If you want to succeed in the competitive sales industry, you need the power of third-party verification. It leads you to implement transparency, mitigate risks, and foster customer relationships. However, to take its utmost leverage, you need to learn the best practices.
In this blog, you’ll find the top seven of the best practices for third-party verification in sales. And once you implement them accurately, your ROIs gonna skyrocket.
#1: Clearly Define Your Objectives and Needs
Before you choose any third-party verification vendor or platform, you need to define your requirements. Mainly, you have to focus on the information or process that you want to validate. In addition, your needs can include the following:
Validation of customer identities
In sales, sometimes you need to verify the identity of your customer before confirming the purchase, especially in the financial industry. For such purposes, you will require a TPV that can help you execute the Know Your Customer (KYC) procedure.
Compliance with regulations
Not every time you are selling products or services of your own. For such instances, you need to verify that all your vendors or business partners align with industry and federal regulations. It helps you improve the credibility of your pitch and enhances sales.
Similarly, you need to identify the requsites of your own.
#2: Choose a Credible Partner/Verification Platform
You can only ensure the sales verification results if your third-party verification partner or platform is right enough. And to know that, you should focus on three primary factors: Credibility, Experience, and Technology. All these factors contribute to your success, and you must include them as reference while looking for a TPV service provider.
In addition, while working on the credibility factor, you should understand the reputation and credentials of the TPV solution. You can look for the client testimonials and certifications for this. Further, for experience, you have to check the track record and currently serving industries.
Lastly, for the technology aspect, you should look for TPV platform features, such as automated workflows, interface, integration compatibility, and real-time updates. Once you undergo all these factors, you’ll have the most reliable TPV solution, helping you optimize the sales process.
#3: Integrate Verification To Your Current Workflow
A company establishes its sales process after multiple tests and trials. When you introduce third-party verification in sales, sometimes it leads to redoing everything from scratch. But, as the best practice states, you should try to integrate the TPV process into the current workflow. For this, you can perform the following activities:
Embed automation, wherever possible
You can take advantage of the TPV solution to automate verification initiating and status update tasks. For instance, when the customer or sales representative fills out and submits the form, it will automatically trigger the validation procedure and update stakeholders about the same.
Create user-friendly processes and train the team
Before you incorporate the TPV process completely, let sales agents and customers test it and provide you feedback. Further, you can utilize the collected details to make the process more user-friendly. Also, you should train the employees to learn about TPV benefits and the core processes. It’ll help them to efficiently communicate the same knowledge with customers and resolve their concerns.
#4: Ensure Transparency with Customers
When you build transparency with your customers, it enhances trust and fosters long-term relationships. For this, you should tell your customers about the third-party verification procedure at your end. Also, you must mention that their data will get processed by another firm, but under complete secrecy.
Additionally, you have to follow two other best practices under this, which are informing the customers early and sharing the verification results. Your customers must be aware of the verification process and the reasons behind it from the initial stage.
Further, you need to obtain their consent about the same and share the results with them. If possible, provide them access to the platform to eliminate any misunderstandings.
#5: Focus on Data Security
While dealing with third-party verification, list data security as one of your top priorities. It ensures you and your customers that all the details are safely stored and processed. Additionally, for the data security factor, you have to ensure the usage of the latest encryption technology, compliance with regulatory standards, and regular audits.
Moreover, for encryption, you need to ensure that your verification partner or platform uses the latest algorithm, such as Triple DES, Elliptic Curve, or AES. Also, the encryption must have 128-bit or 256-bit security. Further, for compliance, you can look for NIST, GDPR, CCPA, ISO, HIPAA, and PCI standards.
For audits, you have to conduct frequent vulnerability assessments on your TPV platforms. It’ll help you identify and patch the loopholes before any exposure to hackers.
#6: Monitor and Optimize Verification Process
To make your verification process as efficient and effective as possible, you have to continuously monitor and optimize it. For the monitoring purpose, define the KPIs, such as:
- Average time taken to perform one verification
- Number of verifications getting completed in a day
- Percentage of successful verification
- Customer satisfaction rate
- Improvement in sales with verification automation
Similarly, you can add customer KPIs to the list per your business requirements. In addition to this, you have to gather feedback from sales representatives and customers. It’ll help you understand the bottlenecks of your system and the overall experience of your stakeholders.
Moreover, you leave room for adjustments in the verification process. With a little flexibility, you can work on the feedback and add new updates to make it more adaptive and easy to complete.
#7: Align to Dynamic Industry Trends
Industry trends help you evolve with the market and make customers satisfied with updated services. Also, it aids you to remain informed about the industry, leading to adopting relevant verification procedures. In addition, when you are looking for trends, keep an eye on regulatory changes and new technologies.
For the regulatory part, ensure that your current third-party verification process aligns with the latest federal, state, and national standards. It’ll help you prevent legal action against your firm. Further, for the technology part, we prefer to avail of AI-based verification solutions. As a result, you’ll gain efficiency and accuracy in your sales operations.
Concluding Up
To implement a credible third-party verification in sales, you must familiarize yourself with the right best practices. It supports you in covering every crucial aspect, from choosing the right TPV platform/vendor to maintaining transparency, prioritizing data security, and automating verification.
In addition, as the sales industry is evolving, it’s essential that you should implement a verification procedure for expected results. Also, you will level up in the market, and your long-term reputation will increase.
