11 Feb 6 Tips to Capitalize on Seasonal Buyer Traffic (Part 1 of 2)
We saw positive shifts in the business-for-sale market last year, as we saw more small-business transactions being reported in 2013. Towards the end of the year, our team conducted a number of studies that showed some strong upward trends and sentiments, setting the stage for an abundant 2014. Here are some carefully curated tips to help you take advantage of the New Year’s business buying season.
The 2013 Business Brokerage Press survey revealed that most brokers use BizBuySell (thank you!) and in light of that statistic, we want to help you get the most from your membership. BizBuySell receives a surge of buyer traffic in the beginning of the year, as potential buyers get more serious with their New Year resolutions, to become their own boss. Priming your BizBuySell account now will make sure your listings are most effective. Here is what I deem to be the six areas that will help you position your brand to see results on BizBuySell and sell more businesses during the remainder of Q1 and beyond.
Tip #1 – Create High Quality, Complete Listings
Differentiate your listings and help turn visits into leads with a complete and thoughtful listing. By filling out key information fields, your listing will be easier to find through search criteria. We’ve identified the five areas that will not only make a great listing, but drive more conversions.
1. Maximize Geographic Information
Though confidentiality is important, there are other parts of the listing that can protect it without compromising the search power influence that comes from including geo information. Most buyers search at the county level, so making the county visible will allow your listing to appear in more results.
2. Include Key Financials
Financials, especially revenue and cash flow (plus inventory and FF&E if possible), will build buyer confidence and interest.
3. Write Great Ad Titles & Descriptions
Descriptive headlines including location, business type, or growth opportunity, and detailed listings that include an asking price, cash flow, and a compelling description of the business help turn searchers into buyers. Remember to also always proofread your ad!
4. Use Photos Whenever Possible
On average, listings with photos receive twice as many views. If confidentiality prevents you from posting a photo of the business itself, upload a related stock photo instead. For example, if it’s a local Italian restaurant, search for a free stock photo of pasta or pizza.
5. Indicate Seller financing If Available
A recent survey showed that 49% of buyers expect to use seller financing when they purchase a business. Yet among the listings on BizBuySell, just 25% offer seller financing on their listing. Buyers or their representatives can filter listings that offer financing, which is one more way to boost exposure.
Tip #2 – Monitor Listing Performance
We provide stats for each listing, allowing you to see what changes, if any, should be made by checking listing performance on the site. Here is what to look for under each stats category, with a few suggested areas of improvement if you’re not getting your desired results.
Ad Displays – How many times your ad appears in the search results.
How to appear in more results:
- List in a 2nd category (free)
- Consider a Showcase upgrade
Clicked for Details – Tells how many times your ad was clicked on in the search results.
If the ratio to Ad displays is less than 2%, consider changing:
- The Listing title
- Thumbnail photo
- Showcase upgrade
Emails Sent/Phone Numbers Clicked – Number of leads sent or number of times the “View Phone Number” link was clicked.
Suggested Edits:
- Complete Financials – is it priced appropriately?
- Properly describe the opportunity
- Is there seller financing/support training?
- Add a photo
Be sure to check back frequently after making changes and see how performance has changed. These small amendments can help make your ad more appealing, and help to increase your listing activity.
Thursday’s posting will continue with tips #3 through #6.
