About Purpose is about your purpose.
Aim: Identify and articulate your purpose.
Arm: Shape yourself around your purpose.
Act: Achieve your purpose.
Programs:
About Purpose,
YOUR Purpose
Now announcing a radical new way for you to afford quality consulting services. Read this press release.
Who's Your Buyer?
Bob Ryan, About Purpose, Inc. ©2010
“Guitar for Sale – one owner, 1969 Martin D-18S with Martin Goldline pickup. $2500.”
I recently decide to sell my guitar, and on a whim, put it on Craigslist. What do you think the response was? Yeah, you're right, zilch, not counting one guy who wanted to list and sell it for me for a commission. With the help of a couple of friends, I did some research to find out who buys such specialty items and where I could find them. That led me to the Unofficial Martin Guitar Forum and a subgroup called Vintage Guitars. I will be posting soon, and I expect much better response for my efforts.
Today, one of my clients was discussing selling his business – actually, little more than a business idea – and was trying to determine its worth. My little foray into the Martin Guitar world helped me give him some direction.
Who is your buyer? As with my guitar, his buyer would be very specialized with a narrow set of interests and skills, and who probably has collateral assets and people. The first step and most important step to selling anything is to be brutally honest about who would be interested in what you're selling. Don't be afraid to narrow that down. It may seem you are eliminating hosts of potential buyers, but you are actually increasing the likelihood of a sale.
Where are your buyers? Now that you have narrowed the universe down to those who would be likely to have the most interest, figure out where they are going to be. Will you find them in a retail setting, or a commercial setting? Can they be found through channels you are already familiar with, or will you have to find someone who will be able to put you in touch with them? Are they likely to be found among for-profit or not-for-profit organizations; union or non-union industries; partnerships or individuals; governmental, publicly traded or private? The point is, you can't sell to someone you can't find.
What does your buyer need to hear? This step definitely should have preceded my Craigslist posting. In learning who the likely buyer is, I also learned a lot about what was important to them. Look at your offering from their point of view. For example, what you may love about your business is the product or the service for which you have a passion. It may be the most likely buyer is more interested in the cash flow or the portability into his/her current lines.
Selling anything is serious business. If you do your homework, and check your own emotions at the door, the sales transaction will be far less difficult, and the end result will be much more satisfying – for you and the buyer – and that's the key to successful selling.