GS Logo
The Green Sheet, Inc

Please Log in

Banner Ad
View Archives

View PDF of this issue

Care to Share?


Table of Contents

Lead Story

Hard times expose vulnerable residuals

News

Industry Update

7-Eleven takes interchange issue to D.C.

Canadian debit shake-up

Two companies, two new security departments

Cyber thieves stealing from students

Features

How to leverage available technologies to manage risk and prevent fraud in RDC

Ed McLaughlin
RemoteDepositCapture.com

Research rundown

Selling Prepaid

Prepaid in brief

Vigilance is watchword in fraud prevention

Empowering the cash-compensated

Is PayPal a threat to prepaid?

Views

Portfolio conversions done right

Biff Matthews
CardWare International

The MLS and the ISO:
Cause for concern?

Brandes Elitch
CrossCheck Inc.

Education

Street SmartsSM:
Microbranding

Jon Perry and Vanessa Lang
888QuikRate.com

Reserve accounts and processor meltdowns

Adam Atlas
Attorney at Law

Digging into PCI - Part 3:
Protecting stored cardholder data

Tim Cranny
Panoptic Security Inc.

A practiced approach

Jeff Fortney
Clearent LLC

Revving up business with profit-controlled marketing

Daniel Wadleigh
Marketing Consultant

Company Profile

Payvision

New Products

Gateway as a service

paymentAccess
paymentAccess

First Data's new dynamic duo

First Data Secure Transaction Management
First Data Corp.

Inspiration

Little actions add up

Departments

Forum

Resource Guide

Datebook

Skyscraper Ad

The Green Sheet Online Edition

October 12, 2009  •  Issue 09:10:01

previous next

Revving up business with profit-controlled marketing

By Daniel Wadleigh

Even in today's challenging economic environment, a number of ways exist for you, as ISOs and merchant level salespeople, to effectively generate first-time customers and expand revenue derived from your existing client base.


Forget about discounts

None of these methods involves relying on discounts; that's why I call my approach profit-controlled marketing.

People want to save more than money. It's value that counts, and you can provide added value without shaving profits. In every downturn, businesses that comprise the fat part of the Bell curve stop spending money on advertising.

Nevertheless, consumers still make purchases even though their priorities may have shifted, and merchants continue to need our products and services. Whoever is prepared to take advantage of opportunities in this type of economy can capture market share.

Reach out with high-value offers

Here are four steps to help spark profitable, new sales:

I sold ground source heat pumps one summer in Washington, D.C. At the time, traditional HVAC systems only lasted about eight years but cost less than ground source heat pumps, which lasted 30 years and had fewer repairs.

So, offering the option of financing, my pitch was, "The savings is greater than the payment, and you reduce noise, improve indoor air quality, get free pool heating and don't have to shell out $7,000 twice over time."

The key was to show in a chart spanning 30 years the estimated annual costs of repairs and the eight-year replacement costs. I sold a lot of those heat pumps, mostly to new construction projects.

Persist and prosper

If you have any service or add-on product that reduces grief or saves time, play that card; if you can offer prizes for repeat business, do so. While not all people will respond, enough will if you show them the benefits of signing up with you. If possible, lock in regular customers with additional loyalty and frequency benefits.

The point is to never collapse and give away your profits. Look for other added values and promote them, give away "referral cards" and "first-timer cards" and milk your existing clients.

And, as always, do not deceive or exaggerate.

Daniel Wadleigh is a veteran marketing consultant in the payments industry. He offers an educational program that is available on a PowerPoint presentation and designed to help ISOs elevate themselves above the competition. For more information, please call him at 512-803-0956.

Notice to readers: These are archived articles. Contact names or information may be out of date. We regret any inconvenience.

previous next

Spotlight Innovators:

North American Bancard | Harbortouch | USAePay | IRISCRM.COM | Humboldt Merchant Services