How to Sell Payroll Services
There are as many ways to sell payroll services as reasons companies need what you have to offer. A business on a budget, or one looking to save time, or a firm that doesn’t want to maintain an in-house payroll department are all prime candidates to contract with a payroll service. A highly competitive environment makes effective sales tactics vital to persuading prospective clients to take advantage of your expertise.
Start by identifying and studying your target market and any business competition that exists. Look at how and where other companies are selling payroll services and seek out ways to distinguish your service from the competition. Strategies can range from personalizing the payroll experience by assigning the business a dedicated payroll specialist to setting up a website that gives businesses instant access to their payroll information. Establishing a physical presence at trade shows and other public events can also boost your profile.
While your business is providing a valuable service, what you’re really selling are the benefits businesses can enjoy by outsourcing payroll operations. Connect a benefits review to circumstances where payroll outsourcing may be a good idea. They include reducing the chance of incurring payroll tax penalties related to incorrect filing and reducing payroll processing costs. You might also try explaining additional benefits your service can provide, such as an option for direct payroll deposit, and the advice and experience your expert staff. Look for more ideas from organizations such as the U.S. Small Business Administration, which provides advice to small businesses on payroll outsourcing.
The all-important sales presentation is often where you’ll make or break the deal. Due diligence is essential so the information and benefits outlined in your sales presentation pertain directly to the prospect. Do your homework and get information such as the number of employees, whether the business has ever had any accuracy or filing issues, and whether they currently provide direct payroll deposit. Be upfront about explaining fees and charges while making sure to turn this information into a main benefit by comparing outsourcing fees to the direct and indirect costs of maintaining an in-house payroll department.
Your chances of landing the contract are significantly lower if you don’t ask for it, so end your sales presentation with a firm call to action. Summarize accuracy, timeliness and cost reduction benefits. Remind the prospect about additional features your service offers. Although you need to be respectful if the client requires time or wants to have the contract reviewed by a legal professional, it won’t hurt to have a contract ready for the client to sign immediately.