How to Increase Sales Closing Rates in Markets Dominated by ISO Agents
Written by Kirk Smith, in Category Latest Articles
Many new ISO agents find themselves competing heavily with other agents in a hot market. Oftentimes agents feel overwhelmed by their competition, and would rather opt for a less competitive market when given the chance. However, a slower market also means less income potential. That's why we encourage agents to jump into the fray and stick it out in highly competitive arenas. While this can be stressful at first, these markets can seriously improve your salesmanship and teach you a thing or two about making conversions.
Understand Your Customer
Merchants are approached by dozens of ISO agents offering them better pricing models and all kinds of other perks. The truth is that merchants have started to tune out the numbers and spec sheets because they see them so often. It is a proven fact that the more exposure we get to certain advertisements, the better we become at ignoring them.
Instead of approaching potential clients with a list of services you offer, you may want to take the scenic route. Start by asking questions about their business. Learn what they are struggling with and what they hope to do in the future. Instead of pitching everything you can do, discuss real solutions to their real problems.
Learn Who Makes Decisions
One mistake that we see often is that agents are reaching out to the wrong people within a business. While the floor manager may be able to give you a good idea of challenges that they face, they are not the ultimate decision making authority when it comes to merchant accounts. More importantly, even if you meet with the owner, they may only be one part of the decision making process. The best way to increase your closing rates is to set up meetings with the entire decision-making body. Anytime a client closes a meeting with the words, "I will discuss this with the rest of my team," you know you've missed a chance to close by not having the whole group present for your demonstration.
Bet On Yourself
Merchants are tired of getting locked into service agreements with agents who oversell and underdeliver. As you create your scripts and make your sales calls, make it a point of pride to deliver on your promises. Making a bold statement about customer satisfaction and a risk-free guarantee for your customers is a good way to get their attention. Of course, this means being very real and direct about what services you can and cannot provide, and sometimes explaining why other technologies do not do exactly what they promised. Your clients will appreciate the honesty.
These three concepts are simple ways to improve your closing rates overnight. Don't fall into the same traps that all the other ISO agents are getting caught in. Take the time necessary to really identify client needs, learn who needs to hear your solutions, and then deliver a presentation that guarantees their satisfaction every time.