“Today I had a conversation with a merchant services sales professional in Chicago, IL. He told me to offer significant savings to the merchant is becoming more and more difficult. I often hear this from many sales people in the credit card processing industry. Since this sales professional has been focused on offering savings to the merchant as the key form of value, he is struggling to close these deals.
Of course, I gave him some tried and true sales tips. But the most important tip I gave him was to sell a relationship with himself. 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 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? Do you know marketing, Quickbooks, web design, how payroll processing works? What else do you know that could be a value 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 through my business 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. In addition to reading this, I would encourage you to listen to the audio version which you’ll find at the top of this post.
You: “Susan, let me ask you a question to which I already know the answer. How valuable are relationships to you in business?”
Susan: “Very valuable…”
You: “You said currently you’re processing with XYZ Company. 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?”
Susan: “Nothing, 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. 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 clients and building relationships. That makes sense; doesn’t it?
Susan: “That makes a lot of sense…”
You: “I really appreciate that, Susan, 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 opening pitch! If you don’t feel that you add value to your prospects, then you need to get serious about learning and networking. If you feel that you do add value, try this opening pitch. I promise your results will improve!
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