What is outbound digital marketing?
Everything that could fairly be considered 'essential' to know about digital marketing could just about fill the Library of Alexandria. But since we're discussing what it takes to efficiently sell your business for the highest price, we're going to focus on two aspects of marketing every business person should understand. These business growth techniques are referred to as inbound and outbound marketing.
- Word of mouth is considered inbound marketing.
- Planned and deliberate marketing is considered outbound.
The outbound method can include anything from hard-copy newsletters to online marketing. It also refers to traditional marketing outputs such as TV, print, and radio ads.
Each method has its pros and cons, however in the age of technology, digital outbound marketing can allow you to specifically target your key market, and ensure your message is delivered to the right person at the right time, to maximise the impact.
How outbound digital marketing can improve sale value
There are a range of low touch and high touch online marketing strategies that will help improve the sale value of your business. Having a well-constructed digital marketing strategy in the lead up to a sale is one of the quickest and easiest techniques to increase the value of our business.
Buyers want a business with established sales funnel and robust marketing strategy. Without it, investors will reduce their valuation of the business.
Effective outbound digital marketing strategies include:
- Search engine optimisation (SEO)
- Social media paid advertising
- Social media content posts
- Pay-per-click search engine marketing (SEM)
- Email marketing
Benefits of outbound digital marketing include:
- Broadening your reach to new audiences
- New marketing and customer acquisition channel
- Diversifies away from your traditional sales funnel/customer base
- Refined branding and online presence
- Hiked business value due to increased turnover and
Risks of selling without a marketing strategy
Your business valuation will be impacted in the sale of your business if there is no clear digital marketing strategy in place. With an active marketing strategy, your valuation will benefit from:
- The reduced risks of customers leaving when the owner sells
- Refreshed branding and up to date online presence
- A system that can be handed over to a new owner easily
Why are the results different?
It's important to know that if customers are already known to the current business owner, they can be difficult to retain once the business is sold. For this reason, buyers typically seek and pay more for a business that actively invest in broadening customer reach while sustaining a healthy online presence.
A good digital marketing campaign increases business visibility and engages new customers, subsequently lifting its revenue. Maintaining a competitive edge during the sale of your business can catapult the value and add to the brand's authority. This ultimately makes for a safer, more attractive investment for buyers.
The different options and costs involved
DIY – typically $100 to $2,000 per month
- For smaller businesses that are not overly complicated. Owners should approach this as a method to test whether they want to commit to an ongoing strategy.
Internal – typically $4,000 to $8,000 per month
Agency – typically $5,000 to $20,000 per month
Your next steps
- Start small, then slowly expand. Its not a sprint, it’s a marathon.
- Find experts to help you
- Invest in resource building early
