Another day, another conversation with a Business Owner who thinks that having a website covers off the Online Strategy question…
IT DOES NOT!
A website forms part of an Online Strategy, absolutely.
But is it not the be-all that ends-all.
In fact it is only a small part of the overall digital consideration.
From a “Sale-ability” point of view, when asked about what digital | online strategies are in place, if “I’ve got a website” is offered as the answer, the potential buyer will start rubbing their hands together in glee (if it’s a business they want that is).
Why? Because it gives them an issue on which to start down a sale price-discounting path.
Do you have to cover off every little thing to appeal to a potential buyer?
Well ideally, yes, but we know that’s not necessarily doable.
However, given the growing impact and importance of the whole digital | online space, “what is your Online Strategy?” is one question Business Owners looking to sell have to have a well-formulated and accurate response for.
Had a 5:30 meeting today between a seller and a potential buyer. Thought this will be OK, out by 6:30 max, no problem.
7:30, still standing in the street with potential buyer, attempting to ask more questions…
Got to thinking, why this was so?
Was the Information Memorandum not detailed enough?
Was the potential buyer not prepared enough?
Neither of these are the case. In fact, there was probably too much detail and prep!
What it is… a potential buyer, who as an experienced buyer at that, is looking to buy into a market he does not understand.
Actually, let me be more specific. It is not the whole business he does not understand, it was only part of the business, ie the Online component. He knows its a market he should be playing in but knows enough about it to b e dangerous!
I envisage a whole lot more questions to come yet…
Business Owners, soon-to-be past or present, you must have a handle on Online and how it impacts your business.
If you have not started this journey already, please do so now…
Good learning here #BusinessOwners… note to self: thoroughly think through#OnlineStrategy rollout and execution…
Every experienced social media manager knows that social media can be unpredictable. Sometimes, you expect one kind of response from your social followers, but get something completely different instead. As a result, we have social media campaigns that go viral in the blink of an eye and online campaigns that turn total failures (see the infographic) and even cause quite a damage to the company’s reputation.
But not everything is unpredictable in this life, of course, and certain conclusions can be drawn from other people’s so called social media fails. Live and learn, as they say! read on…