James shares a few surprises as he begins selling credit card processing in the field.
I’m Going Back in the Field! You should too!
Get Back In The Field
For several months now, I have been debating about what new challenge I want to take on during the winter and spring months and I have decided to get back out in the field! I will not be able to put a full time effort in like I did “back in the day” but I am going to put a significant amount of time into this effort. I want to make sure that my content is always relevant and up to date! There have been a lot of changes in our industry over the last few years and while I still spend a considerable amount of time in the field and on the phone with sales reps, it has been way too long since I built a portfolio myself. I personally wouldn’t trust sales training advice from someone who hasn’t made 10+ merchant sales in a recent month and so I am going to get out and prove that my sales methods work and I will, as always, document my efforts on my YouTube Channel and on this blog.
I spent the better part of my day today preparing to get out in the field next week and in the process, I wanted to share several conclusions that I have come to about getting back in the field. For some of you, it has been a long time since you were out walking into businesses and I hope this article will give you some practical steps and encourage you to get out in the field! Also, at the end of this blog, I am going to give you a special challenge you will not want to miss.
Conclusion #1 – Walking into businesses is still the best prospecting method for this business. I have spent about a month looking at alternatives. As of just a few days ago, I was still planning to sink several thousand dollars into an online ad campaign to generate leads. However, the more my business partner and I modeled these other approaches, the more it became clear that all of these attempts to purchase leads were simply an excuse to not get back out in the field. They are all significantly less profitable and less efficient. There is nothing like driving into a small town and walking into every business. The ability to network, build a local reputation and make productive use of your time cannot be duplicated in any other way. If you are still seeking that silver bullet or magic formula for success in the merchant services industry, save yourself the time and expense and jump back into the field!
Conclusion #2 – Marketing Materials DO add confidence! My first time in the field I simply didn’t have the resources to get cool marketing materials and to be perfectly honest, I really didn’t have a brand I wanted to promote. I was able to make a ton of sales just using my trusty business cards but this time I decided to invest in some additional marketing materials. My goal is to speak with 100 business owners before Thanksgiving and so I made 100 packets like the one in the picture. This also provides a great visual goal for me. I have a big box with 100 of these in my car and I need to get them all passed out before the Holiday! Here is what they contain along with pricing information:
100 Transaction Expert Pens – $195 VistaPrint.com Link
100 Presentation Folders – $195 (I actually got 250 because they are so much cheaper that way) VistPrint.com Link
400 Business Cards – $14.50 from Staples. I like to order them online at staples.com and then pick them up in the store. They do a great job!
Inside the Folder
$100 Cash Back Flyer. I am doing these on half sheets of paper. I don’t have a print ready file for these yet, I will send it out next week. The idea is that if a merchant signs up and activates before Thanksgiving, I am going to give them a $100 Visa Gift Card. This is how I am creating the sense of urgency before the Holidays.
EMV White Paper – This is something I just finished which I will also be providing in print ready form next week. This is a 3 page white paper that doesn’t really look that pretty but it talks about EMV, NFC and other changes in the payments industry that business owners need to be aware of. It also has a little section on the main business types and how these changes will effect them specifically.
Summary, Basically if you purchase and print everything through VistaPrint.com you will spend about $7.50 per packet. If you can afford to buy in bulk, the costs can be cut in half per packet. Again, let me emphasize that I did all my prospecting with just a business card and a smile the first time around and I did just fine, but if you have some money to invest in this endevour, invest in some marketing materials.
Conclusion #3 – Getting out in the field is always scary! I don’t care who you are or how much you love sales, walking into businesses cold turkey in a new town is always scary! I am excited about getting back in the field and promise that after my first day I will be pumped! That being said, I will be a little nervous walking into those first 20 businesses! So, if you feel that you can’t walk into businesses because it makes you too nervous or stressed, join the crowd!!! What is the solution? Nike actually came up with the solution a while back… “Just Do It!”
Conclusion #4 – Pride is our enemy! Over the next 6 months, I have no doubt that I will be able to build a new portfolio that brings in $5,000 per month in residuals. That portfolio will have a liquid net worth of somewhere around $150,000. So, in 6 months time, working in the field for 3 to 4 hours per day, I will make somewhere in the range of $30,000 in up front bonuses, I will increase my companies profits by $5,000 per month and I will grow our net worth by $150,000.
These are some crazy numbers, right? You know what is even crazier though? For weeks I have been fighting feelings that this is “beneath me.” I have a huge sales team and connections all over the industry. I know many CEO’s of processing companies and have a big portfolio already so do I really “need” to get back in the field? Many of you might be feeling the same way. If so, shrug off these feelings of pride and come back down to earth. Helping merchants save money and improve their business is not only a worthy cause, it is really a lot of fun once you get into the swing of it. The best way to overcome pride is to act as if you don’t have any. Get out in the field and do what you need to do in order to grow your business!
Conclusion #5 – Our Marketing platform is awesome! I spent a little time working with our team today to get me set up with my own marketing platform. I downloaded the Podio and MailChimp apps on my phone which our IT team has integrated together for drip marketing. I love it!!! So simple to use, I forgot how much I love this system. I am planning to meet 100 business owners over the next few weeks and personally hand them a packet from my company. You can be sure that I am going to record every single interaction in my CRM! Also, I am working on a new auto-responder that you can use in your mailchimp account if you are on our platform that provides a bunch of great content for your merchants when they subscribe to the email list.
I will be sharing a lot of videos and blog posts in the coming week’s and months about my experience in the field which I really hope you enjoy! Stay tuned to learn what is and is not actually working in the field today.
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