out in the field and making contacts, so take the next few weeks to make as many franchise contacts as possible and you might be surprised what you learn about the industry and how many good prospects you generate.
Make it a great day!
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