GS Logo
The Green Sheet, Inc

Please Login

Banner Ad
View Archives

View PDF of this issue

Care to Share?


Table of Contents

Lead Story

Payments industry boldly moves forward

News

Industry Update

FDIC warns banks about processors

IRS backs down on reconciliation requirement

Facebook becoming a payment business

Trade Association News

Features

GS Advisory Board:
Views on IRS reporting and TIN matching

It's time to build your sales force

Marc Beauchamp
Performance Training Systems

An interview with Harold Montgomery

Ken Musante
Eureka Payments LLC

Research Rundown

ISOMetrics:
Commanding retail categories

Minimal (but effective) marketing makeovers

Selling Prepaid

Prepaid in brief

Glitch in Google Wallet raises security concerns

FIs awaken to prepaid's power

Views

Shop small, shop local

Patti Murphy
ProScribes Inc.

Education

Street SmartsSM:
The ins and outs of marketing

Bill Pirtle
C3ET Credit Card Consortia for Education & Training Inc.

Legal strategies for an evolving marketplace

Adam Atlas
Attorney at Law

Modern payment pros fill the knowledge gap

Nicholas Cucci
Network Merchants Inc.

MLSs are masters of change

Dale S. Laszig
Castles Technology Co. Ltd.

Company Profile

Harbortouch

New Products

Mobile wallet commerce platform

Apriva Wallet
Apriva LLC

Inspiration

Are you trying too hard?

Departments

Forum

Resource Guide

Datebook

Skyscraper Ad

The Green Sheet Online Edition

February 27, 2012  •  Issue 12:02:02

previous next

Street SmartsSM

The ins and outs of marketing

By Bill Pirtle

Recently, marketing was a hot topic on the GS Online MLS Forum. ICYJAY started the conversation by asking, "What's your experience with inbound marketing to generate leads?"

KLINCKPHILIP answered, "It is expensive but effective to a degree. You really are competing with the big boys when you are mass marketing. They have the advantage of economies of scale.

"I suggest telemarketing for appointments. [It is] cheaper and more effective for a small shop. If you have loads of cash you could just hit 20k businesses in your market every month with a postcard mailer and see what happens."

RBELCHER believes the best method to generate quality leads is inbound. "I am referring to inbound as a list of people who hear a message and they respond by pressing a number on their phone," he wrote. "That is the only inbound that we do. Yes, outbound has better numbers, but the inbound catches them when they are interested."

KLINCKPHILIP added, "Inbound comprises mailers, billboards, radio, fliers, etc. Outbound is telemarketing, voice broadcasts, and cold calling. And I'm sure there are more examples of each. But the point is that they contact you from something they see or hear in their own time."

Much discussion ensued over whether using "voice broadcast," an automated dialer where a prospect hits a button to talk to a live agent, was considered inbound or outbound marketing. I feel that since the prospect has taken action to speak to an agent, it could reasonably be deduced that it was inbound. Either way, it is a form of marketing you might want to consider.

"For me, outbound wins hands down," DIEGO stated. "I have done both and, although inbound is easier to scale, the fraud and losses are far worse. Inbound results in a lot of tire kickers and merchants looking for backup accounts too."

CLEARENT advised caution. "[O]nce the deal is ready and all but closed, make sure you do your homework on the merchant. Statistically, inbound calls have a much higher rate of fraud than outbound and face-to-face meetings. Just do the proper due diligence."

Seeking expert advice

The topic of marketing jumped out at me, not only because of this thread on the forum, but because I recently received marketing chapters for my upcoming book, Credit Card Processing for Sales Agents, from Sandy Barris and Marc Beauchamp, among others.

Barris is the author of 97 Marketing Secrets and President of White Lake, Mich.-based Business Marketing Services. Beauchamp is a consultant and trainer for the financial services industry. He is also author of How to Survive and Thrive in the Merchant Services Industry and founder of the Bankcard Boot Camp.

Here's an excerpt on marketing from Barris' chapter:

Following is an excerpt on prospecting from Beauchamp's chapter:

Finding a winning combination

There are many ideas on marketing within this industry and the advice of multiple experts is needed to present the best options, as no one method works for everyone. And, in the end, it is likely a combination of methods that will work best.

If you follow the rules on how you present yourself to merchants and use multiple methods while tracking the return on investment, including both your time and expense, you should find long-term success in this industry.

What you do today determines your tomorrow.

Bill Pirtle is the President of C3ET Credit Card Consortia for Education & Training Inc., a joint venture with Theodore Svoronos of Merchant University. Created to establish a comprehensive training program for ISOs and merchant level salespeople, C3ET is working with industry experts to produce a training guide to be published in early 2012. Bill's email address is billpirtle@yahoo.com. He welcomes all connections on Facebook and LinkedIn.

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