22 Dec Five Prospecting Strategies from Glen Cooper
Having the right strategy will make any task much easier and increase the odds of success. Industry veteran and Founder & Managing Partner of Colorado Business Brokers, Glen Cooper, has a range of effective advice which he shared with us during a recent Business Broker Press webinar. Let’s take a closer look at Cooper’s top 5 prospecting strategies for business brokers. Click here to access the full webinar.
1. Take Advantage of “Cascading”
In part three of the series, “Prospecting: Choosing Methods that work for You,” Cooper highlights the importance of “cascading.” Through cascading, it is possible to have clients calling you back not just six months later but as long as five-years later. On one level, the strategy is fairly straightforward. Cooper uses the example of having a well-written, high-quality printed newsletter that is sent out to prospects as well as attorneys. It has been Cooper’s experience that sellers may keep the newsletters on file and then pull them out when it is time to consider selling. Over time, there is a cascading effect as business builds and builds.
2. Build Your List
Another key point Cooper makes is that it is incredibly important to build up your list of potential sellers. He states, “I’ve always told people that over the first three or four years of your business brokerage career, if you are new at this, you need to build a list of about a thousand potential sellers and keep that list up to date on a regular basis.” Having a large up to date and accurate list can be worth its weight in gold, as it can serve as the foundation for a very high-quality marketing list. With a high-quality marketing list in in your hands, it is possible to quickly reach out to prospects in a variety of different ways.
3. Quality Comes First
When the time comes to reach out to prospects, it is important to always be thinking about quality. As Cooper notes, you never want to keep sending out the same message to prospects over and over again. Your message has to be new and fresh. You must add value each time (and in a different way) each time you send out a new communication of any kind.
4. Embrace Adaptability
One of the core underlying themes in all of Cooper’s webinars is that of adaptability. On the top of adaptability, Cooper points to the importance of becoming proficient and comfortable with video and online conferencing tools, such as Zoom. The COVID pandemic is forcing all businesses to adapt, and business brokers are no exception. It is Cooper’s view that the pandemic will remain a disruptive force for at least one year and perhaps two years. As a result, he feels that it is imperative that business brokers and M&A advisors become very comfortable interacting with prospects via conferencing software. Cooper notes that prospects are going to want to see you face-to-face and get to know you. This is true even if it is in a digital format.
5. Build Up Your Systems
Further, Cooper feels that business brokers should remind prospects of everything that they can bring to the table. Cooper tells clients that while he obviously brings a track record to the table, that this is only the beginning. In addition to his decades of experience, he is also bringing his systems and the team that he has put into place. He points out that he has spent years developing his systems and building up contacts, such as accountants and attorneys, who are reliable and proven.
The process of developing the right strategy is an ongoing one. As the pandemic has shown, it is important for any business owner to look for ways to evolve and grow their business. The strategies Cooper wisely outlined in his webinar will help any business broker achieve greater prospecting success.