Got Your #.....

In good times, one way to grow your business is to buy the competition. There can be a lot to gain by acquiring their assets, staff, and distribution network.

In bad times, you might just buy your competition's phone number. Seriously.

Think about it. A competitor may be going out (Circuit City) or just cutting back locations (Starbucks). Their brand may be dead. Their inventory may be worthless. But their phone number and/or website domain name may be valuable.

This weekend, I wanted to try a new restaurant. My first choice was out of business: their number was disconnected. My next choice was a chain that closed the location near me: the phone just rang and rang.

If the numbers had been forwarded, I might have become a new customer.

The same is true for domain names. Search engines may continue to point to a website for months or even years after the business is closed.

Takeaway: Acquiring a phone or fax number, domain name or email address can be a cost-effective way of buying a new sales channel. Databases and email lists might also be worth considering.