We've survived the first half of the year. I won't say it hasn't been a challenge for many of you, with attrition rates skyrocketing, increased business closures and transaction volumes down. In fact The Consumer Confidence Survey points out that earlier this year consumer confidence reached an all time low (index began in 1967) of 25.3 percent. So really we have nowhere to go but up!
In reality we are starting to see faint glimmers of hope with lending coming back into the marketplace, increases in mortgage applications and the financial system starting to regain it's footing.
So what's in store for us for the second half of 2009? Well, I don't have a crystal ball but I think we will experience more of the same with some slight improvement. So my philosophy for the balance of the year is to focus on the things that I do have control over, such as my own actions. Let's take a look at a couple suggestions that I think will not only help you survive the next six months,
but thrive.
Stick with the Fundamentals
Plan your work and work your plan. Be committed to executing the basics with the end-goal in mind of converting more merchant accounts and building your portfolio. What do major league baseball players do when they hit a slump? They focus on the basics, they look at every component of their swing and ensure their execution is flawless.
Review every step of the sales process and make the appropriate adjustments.
 Prospecting/Lead Generation
Establishing Rapport
Uncovering your merchant buying values
Delivering a high impact presentation
Gaining Commitment
Client Follow-up
Differentiate Yourself from the Competition
You have to clearly articulate to your merchant why they need to spend their money with you rather than with your competition. First and foremost the most important piece of the equation is the value you provide to your clients. If the merchant does not experience real value they will not sign on the dotted line.
Ask some common sense questions about your program; does your product alleviate any pain the merchant is experiencing? Does it solve a major challenge for them? Do you provide a clear measurable benefit to your client? Will it help them make more money, reduce overhead or create customer loyalty? If you can answer yes to these questions, you most likely have a solution that will deliver for your customer every time.
Create Uniqueness with Valued-Added Offerings
One way to create that differentiation or uniqueness is to offer specific value-added products that solve a problem.
Here are just a few examples that I'm seeing in the marketplace:
Red Flag Compliance
Background Screening
Collections Products
Credit Bureau Data
Digital Signage
Medical Benefits Verification
Payroll Processing
PCI Compliance Products
Remote Deposit Capture
Video Surveillance
With all these options it can get confusing but rest-assured merchants are looking for value-added solutions from trusted suppliers that can help them improve their businesses. If you are not providing the solutions they need and want guess what? Someone else will.
Be Persistent.
A lesson that each of us needs to take to heart is that regardless of the economy or our current condition we must persist. When we experience defeat and rejection, the easiest and most logical thing to do is to quit. However, if you give up during the struggle, you will never experience the victory. The formula for success is trying until you succeed. With this view there are no failures only those who quit before success. Take Winston Churchill's advice that he gave on October 29th 1941 to the boys at Harrow School "Never, never, in nothing great or small, large or petty, never give in except to
convictions of honor and good sense. Never yield to force; never yield to the apparently overwhelming might of the enemy."
Many times our greatest enemies are the unseen—fear, worry and doubt. When you let these self-created imaginary culprits control your actions and by default your destiny you are doomed to failure.
But when you take on the mindset that you can accomplish anything, and I mean anything you truly desire, you enter into a new realm of possibility and create an opportunity to realize your dreams.
My challenge to you this month is to live in the world of the possible and not be overwhelmed by circumstances out of your control.
Have a great month!  |
