Purchasing a business is the end of one journey and the beginning of another. Take a moment to congratulate yourself on navigating the buying process and coming out on top - well done! And now, it's time to keep (or make) your business a success.
As I was growing my business, I experienced a few bumps along the way. I also learned a lot about when to stay the course and when to refocus my efforts. To help you avoid some of the mistakes I made early on, I have a few tips for how to market your products and services after purchasing a business.
Just about any marketing question can be answered with a little time and an open mind. The sheer amount of marketing information is stunning. Plus, just about anybody knows somebody who works in marketing. Ask them to lunch and then ask your questions.
The best marketing strategies start with understanding your customer base. New business owners sometimes fall into this idea that marketing to a specific group is detrimental because it excludes others. Sorry to say, that's a long, hard road to walk down.
You don't want to spend lots of effort on people who would probably never find what you do or sell valuable. If your product or service meets the needs of a certain segment of the population, that's a good thing! If you uncover a strategy that works well within your target market, expand on it.
While there's no shortage of paid marketing tools and services available in today's marketplace, I have good news for those of you who want to increase business without spending a lot on marketing. When 1,000 U.S. entrepreneurs were surveyed about the most effective way they get new customers, referrals or word-of-mouth was the number one answer. To give you an idea, here are the top three answers:
One key takeaway here is this - if you treat your customers well and provide them with great products or services, they will tell others in their network about your business. Once armed with a trustworthy, first person account of how great of an experience their friend or coworker had, those individuals are more likely to become customers themselves.
The final marketing tip I'd like to share with you today is to avoid drastic changes. As I was growing my business, sometimes I tried things that didn't work. When this happens - and it will - the important thing isn't the failure, it's your reaction to it.
When a marketing effort doesn't work out the way you want it to, resist the urge to trash the whole idea and start over. Most of the time, all your original plan needs is a little tweak, or a little time, to turn successful. So, when things don't go your way, reach for the whiteout, not the sledgehammer.