Eliminating ineffective processes and bad habits can go a long way toward better sales performance.
Your business growth directly depends on sales and marketing performance, so just about every North American Bancard partner is looking for ways to make their team more effective. Some invest in sales training, hire consultants, and implement “can’t-miss” programs, and although those strategies can get results, there are easier ways to increase sales. Your team may be making some common marketing and sales mistakes. Changing those bad habits can make a big impact on your bottom line.
Do your sales and marketing teams make these errors?
1. Not writing a formal unique selling proposition (USP).
Don’t assume that your marketing and sales teams understand what makes you stand out from your competition. Formalize your unique selling proposition (USP) in writing and review it with your team. Include clear talking points for your team to use, and focus on value rather than just on payments technology itself. Getting everyone on the same page with your USP will ensure your prospects are receiving a consistent message about your company, as well as the products and services you offer.
2. Not identifying a target market.
Marketing and sales teams who focus on the wrong prospects won’t be successful. Leverage data from apps such as D&B Hoovers to find the right merchants for the products and services you offer. This will help your marketing team create relevant campaigns that resonate with viable prospects. It will also allow your sales team to make the best use of its time.
3. Not qualifying or disqualifying prospects.
Within your target market, some companies will fall into your sweet spot for customers with regard to size, annual revenue, number of users, and other metrics. Others won’t. It’s smart to find out early and part ways when a lead doesn’t fit the profile, or have the budget for your offerings.
4. Going into meetings unprepared.
Preparing for meetings or sales calls that will end successfully takes time. Your team needs to know the basics about the prospect, their industry, and, if possible, the payment solution they’re already using. You’ll also need to have answers to questions that will help overcome common objections so the prospect will see your company as a knowledgeable resource.
5. Not talking to decision-makers.
Sales reps may build a rapport with certain people but not ever get to actual decision-makers. It can be especially challenging if a business changes hands, or is acquired by a larger organization. Insist that your sales team devotes their time and effort to influencers and decision-makers while still maintaining the relationships they’ve already built.
6. Talking rather than listening for pain points.
A big part of building rapport is listening. Although your sales reps will want to wow prospects with their expertise, it’s a mistake to do all the talking. It’s important to listen when the prospect talks, especially when they answer questions like, “What are your biggest challenges?” or “What would you change if you could?” Reps should listen for opportunities to solve problems with the solutions only your company can provide.
7. Not focusing on current customers.
It takes time and effort to win new business – estimates put costs to acquire a new customer at five times more than that of retaining one. It stands to reason then that marketing and sales ROI can improve if you focus on current customer satisfaction and selling deeper into those accounts. If you’re overlooking what else you can be doing for your existing customers, you’re leaving money on the table.
8. Trying to sell payments like a commodity.
Selling payments solutions, especially as your merchants deal with widespread changes due to the pandemic, advancing technology, and evolving consumer preferences have become more than simply selling a device or an out-of-the-box solution. Your customers and prospects, many of whom are not tech experts, need your expertise and guidance to make the right decisions. Only then can they help their businesses meet new demands and position themselves for sustained success. Your teams need to take a consultative sales approach to help them make smart investments and build relationships that last.
We’re here to help.
If your answer to whether your team is making these sales and marketing mistakes is “yes,” North American Bancard has resources that can help you get your team on track.
Contact us today.