Hello agents! We know sales can be rather difficult at times, especially as the holiday season gets closer. To help with your continued success, we want to provide you with some tips; specifically, with researching your targets. However, before we can get into the meat of the post, we need to cover some more general topics first, mainly with how to identify those targets.

Finding a Target

In the wonderful wizarding world of merchant processing, there is a wide variety of targets to pursue that needs to be narrowed down. To start, FlashBanc recommends targeting medium and small businesses. The larger retailers such as Walmart, Target, and even the late Toys R Us (Rest in peace) have their own processing infrastructure. Medium and small businesses, however, rely on banks and third party processors. From here, you can decide whether you would prefer to target medium sized businesses, small ones, or both. Medium businesses may have a better (read: bigger) payout, but if they have multiple locations then they are looking at replacing more terminals. This increases their investment with time and complexity and might make them less willing. Small businesses on the other hand may only have one or two terminals to replace, however they may be less willing to change because they want to stick with what they know works for them. Identify what objections you are comfortable or skilled with handling and focus on those. You may even want to focus on a specific kind of business, such as restaurants or general stores. Regardless, now you have a market to research…

Researching Your Target

For the sake of the explanation, let’s create a target market to research. You may want to target small, family-owned restaurants. By defining who you are looking at, you can identify their problems easier. Start with general research online by looking up known issues concerning payment and transactions in the field. Perhaps they have a problem with retaining or gaining customers that a specific terminal can solve through a program or application. Then find a list of local businesses within your area that match your target. Visit each one and speak to the staff members. You do not need to begin trying to sell to them immediately. Ask them if they have encountered problems, or if they think there are things that could be done better. Talk to the owner or a manager even, and ask them about their concerns or problems that you may know about. All of this can be framed as research when you are asked about it, because that is what you are doing.

What To Do With Your Research

You have read background research on your market, spoken to potential leads within the market, and you have a good idea of what their problems are. So what now? Now you look at those problems, and create a solution. Merchant processing is more than just about transactions, its also about providing solutions to merchants. Is there a specific terminal that is more reliable, faster, or easier to use than what they have? Are their rates too high or do they have a problem with keeping repeat customers? All of these can be answered by signing up with a merchant processor, such as FlashBanc. After you have created a solution for them, return to those businesses and speak to them again. Let them know that you looked at their problem and you have a solution. More importantly, let them know not only what the solution is, but also how they can implement it, and as easily as possible. By doing this research and putting in the time to create a solution, your potential clients will know that you are more than a salesperson. By investing your time, they will be more likely to invest theirs. As you provide these solutions and sign more clients with FlashBanc, you can refer back to their solutions for future clients as well when they bring up similar or even the same concerns. 

Finally, because you are selling a solution, make sure that you return to those clients and speak with them. Make sure that your solution has not become another problem, or another processor can come and take them away. It will also help you refine your solutions and further help future clients. This is also a part of researching your target, because your research should never stop. 

Remember that throughout all of this, FlashBanc is ready to help you in any way we can.