In the business world, competition is plentiful. Everyone is looking for the slightest of advantages to gain prospects’ trust and business. According to newvoicemedia.com, “After one negative experience, fifty-one percent of customers will never do business with that company again.” Here are five ways to win the reselling war.
- Establish Your Position as a Trusted Advisor
Trust is the most important factor in business decisions. Merchants want to work with resellers who have their best interests in mind and have faith that their products and services will create revenue. Edelman’s 2018 Trust Barometer states “Fifty-six percent of companies that only think about themselves and their profits are bound to fail.” Work with your merchants to understand their needs and help guide them in fulfilling them.
- Provide Value-Added Services
The more services you can provide, the more valuable your business becomes. Installation and setup, as well as on-site support services, are two items that can be added. Having the capability to have 24/7 customer support is also especially helpful in the hospitality industry. Another value-added service is the ability to create HaaS and SaaS bundles. Hardware as a Service, Software as a Service, combined with your payment processing company, provide an all-encompassing product for your merchant.
The old adage of don’t put all your eggs in one basket applies to resellers too. Expanding and diversifying your portfolio can be simple and financially rewarding. Think about the customers you serve. If you are a reseller for merchants who utilize mobile solutions, then think about merchants who may have a similar need. Home based services, delivery services, parking and valets, mobile food services, and events/festivals/flea markets, all accept payments on the go. According to Inc.com, “The top two keys to being successful in diversification are to adapt and find related products.” In this case, adapt and find related customers. All mobile POS systems offer features such as processing, employee scheduling, sales tracking, inventory management, and vehicle management that can all be intertwined.
- Overcome Objections
If you keep hearing the word “no” after your sales pitches, you aren’t going to win. Overcoming those objections and reversing those no’s into yes’s is key. In an article by WebStragies Inc., “When buyers have a few objections and you can satisfy them, your success rate is 64%.” By responding effectively, listening, asking questions, and responding and resolving the issue you can win over the merchant.
Customer loyalty is defined as, “a buyer’s preference for doing business with a particular business establishment. Nothing is more valuable than a satisfied and loyal customer. In an article published by Harvard Business School, “Acquiring new customers can cost five times more than satisfying and retaining current customers.” A loyal customer’s value is irreplaceable. Creating memorable experiences, building relationships, and rewarding their loyalty will avoid putting a sour taste in their mouth and keep them happy.
The reselling war doesn’t have to be an uphill battle. By establishing yourself as a trusted advisor, providing value-added services, diversifying your network, overcoming objections, and creating customer loyalty, you can create a path to victory and success.Back To Blog