Launching a new payroll service or product to boost revenue? Or is your payroll service bureau satisfied with the status quo? A well planned and implemented short-term promotion may prove just the boost to revenue that you need. Whether aiming to build awareness of new offerings, upsell clients on existing product lines or add to your client base, promotions can be a highly effective marketing tool. They’re particularly helpful in spurring product trials and unplanned purchases. And, compared to other components of the marketing mix, including paid advertising, publicity and personal selling, short-term promotions can yield quicker sales and boost profitability for a much lower cost.
Three basic rules of a successful payroll sales promotion are that they start and stop at a publicized time, provide a temporary incentive to encourage current and prospective customers to engage with your payroll service bureau and can be effectively handled using existing resources and staff. Among the top types of promotions used by Apex HCM clients are:
- Free firsts: “One of the most common and effective promotions I’ve seen is offering a prospect something free of cost for the first time,” says Misty Blakesley, Apex HCM’s Director of Sales and Account Management. Completing the first payroll or producing the first year of W2s at no cost gives the client a risk-free opportunity to see how well your payroll products and services work and your firm a chance to both prove their worth and build rapport.
- Bundles: “I’m a big fan of bundling products,” adds Greg Javins, Vice President of Operations for Apex HCM. He recommends offering buyers three different solutions bundles. Start with a group of the most basic offerings; add a middle tier offering the products that you know will shine in that buyer’s organization; then a full suite HCM bundle that includes everything. To maximize potential sales to small and medium-sized payroll clients, “target them on the middle tier and price it accordingly,” Javins recommends, adding that your upper-tier bundles should be designed and priced only for larger corporations.
- Referral discounts: If your current clients are happy, why not put them to work for you? Pinpoint your most satisfied customers and offer them a discount on their next contract renewal or on added products and services for each new, successfully signed client they send your payroll service firm’s way. This can not only net your firm new clients, but it also will go a long way in client retention.
Leading up to and throughout your promotion, update all marketing materials including your firm’s website, planned and pinned social media posts and your payroll sales staff’s email signatures. And of course, make sure you’re offering leading-edge products and services. Call 877-750-2739 or visit us online to request a demo of Apex HCM’s suite of customizable software and cloud solutions developed specifically for payroll, human resources and time and attendance functions.