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02-16-2018, 11:33 AM #11
- Join Date
- Sep 2012
- Location
- New York, NY
- Posts
- 1,780
I feel that this business is ten times harder than it was just a few years ago. Good lead sources are very scarce and competition is fierce. I've seen experienced ISOs shut their doors recently and these shops were run by strong salespeople. There are now hundreds (if not thousands) of hungry young reps chasing the same UCC lists and using variations of the same pitch because they were trained by the same veterans. It's not a question of having superior sales ability, but rather does a rep have the will to make 200-300 phone calls per day to find 2 or 3 motivated merchants? Because in the absence of a huge marketing budget, that's what it takes to succeed. Personally, I don't have that kind of stamina or desire. There are easier ways to make money in this world.
In order to separate yourself from the pack of young wolves, you have to be able to add more value than just a high rate cash advance. Find a different product to lead in with that can solve a merchant's pain points. Show a merchant ways that you can make his life a little easier or improve his business. This is how you build rapport and customer loyalty. The successful ISO in today's market offers more products than just a cash advance. If you're a one trick pony, then your income will be limited and you won't distinguish yourself from a thousand other ISOs. Adapt to the new competitive landscape or die. Read "Blue Ocean Strategy" and find uncharted territory and stake your claim.Last edited by MCNetwork; 02-16-2018 at 11:38 AM.
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