When it comes to having an exit strategy, you will have thought long and hard about what your business should look like when it comes time to sell, and have been working towards that goal for some time. Your assets are all in place, your sales are strong, the place looks in ship shape, but have you given much thought to your database, and in particular, your online data base?
If not all businesses currently have a website, how many companies have, and talk to their database regularly? You see, those people on your database are maybe a mixture of your customers and prospects, with emphasis on the word prospects, they are your future customers, so it makes sense to keep them up to date with valuable news and content from you, to keep them wanting what you offer.
The other online places you should have databases, are your social channels, channels such as Facebook, Twitter, LinkedIn and even YouTube, and whilst you should always think of these areas rented real estate, they are still part of your overall database.
I say they are rented real estate, because you don’t own them, they can be gone in the flick of a switch if the platforms choose to do so, so they will always be vulnerable. But they are still an asset and an important part of your business.
If you haven’t already got much in the way of a database, start building one now:
Social media marketing is not a silver bullet, it takes time and patience to get your message right, get a reasonable size base together and keep the relevant content rolling, so plan early on and make a start.
A company with a large database of customers, prospects and a great social presence of happy fans and subscribers will be far more attractive to a buyer in this digital age than one without any presence at all. Make sure you are ready.
Linda Coles of Blue Banana is a social media speaker, trainer and author of the book "Learn marketing with social media in 7 days”.