Marketing a Business for Sale
Marketing can be the Biggest Waste of Money in Advertising a Business for Sale
This is where the biggest waste of money lies in selling a business in my view.
Over the years, more and more platforms and venues have entered the business for sale marketing space, particular web portals representing business sales and opportunities. The response has been more and more funds expended advertising far and wide in attempting to ‘cover the market’ to find a business buyer. Additionally, business sellers and the web platforms in particular, have become captured by the ‘impressions and clicks’ outcomes of marketing efforts, rather than the key outcome; ‘names to contact’ about a business that is of real interest to a business buyer.
Business buyers (the ones that are ready, willing and able to buy) have clear criteria defining the limits of business opportunities that interest and are affordable to them. ‘Blasting’ them with ‘automated’ responses wastes their efforts and time. It leads to frustration, resentment and cynicism, none of which is in the interests of business sellers.
Consider:
- Most business buyers want to buy a business in a specific location, usually where they live, or intend to live.
- Most business buyers have a budget in mind to buy a business.
- Most business buyers a have an industry in mind that they are interested in.
- The answer to the question: How many business buyers with the funds available are in the market to buy a business being advertised within an hour’s drive of the business location? It is in very low single digits.
So; attempting to entice a prospective business to buy a business outside these criteria is most likely to prove expensive and fail in getting a settled sale.
The internet has evolved substantially in the past 2 years. Old techniques handed down for the ‘hard copy’ era of newspapers and magazines of placing businesses amongst other similar business opportunities are not working and will work less into the future as AI develops in my view. Today it’s about landing pages and focusing all efforts onto that.
The ability to target a business for sale to an audience that is likely to be interested in that opportunity is better today than it has even been. Audiences can be focused on by location, age, interests, household income, preferred devices, time to advert and more. The skill of a business broker today rests largely with their modern media’s capabilities.
It’s the business seller’s choice. Advertise it ‘everywhere’, spend a lot, get lots of ‘impressions and clicks’ but little else and, or elect to have a business broker capable of getting the best return for funds spent. And that is measured by ‘names and details to contact’.
Save money. Invest where you get the best return.
If you need more information, please talk to me:
Graham Long
Kevin Lovewell
M: 0401-308-385E: Click here to contact Kevin Lovewell
Member & Registered Business Valuer
Australian Institute of Business Brokers
Graham Long
M: 0428-649-791E: Click here to contact Graham Long
Member & Registered Business Valuer
Australian Institute of Business Brokers
Kevin Lovewell
M: 0401-308-385E: Click here to contact Kevin Lovewell
Member & Registered Business Valuer
Australian Institute of Business Brokers
What others say about Kevin Lovewell
Graham Long
M: 0428-649-791E: Click here to contact Graham Long
Member & Registered Business Valuer
Australian Institute of Business Brokers
What others say about Graham Long
