Finding new customers to buy your products or sell your services to is an important part of the sales process, but a daunting one at times. According to an article in the Harvard Business Review, “Acquiring new customers can cost five times more than satisfying and retaining current customers.” The good news for point-of-sale resellers is that today’s market is a fertile one.
More merchants than ever want to adopt the latest and greatest POS devices that enable them to handle a wider variety of transactions than ever before, and harness the informational power modern POS provides. However, because the ground is so fertile, overall, there is also plenty of competition out there from other POS resellers. It is important to have a strong base of sales strategies to set yourself apart from the rest.
While the bottom line is selling POS platforms and terminals themselves, it is important to recognize that the services resellers provide go beyond the physical hardware. Identifying who your ideal customer is, what problems they have to be solved, and the benefits of POS hardware for their business, all while pitching a clear sales message, are some of the techniques discussed below:
Merchants Buy Benefits
Most merchants are not in the market to buy products, they want to buy results the product will give them. Instead of trying to sell hardware, VARs should focus on getting merchants hooked on the benefits of point-of-sale data and other features such as HaaS and Saas options that better their business and increase sales. Market research suggests that, “The HaaS market is likely to reach a value of $304.8 billion by 2026 from $40.88 billion in 2017.”
Another example is walking a customer through how to set up a scheduling application within the point-of-sale system or showing them how a loyalty program will increase sales. Focus on each benefit at a time, make it easy for them, and get them hooked on it.
Clearly Identify Your Customer and their Needs
It is important to find out who would most likely buy each product you offer. As stated above, merchants buy benefits and results, not necessarily products, so start by identifying your ideal customer. In an article by WebStrategiesInc., “When buyers have a few objections and you can satisfy them, your success is rate 64%.” Potential customers may turn down your initial sales pitch, but you can overcome those objections, and seal the deal.
Make a list of all the benefits that your customer would enjoy while using each product and your services. Ask specific questions such as: Do they have a budget? Do they have multiple locations? When are they planning to implement? What is driving their decision?
Knowing the factors that are driving decisions is crucial. Finding out the problems that potential customers are attempting to solve is the next important step after identifying your target customers. Problems come in all shapes and sizes. Some are obvious and clear while others are not more complicated and hidden.
Use Content and Social Media Marketing
There are more ways now than ever before to get your products seen directly by the customer. With people constantly on their phone, social media and content marketing are two extremely important tools to increase your access to customers and solidify yourself as a subject matter expert on the payments industry. The best part? They’re all essentially free to use. By building relationships through Facebook, Twitter, LinkedIn, YouTube, or even a blog, you can communicate in more ways than one and create better access to yourself for your customers. With content and social media marketing, there is more access to qualified leads, more channels to sell products, and lower costs to acquire customers.
Use Proper Negotiation Techniques
A skilled negotiator is concerned with finding the right solution or product that is satisfactory to both parties involved, reseller AND merchant. They are looking for “win-win” scenarios, where everyone comes out of the deal feeling happy and well-taken care of. To be an effective negotiator, you need to ask the right questions, be patient, and be prepared.
Keep the Customer for Life
The relationship with the customer does not just end once they have signed the contract. The end game is all about creating customer loyalty. VARs need to put in a lot of face time, showing customers how to optimize their payment technology. Follow up with your merchants every two to three weeks to let them know how much you value their business, and as a trusted advisor, someone they can lean on and consult with. Focusing on keeping strong relationship will not only create more trust, but it will also add value to the services you offer.
Have a Clear Sales Message
Gather information, define your value proposition, and prepare the right materials to give the best and strongest possible message to your potential customers. Be specific and talk about exactly what you can offer beyond the products. Create a few different sales pitches for different customers to relate to. Make it clear exactly what your product is and how it’s going benefit them and their business.
Selling POS devices requires an understanding of the various challenges that retailers, restaurants, and other business owners face. Having the knowledge of how you products can address these challenges not only helps win a sale, but it sets up the reseller to look like a thought leader and a trusted advisor. Using these six proven strategies can help increase sales and keep customers loyal and happy for years to come.