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Monday, October 17 2022
6 Reasons Why A Payroll Prospect Will Forget About Your Payroll Service

6 Reasons Why A Payroll Prospect
Will Forget About Your Payroll Service

By Glenn Fallavollita, President of SellMorePayroll.com | Drip Marketing, Inc.

  • Word Count: 507
  • Time To Read: 2.0 Minutes @ 250 Word Per Minute

According to data from the Census Bureau’s Annual Survey of Entrepreneurs, there were 5.6 million “employer” firms in the U.S. in 2016. Here’s the breakdown:

  • 500 or fewer workers accounted for 99.7% of those businesses.
  • 100 or fewer workers accounted for 98.2%.
  • 20 or fewer workers made up 89%.

Click Here To Read The Census Survey @ SBE Council.org.

With this many businesses in the U.S., you are probably saying to yourself, "If they only knew about my payroll service, I would be able to grow my sales exponentially." Unfortunately, the items listed below are working against you.

6 Reasons Why A Payroll Prospect Will Forget About Your Payroll Service.

  • Reason #1: 40% of all salespeople feel that prospecting is one of the most challenging aspects of their job (therefore, most salespeople flat-out ignore this activity).
  • Reason #2: 70% of all salespeople are either disengaged or completely disengaged in their job (now re-read point #1). 
  • Reason #3: 50% of all salespeople stop calling a prospect, for 9 to 12 months or altogether, after their first unsuccessful attempt at moving the sales process forward.
  • Reason #4: 50% of what you tell a prospect during a presentation is forgotten in less than one (1) hour, 70% in 24 hours, and 90% in a week.
  • Reason #5: 90% to 95% of all "prospecting calls" go directly to voicemail.
  • Reason #6: 95% of all small businesses (and most likely yours) don't provide their sales staff with any sales training after 30-days of employment.

If you want more payroll prospects and referral partners to remember your payroll service when they're ready to switch to a new payroll service (or recommend a payroll service to someone they know), I have listed below some proven money-making campaigns.

Marketing Campaigns To Help People Remember Your Payroll Service: 

Here are some time-tested drip marketing campaigns (sent as an e-mail):

  • Refer Us To A Friend/Business Client
  • Client Survey
  • Holiday Card(s)
  • New Hire Press Release
  • New Product Or Service Press Release
  • Product Or Service Spotlight
  • Sales Letter
  • Webinars (Every 3 - 4 Weeks) On Ways To Improve X, Y, Or Z

Even More Ideas:

  • Send each salesperson's top 10 list of prospects and/or referral partners a lumpy mail campaign. 
  • Send someone a thank you gift card if they referred you to a prospect that resulted in a sale.
  • Sponsor a Shred Your Documents Day with a shredding company in conjunction with a local bank or credit union. 

Executive Summary: You will see an immediate increase in sales by doing three things:

  1. Build/update your e-mail marketing database(s) each week.
  2. Send your database of referral partners, clients, past clients, and prospects relevant content.
  3. Follow up most e-mail marketing campaigns with an "oh, by the way," phone call. 

Yes, it's that simple. 

P.S. The days of winging it with your marketing efforts are over. If you want to have a break-out year, set your goals and then take action.

About The Author:

Glenn Fallavollita is a nationally recognized keynote speaker providing money-making advice to help payroll service owners, sales pros, and marketing gurus build more profitable relationships with their database of prospects, referral partners, and clients.

Additionally, Glenn is the president of SellMorePayroll.com and Drip Marketing, Inc. and has written 50+ whitepapers and three sales/self-marketing books, Supercharge Your Payroll Sales NOW!Stop Whining AND Start Selling, and Drip Marketing: A Powerful New Marketing Strategy That Gets Prospects To Buy From YouHe also writes blogs for LinkedIn and other national websites.

To hire Glenn for your next conference, visit DripMarketingSpeaker.com.

© Drip Marketing, Inc.  All Rights Reserved May Not Be Used Without Written Permission.

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Posted by: SellMorePayroll.com AT 01:28 pm   |  Permalink   |  Email
Friday, October 07 2022
4 Tips For Selling Your Payroll Service

4 Tips For Selling Your Payroll Service
By Glenn Fallavollita, President of SellMorePayroll.com

  • Word Count: 157
  • Read Time: 36 Seconds

If you plan to sell your payroll business in the next 6 to 9 months, here are four tips to help make your business appealing to a buyer.

1. Be Clear About Why You Are Selling Your Business:

  • Retirement
  • Monetary Gain
  • Medical-Related Issues
  • Family-Related Issues
  • Burnt-Out From The Day-To-Day Grind

2. Understand Your Clients: Prospective buyers typically want to see:

  • 3 Years’ Worth Of Sales/Profits (Balance Sheet, P/L Report, etc.)
  • Average Annual Revenue Per Client
  • How Many Clients
  • Pricing Per Client
  • Services Each Client Uses

3. Get Your Paperwork In Order: You need to have your paperwork in one file:

  • Your Payroll Platform’s License
  • Insurance Policies
  • Staff’s Non-Compete Agreements
  • Tax Returns
  • List Of Assets
  • Building Lease(s)
  • Staff List
  • Any Costs Associated With The Cancellation Of Your License Agreement 
  • Monthly Expenses

4. How To Maximize Your Multiple: Ways to add value include:

  • Cut Operational Costs And Increase Prices
  • Reduce Labor Costs
  • Add New Payroll Clients To The Business
  • Tighten Vendor Agreements And Employee Non-Compete Agreements
  • Purchase A CPA’s Book-Of-Business For 1X Or Less
  • Remove Unnecessary Assets Used By Family Members

About The Author:

Glenn Fallavollita is a nationally recognized keynote speaker providing money-making advice to help payroll service owners, sales pros, and marketing gurus build more profitable relationships with their database of prospects, referral partners, and clients.

Additionally, Glenn is the president of SellMorePayroll.com and Drip Marketing, Inc. and has written 50+ whitepapers and three sales/self-marketing books, Supercharge Your Payroll Sales NOW!Stop Whining AND Start Selling, and Drip Marketing: A Powerful New Marketing Strategy That Gets Prospects To Buy From YouHe also writes blogs for LinkedIn and other national websites.

To hire Glenn for your next conference, visit DripMarketingSpeaker.com.

© Drip Marketing, Inc.  All Rights Reserved May Not Be Used Without Written Permission.

Posted by: SellMorePayroll.com AT 05:44 am   |  Permalink   |  Email