Transworld Blog

From business brokerage to mergers and acquisitions; we are the business sale specialists.

All Posts

What I Learned About Marketing When Growing My Business

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. 

Confidence is Key

What I Learned about Marketing when Growing MY BusinessSome may say, "It goes without saying," but I prefer to think it bears repeating. Confidence will take you a long way. Add a little hard work and dedication, and just about anything is achievable. First, know that marketing is not as scary as it sounds. You can market your company without a marketing degree or a dedicated marketing employee or team. 

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.

Know Your Customers First

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. 

Great Service is the Best Promotional Tool

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: 

  1. Referrals or Word-of-Mouth (49.8 percent)
  2. Online Marketing (17 percent)
  3. In-Person or Phone Sales (12.5 percent)

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.

Never Underestimate the Power of a Tweak

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.

Scott Hislop
Scott Hislop
CEO & Owner at Transworld Business Advisors | Business Brokers Helping Entrepreneurs Achieve Their Dreams and Goals Through the Complex Process of Buying or Selling a Business

Related Posts

Case Study: Selling a High-End RV Dealership in an Uncertain Economy

Sales Timeline: 18 months List Price: Private The Background Located in the Twin Cities metro, this was not your typical RV lot. Where you might imagine pop-up tent trailers going for $15–20K, the owner and his team specialized in high-end adventure vans, or “Class B” RVs, ranging between $100–200K.

Case Study: How Transworld Helped PWC Sell Their Business in 7 Months

  Sales Timeline: 7 Months   The Background Professional Wireless Communications. Inc. (PWC) has provided reliable and affordable two-way radio solutions in Minnesota and Iowa for 25 years. The company has a loyal and diverse clientele, from schools and hotels to casinos and stores. Pat and Paula Green, a husband-and-wife duo, started the business from scratch. With Mark, their salesperson and 20% owner, they have built a profitable and reputable enterprise. As they neared retirement, the Greens wanted to sell the company and focus on family. Mark also desired to sell, but remain employed by PWC.

Case Study: Selling a Pet-Sitting Business in Less Than 4 Months

  Sales Timeline: Less than 4 months Sale Price: $320k   The Background Located in the Twin Cities, the owner of Whiskers to Tails Petsitting had proven to be a successful entrepreneur focused on providing care for animals in the home. As a former employee, the owner took over the business in 2019 and successfully operated it through the COVID-19 pandemic.

Your Goals Are Just the Beginning

Talk to one of our Advisors today about next steps.

Talk to a Business Advisor
icon of an enevelope

E-mail address

icon of a telephone

Contact us

+(888) 290-5232

icon of hands shaking

Confidential Consultation

Schedule a Meeting