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Education

• Chargeback fraud reduction software
• HR/payroll processing If you are not providing the

• Working capital (MCA, asset-based lending) solutions clients need and want,

• Commercial equipment finance guess what? Someone else will.
• Invoice factoring/floor planning

• video surveillance
It's essential to think through the entire process to
With all these options it can get confusing, but rest make sure all the bases are covered. There must
assured merchants are looking for value-added solutions be a large enough market and a real need for a
from trusted suppliers that can help them improve their successful launch.
bottom line.
• Competitive environment: It is always important
If you are not providing the solutions clients need and to know what the competitive climate is around
want, guess what? Someone else will. I'm certainly not any new business opportunity. At this time, I can't
advocating adding several new products at once, but see any new product being as competitive as the
this may be a good time to investigate what's out there market we are in right now. Do your homework.
and determine if there are any synergistic fits with your Who are the major competitors? What are their
existing business model. pricing strategies? How much of the market do
they have in your area? What is unique about their
Done correctly, adding a hit new product can make a offering? Why do you think you can compete with
major impact to your bottom line and reinvigorate your them?
sales staff. Done incorrectly, a failed new product launch • Product implementation: Another key factor is
can be a disaster to profit margins, reputation and staff implementation. How difficult is this product to
motivation. install, set up or activate? Will it require additional

Factors to consider staff to support the implementation? Many
products like POS systems require cabling, routers,
Before adding a new product or services consider these menu setup, hardware configuration, staff training
factors: profit potential, market opportunity, competitive and a high level of support. Are the benefits of
environment, product implementation and ongoing selling this product worth the implementation
service commitment. Following is a discussion of each: work required?
• Profit potential: One of the most important • Ongoing service commitment: Ongoing service
components of any new product launch is the is always a consideration for any size company.
potential to impact bottom line revenue. A product Ideal products should require little or no ongoing
that opens new doors and creates significant service by staff. If you're adding a new product that
ongoing revenue is a winner every time. Ask some requires heavy service and support, make sure the
commonsense questions: What is the potential upfront and ongoing revenue streams justify the
revenue this new product will create? Is it a one- additional service work.
time commission, residual based or both? Will it
create new opportunities to sell additional products There is pent up demand and great opportunity ahead of
and services? Will this product help retain existing us in 2021. Business owners want to leverage technology,
customers? Will it help recruit agents? improve productivity and trim costs. Now is the perfect
time to take a look at new and exciting products that can
• Market opportunity: You can have the best provide a clear competitive edge in your market area. Be
product in the world but if the potential market size committed to being a solution provider and to adding
is too small, you won't gain traction. Ask yourself value to your clients and you can't help but have a fabulous
the basics: Who will buy or needs this product or year. Good luck!
service? Where can I locate this type of customer?
What is the market potential and size? What does
my prospect want from this product? What will Marc Beauchamp is author of Survive and Thrive in the Merchant
it solve? What pain will it remove? Why should Services Industry and founder of Bankcard Life, a community for pay-
they buy from me? Why am I unique? How do I ments professionals. He is offering a free copy of his book to all payments
penetrate this market? When do I begin launching professionals at www.bankcardlife.com/greensheet. Marc welcomes
this product? your comments and feedback at marcb@surviveandthrive.biz.

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