In the world of selling a business, understanding the power of data is paramount. While data may sound like a dry subject, it holds the key to driving demand for the sale of your business. In this blog post, we will delve into the significance of data and how it will transform the landscape of business sales in the years to come.
The Evolution of Business Sales
To comprehend the pivotal role data plays in the sale of businesses today, it's essential to take a step back and examine the journey of business transactions over the past two decades. With the rise of the internet, the commercial real estate and business brokering industry underwent a significant transformation.
Expanding Horizons
The internet's growing popularity brought about the emergence of commercial real estate and business brokering websites. For the first time, business owners and brokers could extend their reach beyond traditional geographical boundaries.
A business owner in Wisconsin could effortlessly connect with a buyer in Texas, breaking down the barriers of physical location.
This expansion of reach marked a revolutionary moment in the business world, as it allowed businesses to transcend geographical limitations. The internet became the bridge connecting buyers and sellers across vast distances. However, as online brokering sites gained traction, a new challenge emerged.
The Challenge of Abundance
With the proliferation of online listings, potential buyers now had access to an abundance of options. While this was convenient in terms of accessing information, it also presented a drawback.
The sheer number of listings on these platforms became overwhelming, making it challenging for businesses to stand out in the crowd.
Moreover, the traditional approach to selling a business online relies heavily on targeting individuals actively searching for opportunities. Research indicates that less than 10% of potential buyers fall into this category.
The vast majority — approximately 90% — of potential buyers have not yet initiated their search. This elusive segment presents a significant opportunity, but how can they be reached? The answer lies in data.
3 Types of Data that Hold the Key to Finding Better Buyers
There are three primary types of data that can unlock the potential of those "hidden" buyers:
1) Intent Data
Intent data is a goldmine of information that reveals the signals and actions indicating a potential buyer's interest. It provides insights into who is actively searching for businesses, their preferences, and the specific criteria they are looking for. Leveraging intent data allows business owners and brokers to identify high-potential leads and tailor their approach accordingly.
2) Behavioral Data
Behavioral data tracks the actions and behaviors of individuals within the digital realm. It offers valuable insights into what potential buyers are doing online, including the websites they visit, the content they engage with, and their interactions on social media. Analyzing behavioral data enables businesses to understand buyer behaviors, interests, and patterns, allowing for more targeted outreach.
3) Interest Data
Interest data goes beyond the immediate actions of potential buyers and delves into their long-term interests and preferences. This type of data helps create a comprehensive profile of a potential buyer's desires, aspirations, and motivations. By harnessing interest data, business sellers can craft highly personalized and appealing messages to attract these buyers when they do decide to enter the market.
Putting Data to Work
Now that we've explored the significance of these data types, the question arises: how can business owners and brokers leverage them to drive demand for the sale of their businesses?
1) Identify the Right Audience
Intent data allows you to pinpoint individuals who are actively seeking opportunities similar to what you're offering. By identifying these potential buyers, you can focus your marketing efforts on the most promising leads.
2) Tailor Your Messaging
Behavioral data reveals the online activities and preferences of potential buyers. This information is invaluable for crafting personalized marketing messages that resonate with your target audience.
3) Anticipate Needs
Interest data offers insights into the long-term interests and aspirations of potential buyers. By understanding their motivations, you can anticipate their needs and proactively address them, creating a seamless and appealing sales experience.
In conclusion, data is not merely a dry subject; it is the lifeline of modern business sales. In the competitive world of commercial business brokering services in Wisconsin, harnessing the power of data is essential for driving demand, connecting with hidden buyers, and ultimately, successfully selling your business.
By incorporating intent, behavioral, and interest data into your strategy, you can position your business for success in the ever-evolving digital landscape of business sales.
To your success,
Jason Huett Collaborative Commercial, LLC.
CEO | CMO
Considering selling your business? Schedule a complementary consultation to learn more about our date-driven approach.