One of the keys for increasing the value of your business is ‘Crowd Development’
Not developing your crowd will not only reduce your income, but it will also reduce the value of your business.
Let me ask you a question.
If you had two businesses that you were interested in buying and each business was basically the same other than one key factor.
The first business had a database of a few hundred clients and a few hundred contacts. It had no real connections on Social Media and was not very well known in either the local area or in its industry.
The second business has a database of a few hundred clients. However, it also has a database of 80,000 people who have opted in to receive its emails and newsletters. The database gets a weekly email and most of the database has been called and so is a very warm database. In addition, this company has over 60,000 Twitter followers, 20,000 Facebook followers and 5,000 contacts on LinkedIn.
My question for you is – how much more would the second business be worth?
There is no right or wrong answer to this, however, I hope there is a realisation that you need to develop and nurture your database.
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