Your 5 Step One Day Marketing Plan For Business Brokers
Your Five-Step, One-Day Marketing Plan For Business Brokers
You don’t have to kill a tree to create an effective marketing plan. In fact, you can create a successful marketing plan for your business brokerage practice in a day.
To begin, don’t worry about writing style or making your plan fancy. Just go get a pencil and paper and get started.
Step 1 – Understand Your Market and Competition
A big mistake that many business brokers make is they think everyone is their customer. WRONG!
Business owners work hard – they’ve sacrificed a lot of their time, their family and friends. The last thing they want to do is deal with a generalist.
Pick a Niche
If you say that your target customer is “everybody” then nobody will be your customer.
The marketplace is jam packed with competition. You’ll have more success jumping up and down in a small puddle than a big ocean.
Carve out a specific niche and dominate it. After you dominate it, you might want to move into another, but chances are, you’ll be be doing quite well within a short amount of time and won’t have time to.
You could be a Broker that specializes in dental practices, restaurants, auto repair shops, retail, etc.
You get the picture. Make sure to choose a niche that interests you and that is easy to contact. I can’t stress this point enough. There’s nothing more destructive than to pick a niche that you can’t communicate with or that costs you a ton of money to contact.
To get an understanding of your market you should ask yourself questions like:
Ø Are there segments in my market that are being underserved?
Ø Are the segments of my market for my product or service big enough to make money?
Ø How much share of that market do I need to capture, to just break even?
Ø Is there too much competition in the segment of my market to be competitive?
Ø What are the weaknesses in my competition’s offering that I can capitalize on?
Ø Does my market want or value my unique competitive offering?
Step 2 – Understand Your Customer
Knowing your customer intimately is the first step to easy listings.
Until you know who your customers are, what they want, what motivates them to buy, (or in this case, sell), you can’t prepare an effective marketing plan.
To really get to know your customers you’ll need to ask yourself questions such as:
Ø Where do my target customers go to get information? What do they read? (trade magazines, blogs, etc).
Ø What kind of habits does my customer have? For instance, where do they get their information (i.e. television, newspapers, magazines)?
Ø What are my target customer’s primary motivations for selling?
Ø What are the biggest pain points my customers experience?
Step 3 – Develop Your Marketing Message
You marketing message not only tells your prospect what you do, but persuades them to look to you as an information source and call you.
You should develop two types of marketing messages.
FIRST: You need a short – to the point message called an “Elevator Pitch, or Elevator Speech.”
When someone askes “So, what do you do?” You come back with a short response that will invoke the next question of “Really – how do you do that?”
SECOND: The second type is your complete marketing message that will be included in all your marketing materials and promotions.
To make your marketing message compelling and persuasive it should include the following elements:
Ø An explanation of your target prospect’s problem.
Ø Proof that the problem is so important that it should be solved now, without delay.
Ø An explanation about why you are the only person/business that can solve your prospects problem.
Ø An explanation of the benefits people will receive from using your solution.
Ø Examples and testimonials from customers you have helped with similar problems.
Ø Your unconditional guarantee.
Step 4 – Determine Your Marketing Medium(s)
Remember, when I said that it’s critical to choose a niche that you can easily contact? When you go to choose your marketing medium(s) you’ll understand why that was sound advice.
Your marketing medium is the communication vehicle you use to deliver your marketing message.
It’s important to choose a marketing medium that gives you the highest return on your marketing dollar (ROMD). This is the reason you need to know who your customer is before you begin marketing. You simply CANNOT AFFORD to use them all, and this is the reason you MUST know who your customer is BEFORE marketing.
The following is a smattering of tools you have at your disposal to get your message out –
– Newspaper ads
– Card decks
– Television ads
– Radio ads
– Trade shows
– Yellow pages
– Classified ads
– Charity events
– Take-one box
– Magazine ads
– Special events
– Sales letters
– Night Drop Letters
– Media releases
– Fax broadcasts
– Gift Certificates
– Business cards
– Public speaking
– Window display
The trick is to match your message to your market using the right medium. It would do you no good to advertise your specialty in the wrong place.
Step 5 – Develop Your Marketing Budget
Your marketing budget can be developed several ways depending on whether you want to be more exact or develop just a quick-and-dirty number.
It’s good to start out with a quick-and-dirty number you can afford and commit to it for a year.
Business Brokerage is a “process” business not an event. Business owners don’t suddenly wake up one day and decide to sell their business like they might make a decision about going to dinner.
It takes time, and you need to plan on it taking time.
Some of my best listings came from leads I cultivated 2 or 3 years before they actually made a decision to sell.
That being said, you need to plan on it ahead of time or you run the risk of running out of money before you get a closing, and will end up like about 50% of the others – out of business –chasing another career.
There you have it, The Five-Step, One-Day Marketing Plan. It’s simple really.
Of course you’ll need to study up a bit more about your marketing medium(s) of choice, their appropriateness for your message, and their associated costs.
Don’t make the development of your plan a difficult, drawn-out task. Keep it simple and remember the 80-20 rule. 80% of your results will come from 20% of your effort.
My final word of advice is to make sure you set aside uninterrupted time to develop your marketing plan.
It could very well be the most important document to which you and your team members will ever refer.
If you’re interested in learning more about becoming the Ultimate Busies Broker in Your area, we strongly recommend you go through our Business Broker Marketing Blueprint’s training videos at