Readership Survey Results
We wish to thank everyone who took the time to respond to the 1997 Readership Survey. The Green Sheet received an astronomical 9% response, which means the responses are a statistically valid representation of the overall readership. In many cases, we found similar responses to those we received in years past. While the numbers are representative of the general mind-set, we do have a small number of readers who view the marketplace and The Green Sheet very differently than the majority.
With this in mind we start by sharing two of the many notes we received. One response noted, "Good job. Keep up the good work," Valentino Sabuco, Noverus. Another wrote, "Why do you solicit advertising? The Green Sheet's objectivity as a newsletter/information guide is going to become suspect," Al Irato, Hypercom, Inc. These two seemingly opposite responses may actually represent the same type of reader. That is, a reader who really cares that such a publication exists and wants it to continue to be an information source that somehow remains outside the fray.
Who reads the paper version and what do they sell?:
Of the ISOs responding, 18% of you consider yourselves "Service" organizations. "Selling" organizations make up 88% of our readership, with the balance being POS Equipment Vendors, Merchant Banks, Card Issuing Banks, Check Companies, Leasing Companies, and Software Vendors. Of those responding, we found that 68% of you found out about The Green Sheet from a friend or business associate.
Seventy-nine percent (79%) of you sell Visa and MasterCard merchant relationships, 78% Check Guarantee, 74% POS Equipment, 67% American Express, 55% Debit Card Processing, 53% ATM Sales or Service, 52% Check Verification, 35% Novus/Discover, 21% InterNet Services, 19% Check Drafting Services, 18% Long Distance Phone Services, 16% Collection Services, 13% Dining a la Card, and 9% Audio Text Services.
Who reads www.greensheet.com?:
Since we began The Green Sheet On-Line, in September of 1995, we've been working to differentiate the on-line version from the paper version, expecting our readers to use both. Features such as the free classified ads, earlier news release to the on-line readers, and vast on-line research capabilities are attributes we thought would be beneficial to our paper readers who access The Green Sheet On-Line. However, we have found a totally new and growing audience.
Currently our on-line version is read in excess of 22,000 times per month for an average of 45 minutes per visit. This year's survey clearly shows that paper readers are generally not on-line readers and vice versa.
Seventy-five percent (75%) responded that they had not read The Green Sheet On-Line in the last 30 days. Overall, 61% of the paper readership responded, "I don't use on-line resources." Of those who do use on-line resources, 22% said they read industry publications and 19% said they generate sales on-line. Only 6% of the paper readers have placed a free ad on The Green Sheet On-line Classified Ads page.
What information do you look for in The Green Sheet?:
After Editorial Comments (84%), POS Trends and Equipment Information seems to be of most interest to those responding (80%), followed by ISO Opportunities (67%), Financial Service Acquisitions (63%), Sales Tips (62%), General Banking Information (61%), and InterNet Commerce (54%).
Eighty-four percent (84%) of our readers read every issue, with 91% saying that they read most of each issue if not all of it. Interestingly, you noted that 58% of you keep every issue with another 18% that keep most issues. An amazing 90% of you responded that you refer to back issues of The Green Sheet, with 74% noting that the Resource Guide is "Very Useful" to "Essential," and another 22% calling it "Useful" in your businesses. Seventy-six percent (76%) of you have contacted a company because they advertised in The Green Sheet.
What else are you reading?:
Most respondents also read other Financial Services Industry publications:
Credit Card Management 61%
Nilson Report 31%
Bank Technology News 30%
POS News 27%
ETA Publications 22%
Selling Power 21%
A great many respondents requested information on contacting these publications so we have listed them for you in this issue.
The Overall Score Card:
Eighty-four percent (84%, the same as the previous year) rated the writing as "Very Good" to "Excellent," while only 69% gave the layout an equivalent rating. Eight-four percent (84%) of you noted that you find the Editorial Comments "Very Useful" to "Essential" to your selling efforts, and an equal percentage of you find the overall relevancy of the information "Very Good" to "Excellent." The vast majority of our readership find the charts and graphs presented in The Green Sheet understandable. Sixty percent (60%) of respondents incorporate information from The Green Sheet into their sales presentations and reports.
We were very pleased to find The 1996 Check Study was well used and well liked, as The 1997 Check Study will be available on September 8. We were also encouraged to find that you would like to see more studies about evolving payment mechanisms, with nearly equal interest in ATM, Debit, and Smart Card research, and 27% willing to sponsor a study on evolving payment types.
The Future:
An overwhelming majority of you expressed that you wish to see the content of The Green Sheet remain the same. Sixty percent (60%) want to see information on POS equipment as well as dates and information on upcoming tradeshows and conventions in the Financial Services Industry.
The most interesting data gathered from this year's survey (from our point of view) is what our readers think has been the most significant change in the marketplace over the last year. Overwhelmingly, 51% of you thought "Industry Consolidation" was the most important change, while 29% of you thought it was the growth of the Internet. Twenty-seven percent (27%) of you noted that the most significant change was being able to find quality sales representatives in your marketplace, while 18% thought it was the growth of debit, and 16% thought it was the cost of sales.
We attempted to distinguish significant but benign changes in the marketplace from those changes that you are finding problematic. Forty-nine percent (49%) of you believe finding qualified sales representatives is a problem, while 41% of you noted the cost of sales is a problem for your business. Some of your miscellaneous concerns included the fact that banks are giving away terminals, erosion in bankcard margins, and your ability to compete with what is believed to be low-margin "Mega ISOs." We also had several serious comments concerning the emergence of "Mega Processors" who simultaneously provide service for and compete with their clients. Several respondents believe that the failure to keep up with changing business methods is a significant problem for ISOs of all sizes.
A concern echoed by some was not just the cost of Visa/MasterCard registration, but the $10K required for each new bank you add to your portfolio.
In light of the comments regarding the cost of sales and your ability to attract sales talent, we found this year's answer on how you are developing your sales very interesting. You ranked your current sales method as follows (more than one choice was acceptable):
Customer Referrals 73%
Door to Door Sales 58%
Direct Mail 56%
Telemarketing 53%
TeleSales 22%
Broadcast E-Mail or FAX 15%
Again, we thank everyone for your comments, and we will be responding to all the special requests, ideas, and new subscriber information that you provided as soon as possible. We close with a few of your comments. If you agree with the overall results, Great! If you don't, please tell us and we will be more than happy to share your response, good or bad, with our readers.
Rants and Raves:
"Keep up the good work." Spencer Durante, Regional Bank
"Keep doing what you're doing." Dane Young, Secur-Chex
"Continue info/update on Check Truncation. I thought this would be the best thing since sliced bread, until I read your insightful comments." Michael Tripp, TurboCheck Software
"Why does 3/4 of the newsletter sound like a vendor's P.R. firm wrote it?" Ronald Newman, Meridian Payment Systems
"Seems to me The Green Sheet covers all topics I care about." Ray Porfirio, Escondido, CA
"In the context of other industry publications read, The Green Sheet is the best of all." Merchant CreditCard Services
"The Green Sheet is getting too big, and it takes longer to read it." Bo Quiones, Miami, FL
"I do not believe anything I read in The Green Sheet anymore because of a false article I read." Cathy Cambell, Artex Leasing Corporation
"Why not E-Mail The Green Sheet?" George Lee, MasterCard International
" All in all an excellent publication that I enjoy reading." Tim Roddy, ICVERIFY, Inc.
