When a small business goes on the block, it’s not just buyers who are investigating. … market, a realistic asking price and knowledge of a potential buyer’s … small to mid-size companies prepare for sales and identify buyers.
1. Looking for buyers?, there could be no better place to find them than B2B platforms.
2. Talk to multiple buyers
3. Work with an investment banker that manages thousands of buyer relationships
4. Use detailed marketing materials that tell the business’s story
5. Highlight the company’s strengths
6. DON’T try to conceal the company’s weaknesses
7. Know what you are looking for in a buyer
8. Choose advisors who will target buyers who best meet your objectives, not theirs
Here are four simple ways to “buy” new customers:
- Advertising. The key to advertising successfully is to generate promising leads in exchange for the money you spend. To do so, it helps to offer a message that not only hits on your target customers, but also showcases the value you can offer them.
- Networking and referrals. Landing
referrals from networking or past business associations isn’t just a cheap way
to pick up new business. It’s also a way to pick up customers with the highest
retention rates. What’s more, referral customers tend to purchase more over
time and in turn become a source of additional referrals.
How do you find referrals? Beyond having a product or service that’s in demand, you must have a clear idea of who your “perfect” or “ideal” customer is.
That way, you can communicate to others in your network what type of customer you’re looking for. You can also focus your own products or services to meet the needs, wants or desires of that very specific profile. Then, you need to ask for referrals from satisfied customers. Be sure to also find ways to continually thank your sources for their ongoing advocacy of your business.
3. Teaming up. Another way to leverage available resources is through what’s known as a “host-beneficiary” arrangement. In this arrangement, another business with the same target customer will use their database to promote your business.
4. Strategic Alliances. You might take that partnership a step further and form what’s known in the industry as a “strategic alliance.” While a host beneficiary relationship is generally a one-time or short-term commitment, strategic alliances can sometimes last for many years. For instance, a Web designer and an ad agency might send each other referrals for clients who need added services.
As long as there’s continued value to the shared audience, strategic alliances produce streams of referral business, which is ultimately what will benefit you most over time.