Providers of merchant services and payment processing solutions often find that marketing their businesses is not an easy task. The main challenges faced by providers in this regard include operating in an extremely competitive field, gaining the confidence of prospects, and formulating a sales funnel strategy that considers the various levels of attention and interest that merchants show.
Payment processing and merchant services are technical matters that do not typically sell on their own merits. Similar to other business-to-business solutions, payment platforms require sophisticated promotion strategies that involve marketing across multiple channels, cultivating leads and applying a proactive involvement. With this in mind, here are five marketing tips that providers of payment solutions can use to make their marketing efforts more effective:
Most payment solutions providers start their marketing efforts with lists compiled by lead generation firms; while this is generally a good move, it should be complemented with strategies to generate inbound leads. One way to accomplish this is with newsletters and podcasts that entice prospects to sign up for future updates by leaving information about their business.
Working with an Adequate Marketing Budget
Leading providers of payment solutions are never stingy with regard to their marketing efforts. Even if the marketing campaigns are conducted entirely online, they need to be supported by a solid budget. For every provider who keeps a blog and shares its posts on Facebook, others are investing hundreds of dollars to promote their content and manage advertising campaigns.
Sticking to a Marketing Plan
The marketing section of a business plan is not enough to succeed in this competitive field; what providers need is a separate and comprehensive marketing plan that lays out the strategies that need to be followed on a monthly basis. An important aspect of a marketing plan is an editorial calendar that formulates the type of content to be published according to recurring trends; for example, the holiday shopping season could feature newsletter topics about increasing point-of-sale security during busier days when stores get a lot of foot traffic.
Following Up With Prospects for Conversion Purposes
The sales funnel for merchant services providers needs to be more focused on conversions when compared to other sectors. Providers who offer retail POS software subscriptions as value-added services, for example, can post case studies on Facebook and boost their content as promoted posts; this will allow them to track visits to their websites and landing pages with the Facebook Pixel feature, and the next step is to target future posts towards visitors who have shown interest.
Including Traditional Media Outlets
Radio stations, local newspapers, and trade magazines are still very effective outlets for marketing purposes; in fact, they have become more effective now that most marketing campaigns are being conducted online. A spot in a radio program that focuses on the local business scene, for example, can generate very strong leads.