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Education

building one from scratch. But many companies mistakenly tools and chatbots—the opportunities are endless to
attempt to re-acquire lost merchants in the same way that educate, inform and promote to your clients. Select
they acquire new ones. Failing to use what you know a couple platforms and get your feet wet. The key to
about past customers—and what they know about you— social media is crafting creative content and posting
to your advantage can cost you time and money. Using consistently. The ROI can be challenging to gauge,
an automated system minimizes the chances of losing but numerous cool tools can help you manage this
customers and streamlines the process of acquiring new process. Worst case: outsource it.
ones. • Customer relationship software: Recent studies show
Three tools to build, enhance relationships. up to a 27 percent increase in customer retention when
using a CRM system. This allows you to track history,
Following are three tools that can help in building new upcoming events (like birthdays and anniversaries),
and enhancing existing relationships: schedule automated follow-ups or workflows, and
• Newsletters: A monthly or quarterly newsletter create systematic outreach programs. Some CRMs
is a great way to launch new products, as well as manage support tickets, applications, residuals, web
educate and inform existing and potential customers. forms, email campaigns and more. Look at CRMs like
Newsletters can also function to keep in-house IRIS (industry specific), Pipedrive and Hubspot.
employees and vendors in the loop about company
initiatives and enhancements. The main challenge Whatever method or tool you use, make sure you
with newsletters is that they take time to develop, consistently nurture business relationships with prospects,
lay out and distribute. Another challenge is that the existing customers, employees, vendors and business
average person is bombarded with emails daily. Why associates. Build trust, develop rapport and deliver quality
not go old school and publish a paper newsletter to service, and your sales will soar.
clients? You can outsource much of the design at
upwork.com or fiverr.com. Marc Beauchamp is author of Survive and Thrive in the Merchant
• Social media: With so many free social media outlets Services Industry and founder of Bankcard Life, a community for pay-
and tools—Facebook, Instagram, Linkedin, Pinterest, ments professionals. He is offering a free copy of his book to all payments
Youtube and Tiktok, along with blogs, messaging professionals at www.bankcardlife.com/greensheet. Marc welcomes
your comments and feedback at marcb@surviveandthrive.biz.

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