Business brokers: Make your pitch stand out from the crowd
In today’s competitive environment, creating a pitch presentation that stands out from other business brokers is crucial in landing new clients.
Here are some things to consider when preparing to meet new clients and pitching for new business.
Be prepared and knowledgeable
Make sure your business listing pitch is complete with everything the vendor is likely to want to know from you and how it applies to their business.
Include information about the costs of sale including your commission structure and marketing costs, your results from the past year, and facts and figures about what’s happening to the market both for business sales in general, and for the vendor’s type of business. It’s also a great idea to share positive testimonials from previous business clients.
Make recommendations for the sales campaign based on sound information from the market. Use market trends and results from previous sales to support your ideas and proposals.
Give the client some choices when it comes to the final decision instead of a fixed plan. Most clients will make logical choices and will appreciate feeling empowered rather than dictated to. It’s your opportunity to show your skills in structuring good logical alternatives for the client to consider in price, marketing, and negotiation methods.
Be particularly clear about your experience and results in selling the vendor’s type of business where you can. If you haven’t sold this type of business, be clear about what has worked for other sales can be applied to this business and why.
You’ll also want to include a comprehensive marketing plan which demonstrates how you’ll reach the widest possible audience of potential buyers for the vendor’s business. Use results from previous marketing campaigns that show the audience reach, engagement and the sales results.
Don’t oversell too early
When a new client first makes contact, or you're prospecting their intentions, don’t be tempted to immediately launch into a full sales offensive.
Your first conversations are about getting to know each other. It might sound cheesy but it’s true. You’re much more likely to win the trust of a new client by showing interest in them, their needs and their goals, than by talking solely about your achievements.
Ask lots of questions about their business; how long it’s been trading, the revenues it's generating, its repeat customer base, and whether it has any intellectual property.
Connecting with your clients builds trust and reassures them you’ll service their needs and can offer credible advice on how to get the best result.
Be honest, empathetic and genuine
It can be tempting to try to bag the business by telling vendors what they want to hear, and managing expectations, particularly if they have over-valued their business.
Selling a business can be just as emotional as selling a house, particularly if it’s a business the vendor has built themselves. The answer is, to be honest, but empathetic. Talk honestly about what is happening in the market and what that means for their sale, but remember to talk to the people, not the business.
It’s also important to not try and be what you think the vendor wants in a salesperson. Focus your pitch on being yourself and demonstrating why you’re whom they need.
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