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Table of Contents

Lead Story

The worldwide fraud web exposed

News

Industry Update

Acquirers await final draft of IRS rules

First Data shuffles it up at the top

Retailers push for interchange reform - again

Features

GS Advisory Board:
Positive economic signs and actions - Part 2

Selling Prepaid

Prepaid in brief

GPR cards to bridge 'plastic gap'

The 'fun money' company

Education

Street SmartsSM:
Let's interact and be inspired

Ken Musante

Creating sales with good collateral

Peggy Bekavac Olson
Strategic Marketing

Grow your business by branching out

Jeffrey Shavitz
Charge Card Systems Inc.

Digging into PCI - Part 10:
Track and monitor all access to network resources and cardholder da

Tim Cranny
Panoptic Security Inc.

Say less, sign more

Jeff Fortney
Clearent LLC

Company Profile

Elite Merchant Solutions

New Products

Automated, but not ignored, billing

Slim CD Enterprise
Slim CD Inc.

Beyond your basic value-add

National Benefit Programs
National Benefit Programs Inc.

Inspiration

Plan today for results tomorrow

Departments

10 Years ago in
The Green Sheet

Forum

Resource Guide

Datebook

A Bigger Thing

The Green Sheet Online Edition

April 12, 2010  •  Issue 10:04:01

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Say less, sign more

By Jeff Fortney

We have all seen the interviews. A television reporter is questioning someone who has survived a catastrophic event. The reporter asks, "Tell us what happened." The victim describes the ordeal and ends with, "I have lost everything and don't know what I am going to do." The reporter responds with the follow-up question, "So, how much has it affected you?" The look on the face of the person being interviewed usually says it all.

Listening is becoming a lost art. In conversations it has become all too common for people to be focused on what to say next, not on what the other person is saying. My grandma used to say, "God gave us two ears, and one mouth. I think he wants us to use the ears more."

Don't be a talk machine

This is especially true in sales. Today, though, sales reps are often encouraged to talk. In telesales they have a script. In a cold call, there is the pitch. Both are designed to tell prospects why their products are better, faster or cheaper, and why prospects should sign with them.

In some cases, the effort to dispense information becomes a sprint, and heaven help the prospects who try to interrupt the pitch. If they are interrupted, sales reps often rush back to the comfort of the script.

(You can test this on the next telemarketing call you receive. Ask the caller a question that is completely off topic, and see how fast he or she returns to the script. Continue to interrupt with questions and, in many cases, telemarketers will become so flustered they hang up.)

This "information dumping" tendency is directly attributable to the belief that prospects are looking for information first and foremost. We tell ourselves the more we tell them, the more likely they are going to see a reason to buy.

Given this approach, the art of listening has no purpose. Yet as seasoned salespeople will attest, listening is needed now more than ever. Those who master it find they are saying less and signing more.

Lend an ear

Listening effectively requires sellers to know when to stop talking. But since listening requires discipline, it is contrary to what many have been trained to do. It requires a willingness to resist the temptation to solve the first problem or issue the rep identifies. It also requires the rep to suppress excitement or any form of an aggressive approach.

The basic principle behind the art of listening is that people buy for their reasons, not yours. As such, by listening and probing with follow-up questions, you can identify their reasons for buying.

The first step is to throw away the formal script. Most are too long and don't encourage prospects to talk. You need a very short script that ends in a question that encourages them to respond. (And that question cannot be, May I see your statement?)

Prepare yourself mentally with standard follow-up questions or comments. Questions, not answers, are the keys to listening.

Ask and learn

Even a simple question can keep someone talking. For example, a prospect says, "I am frustrated that my reporting is so confusing. I even called my processor to explain it to me." Respond by asking, "And what did the processor say?"

Why would you ask this? Even though you know the reporting is confusing and the prospect called his or her processor, you do not know what specifically is confusing and what the processor did, or didn't do, to address the problem. And you don't know how - or even if - your solution would actually solve the problem.

Even when you feel you know the reasons for a prospect's discontent, ask a follow-up question. In the example given, the key word is "frustrated." It indicates the person is still dissatisfied and that a solution was not likely found.

After the prospect provides further information in response to a follow-up question, a good listener won't provide a solution yet. This is the time to say, "You said you are frustrated. It sounds like you still aren't happy. Am I mistaken?"

This is where discipline is required. You must respond to what the prospect says next. Since a follow-up question must be about what is being said, it requires the rep to listen and structure the question accordingly. Never jump ahead and prepare your next question without hearing what is said.

A skilled listener doesn't offer solutions at the first opportunity or rush to close without clearly understanding the situation and knowing which alternative will solve the problem. Good listeners close with confidence, not with hope.

Practice for mastery

As with anything, you must practice. The Question Game is a helpful drill. It requires holding a conversation in which the only words spoken are in the form of a question.

Ultimately, you will find that when you listen, your products and services will sell themselves. For it isn't what you tell prospects, but rather what they tell you that closes the deal.

Jeff Fortney is Director of Business Development with Clearent LLC. He has more than 12 years' experience in the payments industry. Contact him at jeff@clearent.com or 972-618-7340.

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

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