The most interest over the last weeks has been “When Is the Right Time to Sell?”
The answer to that question moves amongst how-long-is-a-piece-of-string and who really knows. Nonetheless, there are a few prime clues that I will explore with you over the next number of posts…
OK, so you get a whole lot of enquiries from the lead-generation activities… how good are you at converting them? What is your conversion % rate?
Unknown? Now is the time to start working this out!
By determining the conversion % rate, it indicates what of your marketing initiatives led to the biggest uptake and how well the business does in terms of getting the biggest bang for your marketing buck.
Even better is to be able to show the clear intention of the marketing campaign and how well that converted into sales.
For example, if you run a campaign to have more people sign up to your database, you can check how well that worked by running the numbers on the database.
If you run a campaign to have more people buy your product, you can check how well that worked by running the number of sales made and the number of dollars collected.
If you run a targeted campaign to access particular larger clients, you can check how well that worked by the number of contracts now in place.
If you’re running a scattergun approach and hoping for the best, it’s a harder tale to tell. In fact, it’s not harder to tell but it is harder to convince a Buyer how well anything in particular has actually worked.
This type of approach can then open up a question around how reliant the business is on the owner because if customers only come due to how well they get on with them or because they’ve been coming for years.
This can in turn lead to the question, “what happens when the owner has gone?” Have to be able to answer that one convincingly…
- when is the Right Time to Sell? step 2 – how is business generated?
- when is the Right to Sell? step 1 – share the Story of the business
- most service businesses never sell…
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