Owning a business means that you’ll know how important marketing is. Sometimes it’s the majority of the budget for a business and sometimes it’s a very large chunk, but without marketing, a lot of potential places where your product or service can resonate are left untouched and you’re left wondering whether that commercial you passed on would’ve made the difference.
However, it’s a totally different ball game when you’re selling your business and the type of marketing involved is hardly passing out flyers and showing ads on private TV networks. If you go to a business broker and lay down the deal, they’ll definitely ask you to invest in marketing and turn that investment in to a goldmine of opportunity.
Identifying the Buyers
You need to put out feelers for the right kind of buyer to find you. You don’t want every Tom, Dick and Harry to show up to your door with a deal that obviously isn’t worth your time; hence you need to be sure that your marketing reaches a very specific set of buyers.
The buyers can have a particular set of motivations, a particular place where they live, and they can be a certain percentage of the population that is distributed according to wealth, and they can also be identifiable by type of business alone. All of those things need to be considered for effective marketing to work.
Finding the Right Balance
You also need to find the right balance when you’re advertising. Your business needs to be advertised in the right places and money needs to be spent intelligently. Of course, the want ads in the local paper won’t do, neither will small ads in the windows of grocery stores or in the tabs of certain browsers. This is an exclusive deal and should be treated as such.
Also, many aspects of the deal shouldn’t be disclosed at the time of advertising so that things can be negotiated later on and that only people of real interest approach you. Obviously, someone without any money or motivation won’t show up to a vague offer.
Creating Competition
Of course, that’s not to say that you don’t want competitive pricing for your business. If you put out the right ads to the right people, you may get better and better prices for your business that would make sure your deal is as lucrative as possible. This technique of creating competition can do wonders for your deal and can make sure that you’re a very happy camper once you’re done. The final price may even exceed your expectations.
Monitoring and Reporting
You also need to monitor the effectiveness of the campaign that is being run. A good business broker won’t ever leave everything to the wind and will keep you informed about the results that are coming in. And you should be vigilant about these things as well. It’s your money that is going in to the marketing after all, you should be able to demand results and the exact figures whenever you want.
Serdar Kabul
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