One of my favorite sales stories from Zig Ziglar is the story about the old water pump. I think it is a perfect analogy for merchant services sales, because merchant services sales is about building a portfolio of residual income.
The Story of the Old Water Pump
The story goes that a couple of guys, Bernard and Jimmy, are traveling through a remote area in the South Alabama foothills and they were extremely thirsty. Finally, they spotted an old, abandoned barn with a water pump next to it. They pulled over, jumped out and ran over to the water pump. Bernard immediately started pumping, but no water was coming out. Jimmy noticed a bucket nearby to the pump. Jimmy remembered that water was needed to prime the pump. There was a small stream close by, so they went to the stream, got some water and primed the pump.
Bernard was pumping for a while without getting any water and was ready to quit. Jimmy encouraged him to keep pumping. He thought the well was just deep and eventually the hard work would yield some water.
Bernard and Jimmy chose to keep pumping the pump.
After pumping for a while, the water began to flow. The small amount of water they put into the pump produced much more water than they started with. In fact, the water kept flowing and flowing with much less effort on their part.
How the Water Pump Relates to Merchant Services Sales
I think this is one of the best analogies for merchant services sales.
When someone gets started in merchant services, they may hear about residual income and think about the money they can eventually make from their merchant portfolio. That’s certainly one of the attractive parts of the business, but there is something that has to happen first.
You must prime the pump.
Start by Prospecting for Businesses
You must find businesses who need help with merchant services. Maybe their rates are too high, their equipment too old, or their current provider has cumbersome service to access.
Before you find businesses, you need to prospect. I find that you need to make 25 or 30 calls and actually speak to that many business owners, not the clerk behind the counter, to find a merchant who is having a problem or who wants to at least explore his rates. You have to do the work pumping because the well is deep.
Build Your Residual Income Over Time
And after you help one business owner and start earning residual income with that merchant, you need to find another and another. Residual income starts out with a small flow, but soon, with more prospecting, the flow gets larger, and larger. If you stick to it, the rewards can yield up to a multiple six figure income.
Grow Your Business with Electronic Money Company
Electronic Money Company is looking for new sales reps because we have reps who have been with us a while who are now vacationing more than they are selling. They can coast and not work as hard because they have primed and pumped and now have a more than comfortable flow of income.
Start Building Your Residual Income Today
If you like to meet and talk to new people, have the drive to spend 80% of your day prospecting, and are willing to work towards a goal of retiring with a multiple six-figure residual income, give me a call at 505-362-0837.
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