There’s
a lot to think about when you’re looking to sell. From keeping your operations
smooth to scouting potential buyers, getting ready to pass along your business
takes a lot of work.
However,
this process is easier if your company is an attractive option for potential
buyers.
What
is one thing I can do now to make my online business more attractive to
prospective buyers?
1.
Tighten up Your Metrics and Reporting
Evaluate
your metrics tracking and see where you’re losing data. Do you have the full
picture of where your leads are coming from, the conversion process, and
the lifetime value of different types of customers? Accurate,
easy-to-understand data makes your business much more appealing to buyers.
2.
Dot Your I’s and Cross Your T’s
Keeping
impeccable financial records is a big deal when it comes to prospective buyers.
So many people forget this one crucial detail, and it goes a long way in your
first impression to these people. They’ll know that you’re someone who means
business, and who considers no detail too small when it comes to the longevity
of your company.
3.
Create a Manual for Everything
When
considering buying a business, one of the key things investors like to see is a
company that can run smoothly without the founder/CEO. I’m happy to say that my
team and I have achieved this, and it’s largely due to our rigorous focus on
having a detailed manual on every single procedure and policy anyone in the
company might need to reference.
4.
Don’t Make the Business Dependent on You
Yes,
you are clearly the key to the business and its success. But if you hand it off
to a buyer, could they continue to run it? Are processes written down? Is
reporting in place? If you want to be able to step away from the business, make
sure everything is in place for that to happen.
5.
Develop and Test Great Landing Pages
Develop,
test, and continually optimize effective direct landing pages that will build
your audience, increase sales, and foster awareness in the marketplace and
across social media.
6.
Stand Out
One
of the things that gets the attention of buyers is effective PR. Apply for as
many awards as you qualify for and celebrate each one with a company press
release. Buyers use lists like the Inc. 500, Forbes Most Promising Companies
list, and Entrepreneur Magazine’s Hot 100 or 500 as acquisition prospect lists.
The more PR the better if you want to attract buyers.
7.
Develop and Build Your Email List
Nordstrom
bought the flash sales site Hautelook for $270 million in 2011. Why? Because
Hautelook built up a members-only email list of 4 million people who were
interested in massively discounted sale events. Based on the acquisition price,
that’s about $67.50 per member. Action item: Start building up your email list
into an acquirable asset.
8.
Get Focused
The
more specialized your business, the more valuable it will be to a potential
buyer. If your customers are all realtors for example, it will be easier for a
real estate software company to acquire you than if your customers were very
broad. We hear about huge wins by very broad companies, but there are many more
acquisitions that occur because of product focus.
9.
Test, Don’t Assume
Sometimes
what seems like a good idea isn’t a good idea at all. Use the available site
metrics and A/B testing tools to see what really works on your site and what
doesn’t. You might be personally fond of that nice “parallax effect” your site
offers, but your customer bounce rate might tell a whole different story. Tweak
and test one element at a time and know what really works. Stop guessing.
10.
Make the Purchase Process Easy
Have
clear calls to action and offer refunds in case your clients are not satisfied.
11.
Be Useful
According
to a recent study by Google, the average consumer looks at 10.4 different web
sources for information before making a purchase. Why? Because they are looking
for an answer to their problem—they want to make sure they’re making the best
purchase for the best result. To become more attractive, become the source of
this information because if you don’t, they’ll find someone who will.
12.
Concept Testing
If
you’re advertising, hopefully you’re already targeting the “right pool” of
prospects. One hard part is to keep varying the way you talk to them, with
different visuals and messages, until you get more traction. This tactic,
called “concept testing,” is a standard marketing tool. But running a
successful campaign often requires an ability to understand data and make smart
assumptions.
13.
Focus on Your Product
It’s
important to focus on building the best product you can, not on selling your
company. Put your customer’s front and center to create an experience, because
that’s how people will remember you. When you build the best company possible,
others will take notice without you having to tell the story. If you lose sight
of what’s important, the premium value of your brand will only decrease.
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