The Similarities between the first NASCAR street race and credit card processing sales cycle
The first NASCAR Cup Series street race in Chicago proved successful despite initial concerns. Shane van Gisbergen, a New Zealand native, won the race on the challenging course with many turns and transitions. The event attracted numerous first-time buyers, with 80% of tickets sold to newcomers. NBC's coverage reached new viewers nationwide and gained international attention.
Similarities can be drawn between this race and the sales cycle for credit card processing agents and ISOs. Both require extensive preparation and research. NASCAR planned the street course meticulously, ensuring safety measures and permits. Similarly, agents and ISOs research their target market and industry regulations.
Building relationships is crucial in both cases. NASCAR connected with Chicago and engaged local communities, while agents and ISOs cultivate relationships with potential clients to understand their needs and build trust.
Overcoming challenges is common. NASCAR faced safety concerns and logistics, while agents and ISOs encounter competition and complex regulations.
Both the race and the sales cycle involve a long planning process. The sales cycle includes prospecting, lead generation, nurturing leads, demonstrations, contract negotiations, and deal closures. Similarly, the street race required years of planning and negotiations.
Patience and persistence are vital in both endeavors. NASCAR's journey to bring the race to Chicago required time and effort to convince stakeholders. Similarly, agents and ISOs need patience throughout the sales cycle.
The NASCAR street race and the sales cycle for credit card processing share similarities in preparation, research, relationship-building, overcoming challenges, a lengthy process, and the need for patience and persistence.