In September I went to Barcelona to participate in the annual meeting of BCMS Group, where I am responsible for projects in Turkey, Romania and Bulgaria. Since there are many new faces from different countries each year, talking about the city I live in, Istanbul, is unavoidable for me. One of my narratives was about The Grand Bazaar.
The Grand Bazaar in Istanbul is one of the largest and oldest covered markets in the World; with 61 covered streets and over 3,000 shops it serves also as a kind of training center for sales people. Many successful businessmen cite their past work experience in The Grand Bazaar as one of the main factors in their success. To make a sale from one of the many shops situated next to each other and selling the same or similar products is not an easy task. In the summer vacations during my university years I had the opportunity to observe various aspects of daily business in the Bazaar in a shop which belonged to the family of one of my friends.
The first aim in The Grand Bazaar is to make the potential customer enter through the door of your shop. If you cannot get him/her into the shop and then order tea for him/her, you cannot sell anything to this person. This principle is valid in almost all businesses with various forms for the door. Selling part or all of a company also follows this principle.
To be able to sell a part or all of your company you need to have the potential acquirers to enter through your premise’s door. You cannot sell your company to someone, who does not want to visit your company to negotiate. And what makes them to do that is usually not your past performance but the future benefits that you can supply them. And how to do that can also be observed in The Grand Bazaar.
The oldie of the week: Tanita Tikaram – Good Tradition (1988)