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Table of Contents

Lead Story

Canadian payments revolution - eh!

Adam Atlas
Attorney at Law

News

Industry Update

HR 5546 is in the House

Shopit starts Revolution

Agreement keeps Frontier flying

PCI SSC adds new payment device types

New webinars target PCI education

Gas stations nixing plastic

Approaching a crossroads

Patti Murphy
The Takoma Group

Features

Brewer taps payments market

Brewer taps payments market

ISOMetrics:
Payments in the Great White North

Views

Approaching a crossroads

Patti Murphy
The Takoma Group

Education

Street SmartsSM:
Passing the so-what test

Jason Felts
Advanced Merchant Services

Communication matters

Vicki M. Daughdrill
Small Business Resources LLC

How sellers blow deals

Lane Gordon
MerchantPortfolios.com

Canada goes to chip, fraudsters move south: Are you ready?

Deana Sellens
Take Charge Business Consulting LLC

Web sites that work

Nancy Drexler
SignaPay Ltd

Dial is yesterday's paper

Dale S. Laszig
DSL Direct LLC

Company Profile

RDM Corp.

Smart Circle International

New Products

Destroy the data, recycle the rest

D3eraSE
Company: Digital Data Destruction Services Inc.

Inspiration

Take new trip in downturn

Departments

Forum

Resource Guide

Datebook

Skyscraper Ad

The Green Sheet Online Edition

July 28, 2008  •  Issue 08:07:02

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Street SmartsSM

Passing the so-what test

By Jason Felts

I believe when merchant level salespeople (MLSs) pitch their products and services to merchants, they are all too often doing the equivalent of hunting with BB guns when they could be firing .44 Magnums. We all know that in sales you truly have seconds, not minutes, to capture the interest of your prospect. With that in mind, what do you say to capture the ear of the retailers you speak with?

How does your service truly benefit your prospects?

Specifically, what are you doing in the first 20 seconds of a sales encounter to pass the so-what test?

Here is a recent experience that exemplifies how the so-what test works:

I spoke with one of our sales partners the other day. He was frustrated after spending the entire day cold calling. He said merchants had been nothing but rude, curt and too busy to bother with him. After listening for a minute, I asked him to describe what he does when he walks in a merchant's door.

He told me he greets the merchant, introduces himself and follows with this opener:

"I work with Advanced Merchant Services. We are a credit card processing company that handles point of sale equipment and services, and I just wanted to review how you are currently processing to see if we can help."

"Let me be candid, but so what?" I responded. "I don't want to be rude or deflate you any more, but, honestly, that's a pretty lame introduction."

Then I explained that his merchant prospects are telling him he is not passing their so-what test. Merely mentioning that AMS is a credit card processing company that handles POS equipment wasn't cutting it with his prospects.

"Do you think a merchant cares that one more person in the credit card processing industry is stopping by and wants to handle their point of sale equipment?" I asked.

"That's hardly a feature and certainly not a benefit."

I then told him it's critical and absolutely imperative to develop a strategic approach that captures the interest of prospects immediately.

"They are not interested in knowing you are in the industry, or whether you are the biggest or best, the fastest or cheapest, and so on," I said. "They want to know very quickly: AYMAD - are you making a difference?"

Most every retailer this new MLS talked with was already accepting cards, and he - representing "just another" company that offered the service - really wasn't making a bit of difference to them. His mere existence didn't compel anyone to even listen, much less buy anything from him.

For the most part, because this MLS's introduction - his critical first impression - was so weak, he was shut down without further opportunity to explain what he was able to accomplish for potential merchant customers.

To remedy the situation, the MLS and I developed several compelling introductions that would speak to the ear of the prospect and generate immediate interest, as well as a request for more information. Here's one of them:

A fitting analogy

Prospecting reminds me of fishing: To catch a fish, you need to present bait in a place fish can both see and consume it. Some people fish by throwing out a bunch of empty hooks. Does it work? Anyone can get lucky occasionally, but I strongly suggest using your best bait. When prospecting, you must do the same. Tout the intoxicating benefits and compelling reasons your product and services deserve your prospects' time and attention.

Ask yourself what your products or services do for merchants, specifically. What is the end result or benefit for merchants? What would capture the ear of the person you are speaking with? How can your product fill a need for them?

Speak to merchants' unique and personal interests. Put yourself in their shoes. Imagine what their days are like, the responsibilities they have, and the problems or pressures they face.

The end result

Here's another example of the so-what test in action. Recently, I was talking with a friend who works in the human resources industry, and I really had no understanding of what he did. I asked him to explain it.

"We have an online reporting system that automates your administrative duties," he said.

My first thought: So what? I asked him how well he was doing selling the system. He said he was "kind of struggling." So I asked if this was how he always described his offer to potential prospects. He confirmed that it was.

Stating that you have a solution that "automates administrative duties" does nothing to really capture the interest of a prospect in the critical first few seconds or even bring clarity to what you're offering.

I asked him, "What does it really mean to automate administrative duties? What are the advantages of this sort of automation?"

He told me that by automating administrative duties many clients can streamline their operations.

I said, "OK, share with me what the end result would be to a client who was able to streamline operations and become more efficient."

"They would be able to save a tremendous amount of time," he said.

I asked him how much time it would save. He replied that it would save three hours per day. Then I helped him create a new opening for this product. Here's what we came up with:

Now this passes the so-what test; it demonstrates the end result of the benefit. It is something prospects can realize, and it is compelling enough to grab their attention. Who wouldn't want to save 15 hours per week?

In sales, you have features, benefits and, most important, compelling reasons: the end result of the benefits. If the compelling reason is not adequately presented quickly and succinctly, you will likely find yourself wondering why prospects are less than interested in spending time with you.

The Forum weighs in

I asked members of GS Online's MLS Forum for perspectives on the all-important first few seconds MLSs have to impress a prospect. Here's what they had to say:

Spotlight Innovators:

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