Revitalizing Legacy and Family-Owned Businesses Through Modern Marketing

Are you running a legacy or family-owned business and feeling a bit left behind in today’s fast-paced digital world? If so, you’re not alone. Many long-established businesses struggle to keep up with the digital marketing curve. But it’s not too late to embrace change and reap the benefits of a solid online presence. Here’s a guide to help you determine the best course of action for your business’s future.

Understanding Your Goals

The first step in revitalizing your marketing efforts is understanding your long-term business goals. Are you planning to retire and close the business, sell it, or pass it down to an heir? Each of these paths requires a different marketing strategy. For instance, if you’re considering selling, building a strong online presence and positive digital reputation is crucial. Nowadays, these factors are key in brand value assessments during acquisitions. A study published by Deloitte found that companies investing in digital marketing strategies experience significantly higher revenue growth compared to those that do not. Specifically, these digitally-focused companies enjoy a revenue growth rate that is 2.8 times higher than their counterparts who lack such initiatives. (Source: INJRD)

Value of a Working Marketing Plan & Digital Reputation

When considering selling your business or preparing it for transition to an heir or new manager, the value of a positive digital reputation and a current, robust marketing plan cannot be overstated. These elements are increasingly factored into business valuations, serving as indicators of brand strength and operational vitality in today’s digital-first economy. A strong online presence and strategic marketing efforts not only enhance current revenue streams but also signal to potential buyers or successors that the business is forward-thinking and capable of sustaining growth. This can significantly elevate the perceived value of your business, making it more attractive in a competitive market. In essence, investing in your digital footprint and marketing strategies today builds equity in your business’s future, ensuring it remains relevant and valuable in the ever-evolving commercial landscape.

It is well-established in business valuation literature that intangible assets, including digital reputation and the presence of robust online communities, contribute significantly to the goodwill of a company. Goodwill itself represents the premium value attached to a business beyond its tangible assets and is heavily influenced by factors like brand reputation, customer relationships, and other non-physical assets which are increasingly digitized in today’s market landscape.

Conducting a Simple Marketing Audit

Start by reviewing your current marketing efforts:

• Budget: How much are you currently spending on marketing?
• Allocation: Where is this budget going? Which platforms or media are you investing in?
• Results: What has been the return on these investments? Are you seeing an increase in customer engagement, sales, or website traffic?
• Plan and Measurement: Do you have a formal marketing plan in place? How do you measure the success of your marketing efforts?

This audit will help you pinpoint what’s working and what isn’t, setting the stage for a more focused marketing strategy.

Overcoming Overwhelm: The Phase-by-Phase Approach to Digital Catch-Up

For many legacy and family-owned businesses, the prospect of “catching up” with current digital marketing trends can feel overwhelming, especially if they have operated for years without these efforts. The digital landscape is vast and ever-evolving, making the task seem daunting. However, adopting a phased approach to digital transformation can make the process manageable and less intimidating.

By breaking down the transition into distinct, actionable phases, businesses can prioritize immediate needs while planning for long-term goals. This method allows for gradual implementation, which not only eases the pressure but also provides time to measure and adjust strategies based on real-time feedback and results. It’s about setting realistic milestones and celebrating small victories on the path to digital proficiency.

Partnering with a Professional

For many business owners who have managed everything themselves for decades, the idea of digital marketing can be daunting. This is where partnering with a professional can make all the difference.

Why Kapeesh Marketing?

While it’s entirely possible to take on digital marketing on your own, the landscape can be complex and ever-changing. This is where Kapeesh Marketing can step in. Amy Morales, our founder, comes with a robust background in business and marketing. With an MBA from Rice University’s Jones Graduate School of Business, Amy has specialized in transforming marketing strategies for rural and family-owned businesses. At Kapeesh Marketing, we offer personalized strategies to meet your unique needs, ensuring that your business’s legacy thrives in the digital age.

Ready to take the next step? Contact us at (713) 570-6603 or schedule an initial consultation with Amy. Let’s ensure your business not only survives but thrives in the digital era.

Remember, updating your marketing isn’t just about keeping up with the times—it’s about setting the stage for your business’s future success. Whether you’re handing down a stronger enterprise to the next generation or preparing for a profitable sale, your investment in marketing today will pay dividends for years to come.