Digitalization is rapidly taking over society and an online presence is a must for any business. As a small business owner, you are always looking for ways to reach more customers and grow your revenue. Word of mouth and great service are important and implementing some basic digital marketing practices can help your business in the near term as well as help increase the value of your business when it comes time to exit.
Did you know that 79% of entrepreneurs expect to grow at least 25% in the next three to five years?
What does this have to do with the process of selling your business? Digital marketing has many benefits for you and your business because it increases your market value and can make the business more appealing to potential buyers.
The Advantages of Digital Marketing When Selling Your Business
A buyer wants to know how to grow the revenue and it starts with reach. Digital marketing removes any geographical concerns. It offers you, customers, from across the world with just a few clicks. Having a social media account or a website for your brand can help discover clients who are almost impossible to reach via traditional marketing methods.
Implementing email marketing, running targeted search ads, and having active social media accounts can help grow your business without investing too much money, especially if you take the time to map out a properly planned and strategic method to reach your target audience. For example, you can set up a social media site that tells customers when you are having a sale or a new product offering. Make it easy for them to share these updates with others further increasing the reach.
Measurable and trackable results
There are online metrics that are useful in terms of understanding your performance online and how you are reaching your targets. The data presented by these online metrics helps you plot out the best strategy to improve what’s not working and strengthen what is effective. This can help you understand your customer base, like your average number per month or how many customers have bought several times from you. A few to start tracking:
- Views and likes will tell you about the reach – did others see the post?
- Shares are important when it comes to extending reach – do you have followers that are sharing with their network of followers
- Followers are important because it tells you if you are expanding your audience and reach – typically you want to measure this on a month-over-month basis.
With email marketing, you can offer so much more, like promos or discounts catered to the needs of the client. You may even use your online presence to interact with customers through personal or direct messages.
In our society today, customers have different ways to interact with your business, and you have to be able to take advantage of this! Try to build an online reputation with new and existing customers by monitoring and responding to online reviews. Even the negative ones! It can be hard to deal with an unreasonable customer but others will see you took the time to respond and address the issue and that can go a long way. For the positive reviews, a simple thanks and please come back is a great first step toward a repeat customer.
Taking care of your social media presence is hard work, but the benefits you reap make it worth it, especially from a business valuation perspective.
Digital marketing makes your brand or company accessible to everyone 24/7. So, if customers want to inquire about or buy something, they do not need to interact with anyone in your business to do so. They can just send a message or an email if they have questions, and they can buy from your website on their own. This lessens the “transition pains” that a new owner has to endure when thinking about the buying process.
Steps for efficient digital marketing
Find the best way to reach your target
Understanding your target market is key to effective digital marketing. As much as you want to build an online presence, you have to make it purposeful. A lot of research has to go into getting to know the stories, needs and wants of your target market to be able to come up with different effective strategies.
Tell a story
“Marketing is no longer about the stuff that you make, but about the stories, you tell.”
Digital marketing now gives entrepreneurs like you a chance to share a bit more with your customers. That is, people are drawn to who you are as a brand and to your story, rather than your products.
Learn from your competitors
Your competitors can be your greatest teachers. Through observing how they manage their online presence, you can get a sense of what works and what doesn’t and adjust it to your company and vision.
One of your most cost-effective tools for generating leads for your business is an online presence. Increasing the profitability of your business can be accomplished by launching campaigns aimed at achieving that goal. Additionally, these tools are also able to boost the value of your company.