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Thursday, November 07 2013

6 Payroll Prospecting Tips To
Capture More Year-End Payroll Sales


The fourth quarter for a payroll service represents a huge sales opportunity, as many businesses prefer to switch payroll services at year-end.  To help your payroll service capture more year-end sales, you might find the tips below invaluable. 

 

Tip #1: Create A Year-End Checklist – Some examples to include on your list are:

 

Year End Check List

  • Review state labor law changes.
  • Update your State Unemployment and State Disability Insurance rates.
  • Verify and confirm yearly limits to your retirement plan.

Before Your Last Payroll Of 2013

  • Check employee and employer indicative data.
  • Confirm that your employee names and Social Security numbers are in the correct format.
  • Ensure that deceased employees are properly coded.
  • Verify the employer and employee data that is used in processing your quarterly tax reports and W-2s.
  • Which employees does the "retirement plan" indicator in Box 13 of Form W-2 apply?

Important Dates

  • Dec 27: Last day to submit payroll, without extra fees.
  • Dec 31: Last business banking day of 2013.

After you have created this checklist, make it a pdf. Now go to tip #2.

 

Tip #2: Send This e-Mail To Your Database Of Prospects - Write a three-paragraph e-mail that outlines what a business needs to do for their payroll’s year-end checklist.  Use the subject line: Free Year End Payroll Checklist.  Add a coupon at the bottom of the e-mail so they download your year-end checklist from tip #1.  

 

Tip #3: Create A Payroll Conversion Checklist – Sit down with your operations team and come up with a checklist on the steps your payroll service takes to ensure a smooth payroll conversion.  Make the checklist simple.  After you have created this checklist, make it a pdf. Now go to tip #4.

 

Tip #4: Write A Second E-Mail - Write a short e-mail that outlines: 1. How easy you make the payroll conversion process. 2. The accuracy of your payroll conversion process.  3. How much a business will save when they switch to your payroll service.  Add a coupon at the bottom of the e-mail so they can download an overview of your payroll conversion process from tip #3.  e-Mail this to your prospects 7 – 10 days after the previous e-mail.

 

Tip #5: Set-Up A Sales Follow-Up Plan – After each e-mail has been sent, go to your e-mail hosting service (we use Constant Contact) and download a spreadsheet of the subscribers who opened the e-mail and clicked on your links.  Within 36 hours of the e-mail being released, have your salespeople call the prospects associated with their name (use the spreadsheet).  Make a script for them to use as well. 

 

Tip #6: Mail Something To Businesses That Are Using A Third Party Payroll Service - Throughout the year, your salespeople have met or called approximately 250 - 500 or so businesses (five to ten each week).  Hopefully, they “tagged” each prospect that uses a third party payroll service, AKA Tier 1 Prospect. Mail this group a letter, postcard or lumpy mail campaign.  Again, make a script to use when calling. 
 

Executive Summary: If you don’t have a content strategy for your payroll service, you are failing to make a connection between your sales and marketing efforts. And should this be happening at your payroll service, you are not only losing a lot of year-end sales, but also sales throughout the year.  By the way, if your average payroll client’s revenue is $1,750 a year, you will lose more than $12,000 ($1,750 x 7 years) in revenue from just ONE payroll sale going to a competitor.  And if you are losing one new sale a month, you are missing out on $144,000 in revenue each and EVERY YEAR! 

About The Author

Glenn Fallavollita is the President of SellMorePayroll.com, a Division of Drip Marketing, Inc.  He founded Drip Marketing, Inc. in 2002, and serves as CEO, lead copywriter and strategist.  He is also instrumental in developing the curriculum, format and expansion of Drip University - the training arm of Drip Marketing, Inc. and SellMorePayropll.com.  His work, insight and creative talent has been the catalyst for the delivery of more than 30 million e-mail campaigns on behalf of his clients.

To learn how we can help your payroll service increase its sales, visit us on the web at
www.SellMorePayroll.com or call us directly at (856) 401-9577.

Posted by: Glenn Fallavollita AT 10:51 am   |  Permalink   |  Email