Father’s Day is a tradition. And like the day itself, many Dads aspire to pass something on to their children. That includes their own business.
Speaking of which though, how can the idea of passing something down impact your B2B lead generation strategy? This usually implies an image of longevity, meaning yours is a company that’s been around since the time of its founder. How did other old brands maintain themselves as their figurative torch passed down generation after generation?
Passing a business down has not often been successful. Complications in transferring the ownership and planning future development are the business equivalent to biological aging. The older the business gets, you have to always plan for invetable marketing problems such as:
- Relevance to younger markets – This isn’t just unique to the case of Millennials changing the work place. Sometimes even the generation after them may see less and less need for certain B2B industries. Imagine marketing a BYOD system to an office where everyone has gone beyond tablets and smartphones.
- Future prospect understanding – Does it even look like they’ll know how to work with what you’re selling? Sometimes your next generation of workers will possess a different set of skills that aren’t compatible with your current product line-up. Others might even go as far and argue that a new generation feels far more entitled than previous ones.
- Fairness between older and newer customers – Some customers have been with you since you were but a startup with just its own small booth at a rural tradeshow. Now you’re catering to various startups in different industries, budgets, and sizes. How can you balance between being a brand they recognize but maintain appeal to much younger juniors?
- Knowledge of company history – How well can your future marketers answer questions like what made the founders start the business? How could it explain its own succession (be it through family or personal connections)? A lot can happen and closet skeletons easily pile up when organization grow old throughout the years.
From McDonald’s to IBM, many old companies also tend to be the most well known and recognizable brands. That didn’t mean it was easy as the brands were passed down each generation of marketers and their respect targets. Don’t presume the same challenge won’t await your own lead generation services.