With new merchants popping up every day, POS resellers need to constantly be on their toes. Not just acquiring new business but keeping it as well.
It’s important to be knowledgeable about the latest industry trends and literally hit the ground running whether it’s at community events or via social media. According to a recent study of small businesses, 80% of a merchant’s future profits will come from just 20 percent of their existing customers. We look at keys to building a successful network and retaining it.
Attend a BNI or Networking Event
What better way to network with others in the business community than at an event tailored just for that purpose? BNI, or Business Network International, offers the opportunity to connect with future merchants in the hospitality, retail, e-commerce, and other fields. The company’s website says it best: “In today’s changing economy, the right connections are everything.” It’s okay to stick to the businesses you know best, but don’t be afraid to reach out and keep an open mind to potential new clients and new industries.
Team Up with Payroll Specialists/CPAs
Merchants usually work with payroll specialists or certified public accountants (CPAs) to take care of their financial needs, taxes, etc. As a reseller in the payment processing industry, teaming up with these groups would be advantageous. The two products work hand in hand and create even more value to your customers. More value equals more business, which in the end equals more revenue for everyone.
Create a Digital Presence
In this multimedia age, a digital presence is crucial. Resellers can boost their network by creating a website showcasing their services. Creating business pages on social media sites such as LinkedIn and Facebook allows resellers to engage with customers and find new ones as well. Frequent updates, whether it be through photos, videos, reviews, and more will keep your business in the limelight and create buzz to bring in new customers as well.
Deploy Troops on the Ground
It’s easy for a reseller to hide behind a computer and create their network digitally. However, that is only half the battle. The other half is to deploy troops on the ground. Be present and active in the community. Reach out to new local businesses or areas with potential for growth. Attend Chamber of Commerce meetings and build that relationship with community merchants as well as community leaders. Attend events. Speak at these local meetings, introduce yourself and what you do.
In a competitive payment industry, having leads and insight is key. That is why it is important for resellers to have a grassroots strategy. These relationships will also lead to word of mouth recommendations that will help you build and retain your network.
Gift Card, Loyalty Programs Propel Retention Rates
For POS resellers building a network, actively pursuing new customers is a valuable part of success. Retaining that group is what will make or break a business. Gift cards and loyalty programs propel retention rates by creating “stickiness.” Resellers are more likely to hang on to merchants by offering these incentives. At the end of the day, it is all about making them feel as a valuable part of the team.
Get out and meet people, build a reputation, and be a resource. Treat your merchants with respect, listen, garner feedback of what works and what doesn’t. Growing and retaining your network for resellers doesn’t have to be difficult. Following these tips can increase your presence and your bottom line.
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