Collecting Information – Opening Pitch That Always Works in Merchant Services – Part 2

This is part two of my mini-series, teaching you to create an opening pitch which always works.  The right opening pitch is probably the most difficult thing for sales people to create and implement.  Part one of the series stresses the importance of presenting honest information about your business.  Don’t try to trick business owners.  The odds are you won’t be able to trick them anyway.  Business owners are savvy and smart.  They can see through dishonesty.  Be sure you read part one.

Read the Previous Blog Post:  Opening Pitch that Always Works Selling Merchant Services – Part 1 – http://bit.ly/2z3Q2UH

This is part two of my mini-series, teaching you to create an opening pitch which always works.  The right opening pitch is probably the most difficult thing for sales people to create and implement.  Part one of the series stresses the importance of presenting honest information about your business.  Don’t try to trick business owners.  The odds are you won’t be able to trick them anyway.  Business owners are savvy and smart.  They can see through dishonesty.  Be sure you read part one.

Once you pass through the stage in part one, you’ll have mastered your 10 to 20-second elevator pitch about your business.  The next step is to express sincere interest in collecting information.  To help you understand this, let’s examine the approach of two extremes.

The one extreme would be a brand new sales rep.  Perhaps you’re reading this and/or watching my video as you prepare for your first day in the field.  Here is some advice for you.

• Calm down – chill. You’ll be fine.  You aren’t going to battle.  The enemy is not advancing on you.  You are going to walk into a business in the United States of America, which is your legal right to do.
• Don’t try to sell prospects; you don’t know what you’re talking about yet.
• Give an honest introduction of yourself and your new business.
• Have a sincere, genuine interest and collect information.

After introducing yourself, say, “Hey, the reason I’m here today is to take a survey.  I’m trying to get a better feel for my market.  I’m just starting my business and want more information to make sure I’m bringing the right products and services to market.  Do you have a couple minutes to help me by answering a few questions?”  That’s a good pitch.  You sincerely want to know.  Rather than trying to sell them something, get answers to your questions, then leave.

I can hear sales managers who are reading this and saying, “James, what are you telling my reps to do?”  I’m trying to help your reps do something which will prevent their leaving you in a week!  Don’t force them to get out there and sell, sell, sell before they know what they’re doing.  You wonder why your attrition is 97%.  Please give your reps three days to learn what they’re talking about.  Send them to my training courses at instantquotetool.com and give them three days to learn.

As a new sales rep you don’t want to watch my training videos for eighteen hours straight before getting into the field.  Start with some introductory courses for a couple of hours, then go in the field.  Conducting a survey doesn’t require much knowledge.  Set a goal to talk to twenty to forty business owners and complete that many surveys.  Those contacts will become your first prospects with whom you’ll follow up in a week.  When you return to the business in a week, say, “I have some exciting news; I’ve set next Monday as the launch date for my business.  I’m really excited about it.  I appreciate the information you provided me.  I’ve got some awesome stuff.  If you agree, I’d like to schedule maybe ten minutes with you to discuss what I decided to launch and get your opinions.”  That connection and a little friendship will allow you to come back and sell later.  That’s one extreme – the approach of a new sales rep.

The opposite extreme is the approach of a super experienced sales person like James.  No offense, but when I walk into a business, I actually like to make money!  So, collecting information is a stepping stone to transition to the next thing.  The approach is the same, but you must have questions that prospects are going to answer.  For example, “Do you rent, lease, or own your terminal?  Did you get a free one?  Tell me about your terminal.”  Or you could ask questions about their pricing.  I love to ask business owners questions to which they don’t know the answer.  That can be a powerful tool to set you apart as an expert, provided you ask correctly without annoying.  You might ask, “Any idea how much your fees dropped when they rolled out the Durbin Amendment a few years back?”  They may respond, “What is the Durbin Amendment?”  Then you can use the information.  But you still show the sincere desire to collect information about their business.

Other good questions which show a sincere desire to collect information:

• How long have you been in business?
• How is the current economy treating you with your business?
• Is your business cyclical? Does it go up and down or stay pretty stable?
• How are things going right now? How is business?

Step two in creating the opening pitch which always works is a sincere desire to collect information from business owners.  Part three will complete this mini-series.  Don’t miss the next article!  Learn the third thing every opening pitch needs to work every time.

My name is James Shepherd.  Thanks for reading!

Opening Pitch that Always Works Selling Merchant Services – Part 3 – http://bit.ly/2hOkFdd

Opening Pitch that Always Works Selling Merchant Services – Part 1 – http://bit.ly/2z3Q2UH